Gyeongnam Province Supports Up to 80% of Participation Fees for SMEs in Overseas Branch Establishment Projects

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do supports participation fees for overseas branch establishment projects for small and medium-sized export companies in the province.

Gyeongnam Province announced on the 1st that it will promote support projects targeting export companies in the province that lack overseas market development capabilities and conditions for establishing overseas branches.

Support is provided to small and medium-sized export companies in the province selected for the overseas branch establishment project development stage led by the Ministry of Trade, Industry and Energy, Korea Trade-Investment Promotion Agency (KOTRA), and Small and Medium Business Corporation.

Gyeongnam Provincial Government Office.
Photo by Lee Seryeong

According to the province, the overseas branch establishment project led by the Ministry of Trade, Industry and Energy is a project that supports exports and overseas expansion by acting as a local branch on behalf of small and medium-sized enterprises.

It is carried out by Korea Trade-Investment Promotion Agency, Small and Medium Business Corporation, and the World Federation of Overseas Korean Traders Associations (OKTA).

The overseas branch establishment project is supported in three stages: entry, development, and expansion. Among them, companies selected for the development stage can receive 80% of the participation fee up to a maximum of 3 million KRW for one trade center through the Gyeongnam overseas branch establishment support project.

Recruitment is open from the 1st to the 17th of this month. Companies wishing to participate can check related information such as submission documents in the project announcement within the Gyeongsangnam-do Overseas Marketing Project Support System and apply online.

Details and announcements of the overseas branch establishment project led by the Ministry of Trade, Industry and Energy can be found on the Export Support Infrastructure Utilization Project website.

For more information, contact the International Trade Division of Gyeongnam Province or the Enterprise Support Group of Gyeongnam Technopark. Other information related to export support projects supported by Gyeongnam this year can be found on the Gyeongsangnam-do Overseas Marketing Project Support System.