Ministry of SMEs and Startups Launches One-Team Council to Support Globalization

Cooperation of Associations, Public Institutions, Banks, and Legal·Accounting Firms
Joint Participation
First Agenda: 'Strategies for Globalizing K-Beauty of SMEs and Venture Companies'

The public and private sectors have come together to promote the globalization of small and venture businesses.

On the 27th, the Ministry of SMEs and Startups announced that it held the first meeting of the 'One Team Council for Supporting the Globalization of Small and Venture Businesses' (hereinafter referred to as the One Team Council) at the Seoul Creative Economy Innovation Center, with the participation of 23 organizations including industry associations of small and venture businesses, public institutions, financial institutions, and legal and accounting firms.

The One Team Council was established as a follow-up measure to the 'Establishment of a Public-Private Collaborative Support System' task announced in the 'Support Measures for the Globalization of Small and Venture Businesses' released last May. Participants include small and venture business-related associations, the Korea Economic Association, public institutions under the Ministry of SMEs and Startups, the four major banks (KB Kookmin, Shinhan, Hana, Woori), Kim & Chang Law Office, Bae, Kim & Lee LLC, and Samil PwC.

The Ministry of SMEs and Startups announced the 'Operation Plan for the One Team Council for Supporting the Globalization of Small and Venture Businesses,' which focuses on identifying and resolving difficulties faced by domestic and overseas small and venture businesses and providing information related to globalization support. Key topics discussed included ▲ establishing a system to receive and resolve globalization difficulties of small and venture businesses ▲ providing overseas market information and case studies of market entry.

Specifically, the One Team Council plans to identify globalization difficulties through 11 industry associations and 15 regional Small Business Export Support Centers and consolidate them through the One Team Council Secretariat (Small and Medium Business Corporation). Depending on the nature of the issues, they will be forwarded to the overseas diplomatic mission council or resolved internally through participating organizations of the One Team Council.

Additionally, 25 overseas diplomatic mission councils will identify difficulties faced by local businesses and forward those requiring domestic support to the domestic One Team Council. The One Team Council plans to operate a reception window (both online and offline) for resolving difficulties through associations other than the existing Export Support Centers and overseas diplomatic mission councils after the kickoff meeting.

Furthermore, the One Team Council plans to establish a system that collects information from the overseas networks of participating organizations and the overseas diplomatic mission councils and delivers it to companies. To this end, a 'Global Center' will be newly established within the Korea Institute for SMEs and Startups, tasked with analyzing collected local network information and cases of difficulty resolution. The compiled and analyzed information will be provided online to companies through the Korea Institute for SMEs and Startups' website.

Meanwhile, the kickoff meeting also included a session introducing the globalization support plans of the participating organizations of the One Team Council.

Shinhan Bank announced that, taking advantage of its participation in the One Team Council, it will hold 'Country-specific Overseas Expansion Expos' through collaboration with its own overseas branch network and public institutions participating in the One Team Council. KB Kookmin Bank stated that it will revitalize existing small and venture business support programs such as the 'Overseas Direct Investment Briefing' and 'KB Starters Singapore.'

Kim & Chang Law Office and Bae, Kim & Lee LLC plan to provide legal consultations by major target countries and support cases for startups wishing to expand overseas, with detailed plans to be announced in early July.

The Innobiz Association plans to appoint experienced entrepreneurs as 'Overseas Private Ambassadors' to serve as advisors for companies wishing to expand overseas and to disseminate successful overseas expansion cases.

Minister Oh Young-joo stated, “As the globalization methods of small and venture businesses diversify, including overseas expansion, we are introducing a new support system that involves collaboration between the public and private sectors in addition to the existing government-centered support system to meet policy demands. Utilizing the expertise and networks of the public and private sectors participating in the One Team Council, we will provide timely and practical support for the globalization of small and venture businesses and continue to expand and evolve the functions of the One Team Council.”