The South Korean government is expanding customized support for small and mid-sized exporters alongside market and product diversification efforts to accelerate the nation's path toward $1 trillion in annual exports.
The Ministry of Trade, Industry and Energy and Korea Trade-Investment Promotion Agency (KOTRA) announced Monday they have selected 301 companies for this year's "Mid-Sized Enterprise Global Support Program," offering export vouchers worth up to 200 million won ($145,000) per company.
The program aims to strengthen competitiveness and nurture globally competitive firms by selecting high-potential small and mid-sized companies and providing one-on-one overseas marketing support.
Support includes up to 200 million won annually (including corporate matching funds, with 30-70% government subsidies based on company size) for services such as one-on-one export consulting, specialized marketing through overseas trade offices, trade show participation, overseas market research, and international certification. Companies can choose from approximately 7,000 service options based on their needs.
KOTRA plans to visit selected companies starting this month to propose optimized customized service plans.
The 301 selected companies fall into two categories: "domestic-focused" firms where exports account for less than 10% of revenue, and "export-driven" firms where exports comprise more than half of sales. Domestic-focused companies will receive intensive support for "export transformation," while export-driven firms will be assisted with "market diversification."
The primary targets for export transformation are "domestic giants" (4.3% of selected firms) with annual revenues exceeding 800 billion won but export ratios below 10%. These companies with strong capital and production capabilities will receive concentrated support through export agency packages with customized consulting, covering everything from local market research and buyer discovery to tailored overseas marketing and contract negotiations.
"Export champions" (33% of selected firms) already generating more than 50% of revenue overseas will receive focused market diversification support. KOTRA will leverage its 132 overseas trade offices to help these companies expand beyond core markets into emerging markets such as the Global South, overcoming local challenges including non-tariff barriers and closed supply chains.
"The 301 companies selected will become core forces in accelerating the $1 trillion export era," said KOTRA President Kang Kyung-sung. "We will enhance the effectiveness of customized support for each exporting company through programs to nurture export national champions, in addition to supporting domestic beginners and regional companies."