economy
Entered 2024.05.08 18:19 Modified 2024.05.08 18:19 Land A15
The Ministry of Small and Medium Businesses and New Businesses, globalization support measures
He won the cultivation of 3,000 export companies worth 1 million
The Ministry of Small and Medium Enterprises and Startups has decided to nurture 3,000 promising companies into ‘$1 million export’ companies by 2027 and also develop 1,000 domestic innovative companies into export companies. To help technology service export companies that have not received support for the export voucher business, a new voucher will be introduced specifically for overseas expansion.
On the 8th, the Minister of Small and Medium Enterprises and New Businesses Oh Young-joo announced ‘Measures to support the globalization of small and medium enterprises and venture companies’ which includes the above content at the Polaris Office headquarters in Guro-dong, Seoul. The key is to support 1,000 innovative companies with technology but limited to the domestic market through the ‘K Innovation Mission’ to help them grow into export companies, and the introduction of the ‘Export Doctor System’ to provide close support to companies new that exports less than $1 million. It was decided to provide benefits such as doubling the limit on export financing to export companies that are already growing rapidly so that they can grow even further. Minister Oh said, “Of the 94,000 domestic exporting SMEs, 84% still have an annual export volume of less than $1 million,” adding, “Among these, 1,000 promising start-up export companies exporting more than $1 million annually for three years from 2025.” “We will grow it as a company,” he emphasized. To this end, the Ministry of Small and Medium Businesses and Startups decided to match export doctors one-to-one to closely support exports and establish an export voucher track that provides support at any time rather than at a specific time.
In order to find new export engines, we intend to select and support next generation export main items. We decided to discover key export products that are intermediate goods such as plastics, synthetic resins, and steel sheets.
Breaking away from the existing support measures which focused only on product exports, policies for companies exporting technology services are also being introduced. This is due to the ruling that technology services companies such as software, streaming, cloud, artificial intelligence (AI), and medical diagnostics have not benefited from the export support program. This measure reflects the demand from the field that support measures are needed due to the recent increase in the overseas expansion of small and medium enterprises of technology-based services. According to the Ministry of Small and Medium Businesses and New Businesses, the number of technology-based service-based small and medium enterprises operating abroad increased from 265 in 2020 to 358 last year.
Reporter Min Ji-hye spop@hankyung.com
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