Korea to foster 3,000 export-oriented SMEs

[Courtesy of The Ministry of SMEs and Startups]

The South Korean government aims to elevate 3,000 small and medium-sized enterprises (SMEs) to million-dollar exporters by 2027 while focusing on discovering key export items, including intermediate goods.

The Ministry of SMEs and Startups announced a “Globalization Support Plan for SMEs and Startups” plan on Wednesday outlining these objectives. The ministry plans to nurture 1,000 Korean SMEs that have been recognized for innovation, including performance-recognized enterprises and those eligible for TIPS (Tech Incubator Program for Startup) support, into export-oriented firms by 2027. To achieve this, expert groups will be mobilized to formulate export strategies, issue English performance certificates, and facilitate buyer discovery, among other support measures. The government also aims to foster 3,000 companies towards hitting $1 million in exports by 2027.

To support small-scale exporting firms that are already engaged in exports but falling short of the $1 million mark, the government plans to introduce the “Export Doctor Program,” which will provide close support throughout the entire export process, including buyer negotiations as well as drafting and reviewing export contracts.

The policy also includes tech services and technology exports as targets for substantial support. A separate track will be available for tech service exports and the proportion of support for tech services will gradually increase to 10 percent by 2027 and 15 percent by 2030.