|Subject||MSS to Expand Hallyu Marketing and Consistently Support SMEs’ Overseas Expansion through Information Exchanges among Related Organizations|
|Division||Global Market Policy Coordination Division||Date||2018.12.20||Writer||Deputy Director HoYong Shin|
|Headline||In 2019, the Ministry of SMEs and Startups (MSS) will start taking measures to support overseas expansion in earnest, such as the expansion of Hallyu marketing overseas and the introduction of start-up vouchers, by reflecting characteristics of related organizations. It will continue to discover customized projects to support overseas expansion through increased information exchanges between government agencies and exporting organizations.|
The MSS held the “2nd Council Meeting to Support SMEs’ Overseas Expansion” at the Korea Trade Insurance Corporation on December 4 with the heads of 11 exporting organizations, the Ministry of Economy and Finance, the Ministry of Trade, Industry and Energy, and 12 regional SME offices in attendance.
The meeting reviewed the outcomes of the 1st meeting held on May 24 including overseas expansion support for the shipbuilding industry in the Gyeongsangnam-do region, as well as increased SME performances of the Export–Import Bank of Korea and the Korea Trade Insurance Corporation. The 2nd meeting was also intended to expand cooperation among participating organizations by sharing projects supporting SMEs’ overseas expansion including Hallyu marketing by the newly joined Large and Small Business, Agriculture, and Fisheries Cooperation Foundation.
The Hallyu support project presented by the large and small business foundation is a plan to expand the Korean Wave, which has been spreading worldwide focusing on K-pop artists such as BTS, to various areas such as entertainment TV programs and games from existing K-pop performances. Cooperation with various participants, including broadcasters, KOTRA, and home shopping companies, is expected to create a successful model of comprehensive Hallyu marketing.
In addition, various new projects, including the start-up voucher project of KITA and the plan of KOSTA to increase SMEs’ participation in the support projects of KOICA, that will be implemented in 2019 are expected to contribute to SMEs’ overseas expansion.
With regard to local economic issues, the Gyeongnam Regional SMEs and Startups office presented a measure to support the exports of auto parts suppliers in the region, while the Seoul Regional SMEs and Startups office presented cooperation plans with Seoul, suggesting a possibility of expanding collaboration between local governments in the future.
Meanwhile, KIBO proposed a plan to develop customized financial products for exports through sharing information on promising SME exporters between related agencies.
Vice Minister Choi Su-gyu emphasized, “Export and overseas expansion of SMEs play a central role in overcoming the domestic limit of job creation and driving continuous innovation growth.” Adding that the revision of the Small and Medium Enterprises Promotion Act is being planned to formulate the council’s roles, the vice minister asked for active cooperation and effective information sharing so that the council can play a leading role in addressing local economic issues and creating new jobs.
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