BUSAN < invest Korea

According to Yonhap News,

Small- and medium-sized exporters in Busan and Ulsan showed over 10% increase in their exports after being designated as promising exporters by Small and Medium Business Administration(SMBA).

According to the survey on 152 designated companies, 68% of the respondents said that their exports increased by more than 10% after the designation.

In particular, HK Biotech ,which was designated as a promising exporter in 2009, saw its exports increase more than fourfold last year.

The survey shows that 71% of the companies surveyed were satisfied with the designation.

They cited a lack of information on export markets and buyers, difficulty of finding overseas buyers and a high cost of pioneering a new market as the main obstacles to advancing into a new market.

The program of promising exporters designation started in 2007. Currently, 224 SMEs in Busan and Ulsan were selected. Under the program, companies can enjoy benefits such as low interest rate on loans and increased guarantee limits.

An official from the SMBA said that the administration will do its utmost to provide an administrative support to SME exporters in cooperation with related agencies.

Source Text

Source: Yonhap News (August 11, 2011)

**This is an English translation of a Korean news article.