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MOTIE unveiled a package of 2020 plans worth KRW 500 bln to help SMEs

According to Yonhap News,

Ministry of Trade, Industry and Energy (MOTIE) joined an in-depth, cross-departmental discussion to outline a 2020 marketing strategy which primarily focuses on an all-out effort, in hopes of helping SMEs discover & connect global markets.

As much as KRW 511.2 billion, 14.4 percent up from 2019, will go to a package of support programs such as international expo, trade delegation and trading voucher scheme, specific measures to help SMEs regain growth momentum. Under the initiatives to maximize support efficiency, the government will scale up the size of international exhibitions and trade delegation, helping SMEs further advancing service products to appeal to potential investors overseas.

In this sense, they’ll put up a Korea Pavilion, joining 30 more full-scale annual events throughout the world such as Consumer Electronics Show (CES) or Mobile World Congress (MWC). Making a thorough analysis of potential markets worth exploring and items to be marketed in advance, they’ll send a large group of delegation to these undiscovered places over 80 times next year.

Plus, a comprehensive level of state-run solutions to support exporters, tightly linked to Korea Trade-Investment Promotion Agency (KOTRA)’s business support programs and municipal initiatives, will be implemented.

As part of efforts to help businesses in materials, parts and machinery industry form global networks and kick start new growth engines, the government will seek larger pool of products and services to be traded globally.

In terms of annual trade shows, the authority will increase in attendance up to 45 percent from the current level of 35 percent, especially targeting entrepreneurs in materials, parts and machinery industry. They’ll encourage SMEs to take part in global trade fairs, a platform to showcase K-content, covering products and services home to Korea, mainly in emerging markets where K-wave (a phenomenon describing rising popularity of Korean pop culture) is sweeping through. Business delegation is scheduled to visit these markets over 50 times in accordance with the trade stimulus package.

The government also set a plan to send business delegation particularly engaged in EV and biohealth over ten times across the world, fully supporting any relevant enterprises in unmanned aerial vehicles (UAV), EV, fintech, smart city, AR/VR technology, export consortium and medical service overseas.

MOTIE said “The year 2020 would be a turning point to rebound Korea’s growth potential.”, adding that “We’ll launch a series of cross- sectoral support policies, covering overseas marketing and financial subsidies from the beginning of next year. I believe it would become far more enhanced version in its quality & quantity.”

Source Text

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Source: Yonhap News (Dec. 26, 2019)

*This article was translated from Korean.
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