Government to support SMEs' exports with 259.7 billion won investment

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Government to support SMEs' exports with 259.7 billion won investment

Lee Young, Minister of SMEs and Startups, speaks during a conference held in Yeongdeungpo District, western Seoul, Thursday. [YONHAP]

Lee Young, Minister of SMEs and Startups, speaks during a conference held in Yeongdeungpo District, western Seoul, Thursday. [YONHAP]

 
The government will offer a program to support small- and mid-sized companies’ exports, as the slowing global economy weighs down on overseas sales.
 
The Ministry of SMEs and Startups announced its 259.7 billion won ($211 million) plan to support small and mid-sized companies’ exports on Thursday.
 
The ministry will offer up to 100 million won to a small or mid-sized company to help it establish online sales channels for overseas marketing, and also double the maximum amount of subsidies provided to companies with strong performances.
 
The SME Ministry will also establish a venture fund to support start-ups wishing to enter the Middle Eastern and European markets.
 
Small and mid-sized companies’ export volume stood at $117.5 billion, up 1.7 percent on year, in 2022.
 
Due to the Covid-19 lockdown in China last year and weak demand, exports of plastic and cosmetics — which are the two largest export items from small and mid-sized companies — have been declining since the latter half of last year, according to the ministry.
 
“Small and mid-sized companies are the hidden heroes that account for more than 40 percent of Korea’s exports, with both direct and indirect exports combined,” said Minister of SMEs and Startups Lee Young, during a press event held in western Seoul, Thursday.
 
The goal is to push up the smaller exporters’ share of the total to more than 50 percent in the future, said Lee.
 

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
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