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Korea to invest $19.5 million in boosting global expansion of mid-sized firms

Published: 13 Feb. 2025, 10:04 Updated: 13 Feb. 2025, 16:54

The logo of the Ministry of Trade, Industry and Energy [YONHAP]

Korea will spend 28.4 billion won ($19.5 million) this year on supporting the global expansion of local medium-sized enterprises, the Ministry of Trade, Industry and Energy said Thursday.

The investment marks a 78 percent increase from the corresponding figure for last year, according to the Industry Ministry.

Since 2011, the ministry has been providing support for local medium-sized businesses in becoming "world-class" among competitors, funneling a combined 870.9 billion won for research and development projects, exports and financing for such firms.

"Last year, these world-class companies exported a record $683.8 billion," Oh Seung-cheol, a ministry official in charge of industry infrastructure, said, calling for their role in overcoming growing uncertainty in global trade.

"The government will work to strengthen the export infrastructure for these companies to expand their foothold in the global market."

Yonhap