○ Gyeonggi Province's 2023 Overseas Distribution Network Expansion Support Program doubles last year's performance - Total tra...
- Total transaction amount in 2022 was KRW 26.5 billion; this year it already surpassed approximately KRW 53 billion as of the end of October
- Support for 144 local small and medium-sized enterprises (SMEs) resulted in successful expansion into overseas markets such as the United States, Germany, and the Philippines
- Integrated support focuses on enhancing the export capabilities of SMEs, not just providing financial aid
○ In November, an event showcasing outstanding products of local SMEs was held at 6 venues in Japan and Hong Kong.
As of October 31, this year's transaction amount for the program, supported by Gyeonggi Province and KGC (Korea Gyeonggido Company), reached KRW 53.6 billion, more doubling last year’s total transaction amount of KRW 26.5 billion. This year, Gyeonggi Province and KGC are supporting 144 companies, an increase of 34 companies from 110 companies last year.
What is the SME Overseas Distribution Network Expansion Support Program?
This program supports small and medium-sized enterprises (SMEs) seeking to enter overseas markets by assisting them with export-related tasks, including product discovery, distribution channel development, import negotiations, and logistics support. It not only supports entry into large local offline distribution networks but also assists with entry into global online malls such as Amazon, Qoo10, and Shopee.
A detailed examination of the support provided reveals that, through export matching assistance, approximately KRW 4.76 billion worth of transactions were made for products from local SMEs took place in the United States, Japan, China, the Philippines, Paraguay, Germany, Vietnam, and Singapore. Additionally, through business-to-consumer (B2C) sales via overseas online malls, transactions totaling KRW 600 million were recorded through platforms such as Amazon in the United States and Qoo10 in Japan and Singapore.
Seungrok Lee, acting CEO of KGC, stated, "Next year, we will continue to design and provide support programs that go beyond simple assistance, focusing on building the export capabilities of local SMEs to promote their outstanding products globally and enhance their global competitiveness."
One of the CEOs participating in this year's program said, "While researching support programs for entering the U.S. market, it was challenging to navigate the difficulties of accessing various overseas platforms and understanding trends and local regulations for each country. With the assistance of KGC, we successfully started selling on Amazon." He added, "Through Amazon, we have achieved sales of over KRW 140 million so far, and effective page design tailored to U.S. consumers and efficient advertising operations have been particularly helpful."
Meanwhile, KGC is preparing for offline events before the end of the year to promote the sales growth and development of more local SMEs. An event showcasing exceptional products from local companies will take place at a 24-hour market in Chiba Prefecture, Tokyo, Japan, from December 6 to the end of the month.
In Hong Kong, an event showcasing outstanding products was held at 6 HKTVMALL locations until November 13.
For the convenience of foreigners and those curious about Korea, Gyeonggi Province publishes blog articles on various topics every week. Check out the Gyeonggi Province Blog for more information on various aspects of Korea! https://www.gyeonggido-korea.com/
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