SEOUL, KOREA - The Small and Medium Business Administration will introduce a "Global Highway Program" by which the government agency lends support to small- and medium-sized enterprises in international marketing, research and development, and sales activities. In addition, those small companies acquiring famous foreign brands will receive government grants.
Small-scale international development projects (below US$5 million) under the economic development cooperation fund, the government fund intended to promote economic cooperation between Korea and developing countries, will be awarded to small businesses exclusively.
These are plans announced by the Small and Medium Business Administration in a ministerial meeting on May 9. Through these programs, the administration will nurture as many as 3,000 globally competitive SMEs whose annual export performance is in excess of $10 million in five years from now.
Han Jungwha, chief SMBA administrator, said, "We will increase the number of small-enterprise exporters to 100,000 by 2017 by adding 2,800 in a year."
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