Seoul: South Korea will allocate 28.4 billion won (US$19.5 million) this year to support the global expansion of local medium-sized enterprises, the industry ministry announced Thursday. This investment marks a 78 percent increase from last year, reflecting the government’s commitment to bolstering these enterprises’ presence in international markets.
According to Yonhap News Agency, the Ministry of Trade, Industry and Energy has been aiding local medium-sized businesses in achieving “world-class” status since 2011. The ministry has provided a total of 870.9 billion won for research and development projects, exports, and financing to assist these firms in competing on a global scale.
In a statement, Oh Seung-cheol, a ministry official responsible for industry infrastructure, highlighted the significant contributions of these companies, noting that they exported a record $683.8 billion last year. He emphasized the importance of their role in navigating the growing uncertainties in global trade.
The governme
nt plans to enhance the export infrastructure for these companies, aiming to help them secure a stronger position in the global market.