The Ministry of SMEs and Startups said on the 29th that it will push a project to foster "K-export strategic items," selecting innovative products in promising consumer goods sectors and supporting their growth.
The K-export strategic items fostering project is being pursued to focus on supporting the overseas expansion of domestic small and medium-sized corporations. Applications will be accepted from the 30th to the 17th of next month.
The number of export small and medium-sized corporations in the domestic consumer goods sector has steadily increased over the past four years, accounting for 94.9% of all exporting corporations last year. In the top five consumer goods export amounts by small and medium-sized corporations, K-culture-related sectors such as beauty and fashion account for as much as 75%.
Accordingly, the ministry decided to introduce an implementation system that prepares strategies tailored to the consumer goods sector, such as linking private-sector marketing capabilities with government support tools.
First, by 2030, 500 export-promising products in the four major consumer goods sectors—beauty, fashion, life, and food—will be identified and designated as K-export strategic items. Starting with around 80 designations this year, a similar number will be designated each year for the next five years beginning next year.
Large distribution corporations will step up as promoters of SME exports by supporting entry into global platforms or sharing global marketing strategies. Olive Young, Musinsa, Shinsegae DF, and Lotte Mart have joined as partner institutions through open recruitment procedures.
Tailored support centered on small and medium-sized corporations will also be strengthened. The ministry plans to resolve on-site challenges such as regulatory responses, logistics, and intellectual property (IP) protection and utilization in coordination with relevant ministries. In addition, it will support boosting recognition by comprehensively reflecting domestic and overseas consumer preferences and growth potential, including installing special exhibition halls at large-scale sales events.
Lee Sun-bae, director-general for global growth policy at the ministry, said, "Fostering K-export strategic items is being pursued with the goal of expanding the global reach of our small and medium-sized corporations' products," adding, "We will advance government support and focus on backing efforts to penetrate overseas markets."