The Ministry of SMEs and Startups said on the 25th that it held a selection ceremony for the "Small Business Audition" at the Pangyo corporate support hub and finalized the selection of 100 promising small exporters to support entry into global markets.
Lee Byeong-gweon, the second vice minister of the Ministry of SMEs and Startups (MSS), attended the ceremony to congratulate the selected corporations and encourage small business owners who have competitiveness in the four major consumer goods sectors—food, cosmetics, fashion, and household goods.
This program is a follow-up to the "Strategy for Everyone's Local Commercial Districts" released in March. The Ministry of SMEs and Startups (MSS) plans to foster competitive, region-based small business owners into global brands to promote both the revitalization of local commercial districts and the expansion of exports.
The "global small business" program supports the entire process from capability assessment to export commercialization and overseas market development. It also offers tailored programs such as establishing export strategies, obtaining overseas certifications, and localizing products in line with the characteristics of each item.
This year's selection process introduced a public participation review alongside expert evaluations. Twenty people selected from among the public and foreigners interested in consumer goods and global trends took part in the public review held on the 22nd to 24th. Presentation reviews were conducted in parallel with on-site product evaluations, and the foreign review panel focused its assessment on the exhibited products.
The 100 corporations finally selected will receive support for country- and item-specific training and consulting, as well as overseas market development. Depending on the evaluation results, up to 1 billion won per corporation in commercialization funds will be provided on a differential basis.
A total of 649 companies applied for this year's program, recording a competition rate of 6.49 to 1. By final selection, the food sector accounted for the most with 49 companies, followed by 26 in household goods, 19 in cosmetics, and 6 in fashion.
Lee Byeong-gweon, the second vice minister of the Ministry of SMEs and Startups (MSS), said, "Global interest in Korean consumer goods is rising recently along with the Korean Wave," adding, "We will support corporations that offer products and services imbued with Korea's unique appeal so they can overcome regional limits and grow into global corporations competing in the world market."