Gov't to foster 500 SMEs with export competitiveness by 2030

Containers wait to be shipped at a port in Pyeongtaek, Gyeonggi Province, Friday. Yonhap

The government aims to foster 500 small-and-medium enterprises (SMEs) that can export at least $10 million worth of goods by 2030, the industry ministry said Tuesday.

Under the "K-export star 500" initiative, the Ministry of Trade, Industry and Resources first selected 100 Korean firms with potential in exports, according to ministry officials.

They comprise 43 consumer goods companies, 36 companies in key industries and 21 firms in advanced industries.

The ministry plans to provide up to 560 million won ($375,788) per company to help them strengthen their competitiveness in the global market and boost their exports.

It will also offer customized support to the companies across the entire export process, from marketing to financing, in cooperation with five export support agencies, including the Korea Trade-Investment Promotion Agency and the Korea Trade Insurance Corp.

"At a time of mounting external uncertainties, it is important that we foster a strong pipeline of export-oriented star companies that can export at least $10 million each," Industry Minister Kim Jung-kwan said in a press release.