The export figures for companies participating in the 'K-Export Star 500' initiative, launched this year to foster key export firms, have increased by over 30%. To sustain this growth, the government plans to expand the program's budget and support targets starting next year.
The Ministry of Trade, Industry and Energy announced on November 3 that the export amount for the 100 companies selected for the K-Export Star program from January to September reached $820 million, marking a 34% increase compared to the same period last year.
By sector, exports in advanced industries saw the highest growth rate at 53%. Consumer goods and core industries also experienced increases of 37% and 17%, respectively, indicating a positive trend across all sectors.
Among the participating companies, 92 are small and medium-sized enterprises (SMEs) and 8 are mid-sized firms. The export growth rate for SMEs alone was 35%, slightly above the overall average.
The K-Export Star 500 initiative aims to develop SMEs and mid-sized companies with high growth potential into key exporters with annual exports exceeding $10 million. The government collaborates with five organizations, including the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Export Insurance Corporation, the Korea Conformity Laboratories (KCL), the Korea Institute for Advancement of Technology (KIAT), and the Korea Evaluation Institute of Industrial Technology (KEIT), to provide tailored support based on each company's export strategy.
This comprehensive support includes overseas marketing, export financing, certification and patents, as well as technology and research and development (R&D). The program also assists in identifying local buyers and expanding distribution networks through KOTRA's overseas trade offices.
Earlier, the Ministry announced during the launch ceremony of K-Export Star 500 in May that it aims to nurture 500 key export companies by 2030. At that time, the government committed to providing up to 560 million won per company for a maximum of three years, along with dedicated mentoring and customized export strategy development.
Based on this year's results, the Ministry plans to expand next year's budget and support scale. It will enhance efforts to discover companies through regional briefings and industry associations, ensuring participation from firms without prior experience in export support programs.
Additionally, the Ministry intends to strengthen cooperation with the Ministry of SMEs and Startups to enhance connectivity between support programs and bolster the overseas market entry of SMEs and mid-sized enterprises.
On the same day, Kang Gam-chan, head of the Trade and Investment Bureau at the Ministry, visited the headquarters of Dong-A Pharmaceutical in Dongdaemun-gu, Seoul, to review export expansion achievements and address on-site challenges. Dong-A Pharmaceutical is participating in the K-Export Star program and is working to diversify export markets for key products such as Garglin and Panpyrin, expanding tailored marketing and distribution networks in Vietnam, China, and Mongolia.
Kang stated, 'We will realize 'everyone's export' so that the second and third export stars can emerge, regardless of region or industry.'
* This article has been translated by AI.
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