○ Support project for companies creating “Global Hits” successfully increased exports in the first year of 2019

– Average export volume of 50 companies increased 8.6% year-on-year, while volume increased 22.7% year-on-year for 26 “hit” companies.

○ 50 promising exporters to be selected in 2020 for export voucher receipt in April and dedicated 1:1 support

Gyeonggi Province’s support project for companies that create “Global Hits” is geared to help promising companies make inroads into global markets and has achieved success in its first year.

This project, the first of its kind among local governments in Korea, has been promoted by the current provincial administration since 2019 to foster Gyeonggi SMEs as small-but-strong exporters that are representative of Korea.

Through the project, promising SMEs in the province seeking to advance into global markets are provided various overseas support services through the issuance of export vouchers, while professional project personnel provide close support throughout the entire process from export preparation to overseas expansion.

In 2019, when the project was first launched, a total of 50 companies were selected and supported for a one-year period from April 2019 to March 2020.

The average volume of exports from Gyeonggi had fallen 19.8% year-on-year due to Japanese export restrictions and protectionist trends worldwide, but the 50 companies participating in the project saw their average exports grow by 8.6%.

Among them, 26 companies that satisfied two of three conditions – 7% to 20% year-on-year increase in exports, exports to 2 to 5 countries, and new market development – realized a noteworthy 22.7% increase in exports.

Company ‘O’, a “glasses-free” 3D display manufacturer, achieved USD 430,000 in exports by exploring markets such as China and Saudi Arabia with support for initiatives such as 3D promotional videos, catalog production in foreign languages, and participation in domestic and overseas exhibitions. This year, the company signed an MOU for the establishment of a joint venture that will enable it to secure a foothold in the Chinese market.

Cosmetics manufacturer ‘S’ saw exports of USD 1.25 million, up 44% from the previous year. This was primarily due to the promotion of influencer marketing strategies with help from professional personnel regarding such aspects as recommending promising export destinations and providing frequent information on market entry strategies.

A face mask manufacturer, ‘C,’ developed inroads into seven countries on various continents, including Romania, Mexico and Malaysia, with exports increasing USD 960,000 over last year. It expanded its export destinations through export counseling and invitational buyer events.

Building on these achievements, Gyeonggi Province will continue to actively promote the project in 2020. In particular, as a result of recruitment efforts in February this year, 170 companies applied for 50 places, marking a competition rate of 3.4:1, thereby demonstrating their high level of interest in the project.

Selected companies can freely use 5,000 services provided by 1,000 institutions including overseas market research, overseas certification, commissioned document preparation, promotion and marketing, brand development, and customs clearance within the limit of their export vouchers (KRW 23.57 million, 30% self-contribution). The services provided by an overseas network comprised of 129 KOTRA branches are also available.

In addition, trade experts will be assigned to each company to provide tailored support for export processes that meet the needs of each company.

Kim Gyu-sik, Director General of Gyeonggi Province’s Economic Planning Bureau, said, “We were able to achieve great results last year with active support from Gyeonggi Province and the passion of participating companies.” He added, “Through our tailored export support services, we will continue to provide active support for these companies to grow as ‘global hit product’ providers that represent Gyeonggi.”