There have been growing concerns about South Korea's exports... with outbound shipments falling on-year for five consecutive months.
In a bid to stem to bleeding,... the government has announced new measures to support small and mid-sized firms selling their products online.
Ko Roon-hee explains.
To revitalize South Korea's flagging exports, many analysts have pointed to the importance of supporting small and mid-sized firms...because they generally lack networking opportunities and resources compared to larger ones.
And to turn things around, economic related ministries unveiled new measures on Wednesday to support the companies' e-commerce activities.
The government aims to foster 15-thousand 'online-export firms' by 2022.
These refer to companies that originally depended on domestic demand...but are eligible for government support in their e-commerce exports.
The Ministry of SMEs said it will achieve this goal through two main methods.
First, because small businesses export a relatively small quantity of goods, the government will provide financial support in terms of storing the export items.
This will save the firms distribution costs and enhance their price competitiveness in the online market.
Second, the government will collaborate with global platforms and provide lessons on how companies can actually upload or sell their products.
The ministry has allocated around 36-million U.S. dollars this year to support online export activities. Other than e-commerce, ways to foster unicorn firms were announced as well.
A unicorn firm refers to a privately held startup that's valued at over one billion dollars.
Because the ministry believes startups can become unicorn firms by expanding internationally, the government will work with related organizations so they can provide overseas networking opportunities.
Last but not least, the government will increase the number of cultural activities related to Hallyu or the Korean Wave...so small firms can more easily enter emerging markets.
Ko Roon-hee, Arirang News.