Diplomacy Journal shJung  | The Ministry of Trade, Industry and Energy announced that it will begin recruiting companies for the K-Export Star 500 project on the 16th of this month, aiming to foster 500 star companies with exports exceeding $10 million, the backbone of Korea's exports. 

Recently, South Korea's exports have surpassed $700 billion for the first time, demonstrating quantitative growth. However, 84% of exports are concentrated in the top 1% of companies, highlighting the urgent need to improve the export structure through systematic fostering of small and medium-sized enterprises (SMEs).

This program, newly launched this year, selects promising export companies (annual revenue of $5-10 million) and provides them with tailored support to address key export-related challenges. This program aims to foster 500 export star companies (annual revenue of over $10 million) that will serve as a strong backbone for South Korea's exports.

This program, newly launched this year, selects promising export companies (annual revenue of $5-10 million) and provides them with tailored support to address key export-related challenges. This program aims to foster 500 export star companies (annual revenue of over $10 million) that will serve as a strong backbone for South Korea's exports.

The "K-Export Star 500" program targets promising export companies in three sectors: consumer goods (beauty, food, etc.), high-tech industries (AI, semiconductors, etc.), and core industries (automobiles, machinery, etc.). Selected companies can receive up to KRW 560 million in support annually.

Furthermore, selected companies will receive one-on-one consulting from the "Export Star Mentor Group," a 15-person team comprised of dedicated mentors and mentors for specific support functions. Through this program, these companies can develop "export plans" that reflect their individual export goals and customized strategies.
 

They can also receive one-stop support services across four key sectors from domestic export specialists, as well as special local support through 20 overseas "Export Star Partner Trade Centers."
 

Kang Gam-chan, Director of the Trade and Investment Division, emphasized, "Cultivating export star companies that pioneer new markets and products is crucial for overcoming export polarization and creating a diverse export structure.

" He added, "If the five specialized organizations and the government work together as a single team to foster them as key players in the global market, we expect to soon achieve the era of $1 trillion in exports."
 

Applications for the project are accepted until February 16th on the websites of the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Conformity Laboratories (KCL), the Korea Institute for Advancement of Technology (KIAT), the Korea Institute of Technology Evaluation and Planning (KEIT), and the Korea Trade Insurance Corporation.