Gov't to help SMEs participate in overseas exhibition

By Lee Joon-seung
SEOUL, Feb. 22 (Yonhap) -- The government said Sunday it will spend 1 billion won
(US$663,500) in the first half of this year to help local small- and medium-size
enterprises (SME) take part in overseas exhibitions.

The support package is part of a larger 1.7 billion won effort to help companies
take part in various economic stimulus packages being pursued abroad to cope with
the worldwide slump, the Ministry of Knowledge Economy said.
The total is a gain of 550 million won compared to 2008.
SMEs account for 99 percent of all companies in the country and 88 percent of the
jobs. They have also been hit the hardest by the sluggish economy.
By some estimates, South Korea is expected to post negative growth of 2 percent
this year.
The ministry in charge of industrial polices and trade promotion said 167
companies will be able to receive state funds with up to 7 million won allotted
for each to lease exhibition booths.
For SMEs taking part in exhibitions in Japan, the Middle East, Russia, India and
Latin America, the limit has been set at 10 million won.
"Over 70 percent of the companies that will get funding are in machinery,
electronics and electrical products, medicine and household goods," an official
said. These areas make up the bulk of exports by smaller businesses.
In 2008, policymakers said 1.15 billion won spent to help local companies
participate in foreign exhibitions and trade fairs resulted in $250 million in
export orders.
yonngong@yna.co.kr
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