The South Korean Ministry of SMEs and Startups (KSME), led by Minister Han Seong-sook, announced on May 29 that it is recruiting small and medium enterprises (SMEs) to participate in its K-Export Strategic Items Development Project. This initiative is designed to bolster South Korean brands in the beauty and other consumer goods sectors amid a growing global demand fueled by the K-Culture phenomenon.
The K-Export Strategic Items Development Project aims to select innovative products in the K-Brand (consumer goods) sector, supporting their evolution into globally recognized items. Initially set to identify promising export products in the beauty and food categories, the project will be expanded in 2024 to include 30 selected enterprises. Last year, the initiative broadened its scope to encompass fashion and lifestyle sectors, ultimately designating 80 additional companies whose products were supported for global market entry.
The current recruitment is open for products in the four consumer categories: beauty, fashion, lifestyle, and food. A stringent selection process will assess innovation and global scalability through written evaluations, competitive assessments from foreign consumers, and product reviews by global distribution companies and experts. Approximately 200 products will be designated as K-Export strategic items.
Designated companies will benefit from tailored overseas market entry programs leveraging the infrastructure and networks of domestic global distribution partners. Furthermore, these enterprises will receive preferential treatment in government export support programs, including export vouchers, assistance in obtaining overseas certifications, and participation in international trade fairs and consultations, with support available for up to three years.
Shim Jae-yun, Director of Global Growth Policy at KSME, emphasized that the trend of K-consumer goods, particularly in beauty, has now established itself beyond a mere fleeting fad, becoming an integral part of global daily life. He stated that the government will enhance its policy support to ensure that K-consumer goods from SMEs can emerge as flagship products driving the nation’s export potential in the global market.
