S. Korea to earmark 68 bln won for companies' overseas marketing events

Corporate Newsroom 15:08 March 14, 2023

SEOUL, March 14 (Yonhap) -- The industry ministry said Tuesday it will earmark 68.2 billion won (US$52.2 million) this year to support companies' participation in major overseas trade shows and various marketing events as part of efforts to boost exports.

The budget is meant to support 6,835 exporters' planned participation in overseas exhibitions and other promotional events 497 times this year in order to help them create new business opportunties overseas, according to the Ministry of Trade, Industry and Energy.

Last year, the government spent 66.3 billion won on around 6,000 companies' joining of such global events 426 times, it added.

"Demand for global exhibitions recently has recovered to the pre-pandemic level, and the state support is crucial to prop up exports under the tough business circumstances," the ministry said in a release.

The focus of the support will be on marketing events for consumer goods, such as food and cosmetics, as well as the machinery, bio and medical appliance sectors, to be held in Southeast Asia, China, North America and Europe, among other regions, the ministry said.

The government will also work to set up separate "Korean booths" at dozens of major global exhibitions and hold various cultural events to attract more foreign buyers, the ministry said.

"We will consider the establishment of an integrated platform that provides information on major business and trade events overseas for exporters," the ministry said.

South Korea has put forth a series of measures to maintain the export momentum amid a global economic slowdown by setting this year's export target at $685 billion, up 0.2 percent from last year's total, despite its earlier forecast of a 4.5 percent on-year decline in exports in 2023.