South Korea’s Small & Medium Business Administration (SMBA) has recently made its announcement at a meeting of ministers in charge of the nation’s international economy that it will raise 200 online exporters that export over $10 million via online shopping mall sites such as Amazon and e-Bay.

While the global online shopping mall market, which has annually over 20% of rapid growth speed, is expected to be grown into a market with a size of over $1.9 trillion in 2016 following a record of $1 trillion in 2012, the nation’s small- and medium-sized companies’ export performance using each of their online shopping malls remain only 0.1% share of the nation’s entire exports.

In an attempt to solve this challenge, SMBA made its decision to support the required whole process of online shopping mall ranging from identification of suitable products to local distribution.

First, this agency will introduce a system that designates companies specialized for online exports and nurture specialized workforces. With the system that help executing of sales of small- and medium-sized enterprises (SMEs)’ products, it aims to foster 200 exporters with an annual $10 million export performance by 2017. Fostering of “1, 000 power sellers” specialized to support SMEs’ advancing into the online market.

The president of SMBA commented, “So far, the government’s export support has been focused on offline, so the policy support of online export regrettably remained rudimentary level now.” “In this context, we will steadily expand governmental support for online export with this somewhat belated, but highly competitive, system.”

By Kim Min-su : Here