The Korean government has launched the ‘K-Export Star 500’ initiative to nurture 500 promising companies into export stars with annual exports exceeding $10 million. The Ministry of Trade, Industry and Energy announced that applications will be accepted until February 11 through the websites of KOTRA, KCL, KIAT, KEIT, and Korea Trade Insurance Corporation. This project was newly established this year to address the polarization in export structure and enhance the global competitiveness of small and medium-sized enterprises (SMEs). Although Korea’s exports recently surpassed $700 billion for the first time, the top 1% of exporters account for 84% of total exports, highlighting the need for structural improvement.
The K-Export Star 500 project will select companies with annual exports between $5 million and $10 million from three key sectors: consumer goods (beauty, food), advanced industries (AI, semiconductors), and mainstay industries (automobiles, machinery), supporting 100 companies in each sector for a total of 500. Selected companies can receive up to 560 million KRW in support, including premium marketing, certification and patents, export financing, and R&D consulting. The five specialized agencies have signed MOUs to establish a collaborative support system and will actively assist promising companies as export star makers.
Each selected company will receive one-on-one continuous consulting from a 15-member export star mentor group, including dedicated and functional mentors. Companies will develop export plans tailored to their goals and strategies, and receive special local support through 20 overseas export star partner trade offices. Kang Gam-chan, Director General for Trade and Investment at the Ministry, emphasized, “Fostering export star companies that pioneer new markets and products is crucial for overcoming export polarization and building an inclusive export structure.”
This project is expected to accelerate the healthy growth of Korea’s export structure and the global expansion of SMEs. The collaboration between the government and the five specialized agencies could help Korea reach the $1 trillion export milestone sooner. The growth and innovation of promising export companies are anticipated to have a positive ripple effect on the national economy. Depending on the project’s success, similar support policies may be expanded in the future.
The K-Export Star 500 project is a strategic policy aimed at resolving export polarization and strengthening the global competitiveness of SMEs. The collaboration among five specialized agencies, the mentoring system, and the overseas trade office network serve as exemplary models for tailored corporate support. By including advanced industries such as AI and semiconductors, the project secures future growth engines, and if combined with data-driven performance analysis and policy feedback, it could significantly contribute to building a sustainable export ecosystem.