On July 10th, South Korea’s Ministry of SMEs and Startups (MSS) announced a tripartite memorandum of understanding with LOTTE MART and LOTTE Global Logistics to support the international expansion of small and medium-sized enterprises (SMEs) and small business owners. The agreement outlines several key initiatives, including the identification and policy development for promising SMEs and small business owners participating in the Companion Festival, support for marketing activities such as promotions, store placements, and event hosting, as well as assistance with international transportation, logistics consulting, and overseas warehousing services.

The MOU enables MSS to foster a cooperative relationship among the three parties and provide the necessary distribution and logistics infrastructure to SMEs and small business owners aiming to expand internationally. LOTTE MART will host promotional events and sales demonstrations using its overseas business spaces, offering support in marketing and consulting. LOTTE Global Logistics plans to provide discounted international shipping services—up to 35% off, claiming to offer the lowest rates based on their standards—and develop tailored logistics strategies that are cost-effective and suited to the products’ characteristics. They will also manage product storage and handling through their overseas warehouses.

Moreover, MSS intends to actively support promising SMEs and small business owners who aspire to expand internationally by leveraging the SME Distribution Center and collaborating with various domestic and international support institutions, including local embassies and private financial and legal channels. Furthermore, a Companion Festival scheduled to take place overseas in September will aim to promote and market SME and small business products through local distribution networks, helping to establish a foothold for these businesses in foreign markets.

Minister Oh Young-ju of the MSS commented on the agreement, stating, “This MOU is expected to serve as a launching pad for our SMEs and small business owners, whose products are well-regarded domestically, to enter international markets, starting with the Companion Festival in Vietnam this September. We hope this will significantly aid their efforts to explore new markets abroad.”