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SME Internationalization: Significance and Policy Challenges

The internationalization of SMEs has been emerging as one of key policy challenges for many countries, including Korea. The higher number of SMEs entering overseas market leads to robust company growth, export expansion and job creation. Some notable changes have recently been taking place in the sphere of SME internationalization: the growth of emerging countries, deepening of global value chains (GVCs) and the rise of high value-added service trade. In this context, supportive measures for SMEs venturing overseas should be designed from a fresh perspective. First of all, it is necessary to identify competitive SMEs and provide them with focused support for internationalization. High value-added manufacturing and service firms especially play a pivotal role in GVCs; therefore, the government must be ready to support them in developing into exporting firms, working with global enterprises and strengthening innovative capabilities. Second, amid relaxed tariff barriers and stronger GVCs, SMEs respond more sensitively to trade costs incurred, for instance, by customs procedures, compared to large enterprises. Thus, trade facilitation, technology standards harmonization and easing the application process of preferential tariff rates under FTAs will positively impact SMEs’ exports. Third, SMEs require support in expanding and diversifying their target markets. The government should provide adequate, in-depth information on potential business partners, local market and institutions of different countries, as well as reinforce support for SMEs by using global networks on the government level.
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