한국 중소기업의 신북방 시장 진출전략

Korean SMEs’ Strategy to Enter the New Northern Market

Purpose - This paper presented strategies for successful market entry into new northern countries. Design/Methodology/Approach - We analyzed characteristics and approaches by region and country to promote Korean SMEs’ entry into the new northern countries, and based on Porter’s diamond model, we derived some export and FDI strategies to advance into the new northern market. Findings - First, in terms of factor conditions, it is necessary to develop a policy to discover and support cooperative projects through technology based on the complementary industrial structure between Korea and the new northern countries. Second, in terms of demand conditions, in order to establish a trade cooperation system capable of co-prosperity with the new northern countries, it is necessary to promote economic cooperation that can build a sustainable relationship based on understanding the requirements of the new northern countries. Third, in terms of related and supporting fields, it is necessary to establish a strategy to match effectively by closely examining government policies, contents of support, and possible cooperation fields among countries to be entered. Fourth, in terms of the business environment (or strategy, structure and rivalry), it is also necessary to devise a strategy to advance using investment incentive policies and support, such as mitigating private investment risks by using governmental policy funds and enhancing the ease of financing for SMEs. Research Implications - Recently, new markets with greater opportunities arise, and depending on the capabilities of Korean SMEs, these can serve as new growth engines for Korea. Therefore, Korean SMEs should try to find new business models and values for these advancement strategies into the new northern market.