“Since wet wipes have a lot of customer complaints, deciding which insurance to purchase when entering the U.S. market was the most challenging, but today's summary by a local expert was very helpful.”

Han Jong-oh, CEO of Hanul Pharmaceutical (47), stated this at the 'Seminar on Strategies for SMEs Entering the U.S. Market' held at the Crystal Ballroom of Lotte Hotel Jeju on the 24th. The seminar was part of the '2025 SME Leaders Forum' program, which opened on the 23rd. The seminar saw the participation of numerous local experts in U.S. finance, insurance, legal, and administrative fields, where SMEs aspiring to enter the U.S. market face the most difficulties.

Hanul Pharmaceutical has been selling wet wipes in the U.S. market since 2020. On this day, CEO Han inquired about the benefits available when establishing a corporation and U.S. insurance from the experts attending the seminar. CEO Han said, “With the domestic market shrinking due to low birth rates, entering the U.S. has become a matter of survival,” adding, “It would be beneficial if more export insurance options for SMEs entering the U.S. from Korea were available.”

This seminar was organized to address the difficulties faced by the increasing number of SMEs wishing to enter the U.S. market. According to a survey conducted by the Ministry of SMEs and Startups, the Korea SMEs and Startups Agency, and the Korea Federation of SMEs from August 11 to 20, 63.1% of the 609 SMEs exporting to the U.S. responded that mutual tariffs with the U.S. had a 'negative impact on exports to the U.S.' The biggest challenges were 'U.S. buyers' demands for price reductions' (47.8%) and 'decrease, delay, or cancellation of export contracts' (40.7%). Companies cited 'logistics support' (73.2%) and 'expansion of policy funds' (38.8%) as desired government policies.

At the seminar, Barney Lee, President of Hanmi Bank, presented strategies for utilizing investment, financial environments, and Korean-American bank infrastructure. Park Ki-hong, Chairman of Hub International Insurance, discussed human resource risk management and liability insurance. Chairman Park stated, “Companies entering the U.S. must necessarily subscribe to workers' compensation insurance, product liability insurance, and employer liability insurance,” warning that “failure to subscribe can result in substantial compensation, fines, or even criminal liability.”

The Korea Federation of SMEs plans to accelerate the entry of SMEs into the U.S. market. Last year, the investment scale of Korean SMEs in the U.S. was USD 4.9 billion (approximately KRW 6.8 trillion), a 19-fold increase over 20 years. The number of new corporations in the U.S. was identified as 424. The Korea Federation of SMEs plans to sign a Memorandum of Understanding (MOU) with the Federation of Korean American Chambers of Commerce and Industry and hold Korean product exhibitions in Las Vegas and other locations in the U.S. in the second half of next year (July to December) to support SMEs' entry into the U.S. market.

Kim Ki-moon, Chairman of the Korea Federation of SMEs, stated, “As revealed in the incident involving the detention of Koreans related to visas in Georgia, it is crucial to thoroughly check local laws and regulations before entering the U.S. market,” adding, “Actively utilizing Korean infrastructure with high understanding and expertise in Korean corporate culture in finance, insurance, legal, and administrative fields can also be a good solution.”

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