The Ministry of Commerce, Industry and Energy has selected 31 South Korean-made items as "World Class Products."

The products, including flash memory chips and chlorella, currently rank among the top five in terms of their global market shares, or are expected to enter the top five in the next three years.

The ministry said it would provide marketing and financial support to companies producing world-class products to help them advance into overseas markets.

South Korea has designated a total of 384 world-class products since 2001. Companies that produced such items saw their exports rise 42 percent last year, more than double the average export increase rate.