Gyeonggi-do Corporation Achieves First 'Profit Turnaround' with Sales Surpassing 10 Billion KRW in Just 4 Years Since Establishment

CEO Seokhun Lee

[Asia Economy (Uijeongbu) = Reporter Lee Young-gyu] Korea Gyeonggi-do Corporation succeeded in turning a profit on a quarterly basis for the first time in four years since its establishment.

Gyeonggi-do Corporation is a joint-stock company established through joint investment by Gyeonggi Province and various economic organizations in the province, including the Gyeonggi Small and Medium Business Association, to assist small and medium-sized enterprises and socially disadvantaged companies in the province with distribution, online and offline market development, and marketing.

Since its establishment in 2016, Gyeonggi-do Corporation had posted losses every year, but it announced on the 10th that it succeeded in turning a profit in net income for the first time in the third quarter of last year, surpassing 10 billion KRW in sales last year.

To overcome losses, Gyeonggi-do Corporation aggressively expanded distribution channels both online and offline, including domestic department stores, marts, home shopping, and social commerce. It has also worked hard to build networks to pioneer overseas markets such as China and Vietnam in response to the government's New Southern Policy.

Lee Seok-hoon, CEO of Gyeonggi-do Corporation, said, "Thanks to the efforts of all employees, we achieved a quarterly profit turnaround in just four years since our founding." He added, "This year, aiming for 13 billion KRW in sales, we plan to enhance efficiency in supporting small and medium-sized enterprises through a media commerce platform business and expand support so that about 200 SMEs in the province can enter overseas markets such as shopping malls for tourists to Baekdu Mountain in China and Laos."

This content was produced with the assistance of AI translation services.