Korea Photonics Industry Promotion Association, Achievements of Overseas Pilot Projects for Photonics Convergence Companies

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] The Korea Photonics Industry Promotion Association announced on the 20th that the results of the overseas pilot installation and testbed construction project, which has been promoted since 2016 to discover overseas niche markets for photonics convergence SMEs that had been shrinking due to COVID-19, are becoming visible starting this year.

Due to the nature of overseas projects, it takes at least one year and sometimes several years for business results to appear, which occur when the excellence and reliability of the products are secured.

Over the past five years (2016?2020), through the domestic LED lighting overseas pilot installation (testbed construction) support project, the association began export achievements worth about $680,000 (approximately 800 million KRW) in major countries in the Americas and Europe, and in April this year, contracts worth about $33 million (approximately 40 billion KRW) were signed with local governments and overseas companies in the United States, Japan, Thailand, and other countries.

This business achievement is the result of developing photonics convergence products required locally through continuous exchanges with domestic companies and overseas buyers based on the accumulated overseas marketing know-how of the association, and promoting customized overseas pilot installation projects tailored to local demand.

Additionally, last year, the association selected six companies through a strict evaluation process and supported 100% of transportation, customs clearance, and installation costs for overseas pilot installations. After product installation locally, thorough tracking and follow-up management are being conducted through the ‘365 Non-face-to-face Comprehensive Situation Room’ to achieve additional contract signings.

Furthermore, this August, at the ‘2022 International Photonics Convergence Business Fair Overseas Buyer Invitation Export Consultation’ and the ‘20th International Photonics Convergence Industry Exhibition and Conference (November)’ scheduled to be held at the InterContinental Seoul COEX, the association plans to invite these overseas buyers to continuously manage and support additional export contracts for participating companies.

Cho Yong-jin, the full-time vice chairman, stated, “Despite the difficulties faced by many domestic photonics convergence companies during the COVID-19 situation, we plan to continuously promote market development support projects to help photonics convergence companies overcome the crisis by sharing know-how with companies supported for overseas pilot installations and to revitalize the economy.” He added, “The Korea Photonics Industry Promotion Association will fully support customized overseas support projects for domestic photonics convergence companies wishing to expand overseas.”

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