KOTRA Holds Consultation Meeting to Support K-Machinery and Heavy Equipment Exports

Experts from overseas trade offices in Chicago, Osaka, Hanoi, and more share export know-how

[Asia Economy Reporter Kim Pyeonghwa] The Korea Trade-Investment Promotion Agency (KOTRA) will hold an online consultation session from the 21st of this month to the 2nd of next month to provide guidance on overseas market performance and market development methods in the machinery and heavy equipment sectors.

This consultation will be provided by branch office experts with over 10 years of experience working at overseas trade centers in Chicago, USA; Osaka, Japan; Changsha, China; Hanoi, Vietnam; and Nairobi, Kenya. The aim is to reduce trial and error in local export markets and help companies enter opportunity markets promptly.

Chicago is home to 62% of the US transportation machinery and parts industry and 40% of the general machinery industry. The world's largest US machine tool exhibition (IMTS) is held annually in Chicago. Vietnam imports 70% of its machinery and equipment, making it an attractive market for export companies. Changsha is a hub for equipment and metal processing industries, with Chinese construction equipment manufacturers such as SANY and heavy equipment company Zoomlion. Kenya is experiencing a construction boom, and companies importing Korean machinery and materials are rapidly increasing.

Through this consultation, KOTRA plans to help companies that confirm product marketability and local market characteristics to actively enter the local market through the branch office service. The branch office service is a service where dedicated branch office staff at overseas trade centers find desired buyers for companies, provide consultations, and assist in signing export contracts for one year. It is characterized by being usable like an overseas branch office. Last year, 4,265 domestic small and medium-sized enterprises exported $3.47 billion through KOTRA’s branch office service.

KOTRA plans to continuously organize sessions where overseas branch office experts introduce promising markets by various industries. Jeon Chunwoo, Head of KOTRA’s Small and Medium Business Division, said, “We will create various opportunities for domestic companies to quickly enter lesser-known markets and increase exports.”

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