Jungjingong Supports Export Market Diversification... 'Daehanminguk Sourcing Week'

721 Small and Venture Companies Participated
$17.02 Million New Contracts Signed

The Small and Medium Business Corporation (Chairman Kang Seok-jin, hereinafter referred to as SBC) announced that it held the '2023 Korea Sourcing Week' over two days on the 21st and 22nd at the Ilsan KINTEX Exhibition Center. Now in its second year, Sourcing Week provided business consultation opportunities for both domestic and export markets simultaneously in one place, offering over 1,500 small and medium venture companies opportunities to develop domestic and international sales channels.

In particular, the export consultation meeting, which involved 721 domestic small and medium venture companies and 100 overseas buyers from 37 countries, expanded the invitation scale of Middle Eastern buyers?who are usually difficult for small and medium venture companies to meet?by three times compared to the previous year. As a result, out of a total contract amount of 17.02 million USD, 4.6 million USD was concluded with Middle Eastern buyers including those from Saudi Arabia.

Participants of the '2023 Korea Sourcing Week' are taking a group commemorative photo.

This Sourcing Week also featured various programs such as an excellent product showroom exhibition and an online export company IR pitching contest. Products from 100 outstanding small and medium venture companies were exhibited in an experiential showroom format in the three main consumer goods export categories for small businesses: Beauty, Living, and Food. Professional marketers acted as curators to promote products to overseas buyers and facilitated smooth post-consultation and sales between buyers and companies.

At the live commerce hall, SBC Chairman Kang Seok-jin made a special appearance to promote the excellence of Korean small and medium venture company products to overseas consumers. Additionally, Chinese Wanghong and Southeast Asian influencers were invited to conduct real-time sales broadcasts for 22 products, achieving total sales of 108 million KRW. In the pitching contest aimed at providing overseas expansion and investment attraction opportunities for online export companies, three outstanding companies were selected and awarded through on-site venture capital (VC) evaluations.

Chairman Kang Seok-jin of SBC stated, "Small and medium venture companies are the core of the national economy and the driving force of innovative growth," adding, "We will actively support small and medium venture companies so that they do not settle for the domestic market despite difficult global economic conditions but pioneer overseas markets."

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