Daegu-Gyeongbuk Economic Zone Authority Southeast Asia Trade Delegation, $11.31 Million Export Contract Negotiations

The Daegu-Gyeongbuk Free Economic Zone Authority dispatched a trade delegation consisting of nine companies residing in the Daegu-Gyeongbuk Free Economic Zone to two Southeast Asian countries, Indonesia and Singapore, from the 23rd to the 27th of last month to pioneer overseas markets for resident companies, resulting in contract consultations worth $11.31 million.

The 2023 DGFEZ Southeast Asia Trade Delegation included nine resident (or prospective resident) companies such as JS Techwin within the Daegu-Gyeongbuk Free Economic Zone. Targeting Indonesia and Singapore, countries with abundant purchasing potential in Southeast Asia, the delegation promoted the excellence of local companies' products and sought new business partners to expand export opportunities.

The scene of export consultation in Indonesia.

The nine resident companies in this trade delegation conducted a total of 100 consultations, resulting in contract discussions worth $11.315 million. Lepio and Incoa secured contracts worth $111,000 locally. Additionally, JS Techwin signed an MOU worth approximately $30,000 with SMITECH Pte Ltd, and Covibio signed an MOU with Royal Queen Beauty Pte Ltd in Singapore.

Kim Dong-tak, CEO of Incoa, who participated in the export consultation, said, “We had been strategically focusing on the Indonesian market, and through this delegation, we achieved local contract results. We will not be satisfied with this and plan to establish a local branch in Indonesia to steadily expand exports and contribute to regional development.”

Furthermore, the head of the Gyeongbuk Indonesia Jakarta Office and officials from the KOTRA Jakarta Trade Center visited the consultation venue in Jakarta, Indonesia, attentively listened to product explanations from participating companies, and promised to actively cooperate in promoting products locally and connecting buyers in related industries in Indonesia.

Lee Eun-ah, Head of the Innovation Growth Division at the Daegu-Gyeongbuk Free Economic Zone Authority, stated, “Given the unstable international situation and domestic market conditions, it is very difficult for export companies to pioneer overseas markets. Our Daegu-Gyeongbuk Free Economic Zone Authority will not be satisfied with the achievements made locally through this delegation but will provide continuous management and necessary support to ensure that the discussions at the consultation translate into actual results.”

The Daegu-Gyeongbuk Free Economic Zone Authority operates trade delegations once each in the first and second half of the year for resident (or prospective resident) companies in the eight free economic zones of Daegu and Gyeongbuk. In January 2024, it plans to announce the timing, destination countries, and scale of the trade delegation dispatch based on a comprehensive survey of resident companies' opinions.

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