Gumi City, a Positive Signal for Supporting SMEs in Developing ASEAN Market Channels

Dispatch of Trade Delegations to Indonesia and Thailand

Establishing Export Opportunities with 123 Consultations

Gumi City in Gyeongbuk Province dispatched a trade delegation of 10 companies to Indonesia (Jakarta) and Thailand (Bangkok) from October 23 to 28 to support small and medium-sized enterprises (SMEs) in exploring ASEAN markets. The delegation conducted a total of 123 export consultations and signed 11 MOUs.

Gumi City Trade Delegation.

The trade delegation held 71 export consultations in Jakarta and 52 in Bangkok. By adopting a hybrid approach, they conducted 31 consultations online with distant local buyers, receiving significant interest from the local markets.

Indonesia and Thailand, ranked first and second in market size within the ASEAN market, which is gaining attention as the post-China market, possess vast domestic markets and high growth potential. Many companies wish to enter these markets; however, differences in export-related laws, accounting, and tax systems pose challenges for SMEs attempting individual market entry.

In response, the city selected 11 local SMEs with highly marketable products and formed a delegation (including one online company). Through thorough preparation and tailored local strategies, they matched buyers with high export potential and conducted one-on-one consultations. They also visited KOTRA and investment agencies to hear expert opinions on market conditions, entry strategies, and precautions, laying a practical foundation for exports.

Company A, a smart city/smart factory solutions provider, attracted significant buyer interest, signing 4 MOUs and 1 dealership agreement. They also visited the offices of local buyers to sign NDAs (Non-Disclosure Agreements) and agreed to jointly promote projects with the Thai government.

Company B, a manufacturer of secondary battery chargers, received strong local interest in its high-frequency chargers and is proceeding with contracts with buyers in Thailand and Indonesia. Company C, specializing in custom antennas, is also exporting after receiving sample requests from Indonesian buyers.

Mayor Kim Jang-ho stated, “As South Korea’s growth key lies in an open trade strategy focused on trade, the city will do its best to support local companies in exploring overseas markets and exports to nurture them into global strong SMEs.” He added, “We plan to further strengthen export marketing support for SMEs by promoting the ‘SME Overseas Market Development Support Project,’ including support for attending the 2024 US CES and expanding trade delegation dispatches.”

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