Gwangju Buk-gu, Second Successful Overseas Market Entry for Small and Medium Enterprises

Buk-gu, Gwangju Metropolitan City, has created a second success story of small and medium-sized enterprises (SMEs) entering overseas markets, following the large-scale export achievements of the 'Gwangyung Trade Promotion Group' in the first half of the year.

According to Buk-gu on the 5th, the 'Buk-gu Overseas Market Development Team,' which was promoted for six days from the 30th of last month to the 4th of this month to strengthen the overseas competitiveness of SMEs, achieved significant results with 5 on-site contracts worth $260,000 in Vietnam and Laos, 14 export contract agreements worth $9.62 million, and 116 consultations worth $16.07 million.

The overseas market development project was carried out targeting two Southeast Asian countries, Vietnam and Laos, under close cooperation between Buk-gu and KOTRA (Korea Trade-Investment Promotion Agency) Gwangju-Jeonnam Support Center. Ten local SMEs with excellent technology and product competitiveness in manufacturing daily consumer goods such as beauty, cosmetics, and food participated.

The overseas market development delegation, consisting of 21 members including Moon In, Buk-gu Mayor, KOTRA Gwangju-Jeonnam Support Center, and representatives of participating companies, departed on the 30th of last month and conducted a 4-night, 6-day exchange schedule passing through Hanoi, Vietnam, and Vientiane, Laos. During this period, they signed business cooperation MOUs with the Hanoi branch of the World Korean Trade Association and the Laos Chamber of Commerce.

In particular, based on proactive prior identification of promising buyers and market research, an export consultation meeting inviting local buyers was held. Multifaceted sales promotion activities were carried out for all products of the delegation, including cosmetics, contact lenses, and processed foods. As a result, all 10 participating companies achieved 5 on-site contracts worth $260,000 and 14 export contract agreements worth $9.62 million, along with 116 consultations worth $16.07 million.

A Buk-gu official said, "We hope that the achievements of this overseas market development team will become a spark for economic recovery and revitalize the local economy," adding, "We will continue to mobilize all policy capabilities so that SMEs, which support the local economy, can further nurture hope for both domestic demand and exports."

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