Gyeongbuk Province Sets 50 Billion Dollar Export Target This Year... 3,000 SMEs Receive 11.2 Billion Won Support

Promotion on Global Online Mall

'Secondary Battery Emerging as Export Growth Engine'

On the 3rd, Gyeongbuk Province announced the '2024 Gyeongsangbuk-do Trade Expansion Strategy' aimed at driving the local era through export growth, targeting $50 billion in exports and a trade surplus of $27 billion despite challenging trade environments such as geopolitical conflicts and delayed global economic recovery.

First, the export target for 2024 is set to exceed the 2023 forecast of $46.5 billion, aiming to achieve $50 billion in exports, and various support policies to revitalize exports in Gyeongbuk Province will be prepared and implemented.

The scene of the Gyeongbuk Excellent Products Exhibition held in the Philippines last year.

To this end, a budget of 11.2 billion KRW will be invested targeting about 3,000 small and medium-sized export companies through direct market development in response to explosive overseas expansion demand, online-based export expansion, export stabilization by reducing export costs, and collaborative projects with domestic and international export organizations.

First, to respond to companies' overseas expansion demands, 27 customized market development projects by region and product category will be conducted for 300 companies, including dispatching exhibition trade delegations, holding export consultation meetings, and operating overseas product exhibitions.

Emerging markets will see trade delegations dispatched to Southeast Asia, Vietnam, and China from late February, while participating in overseas product exhibitions in Hong Kong, Guangzhou, and the Philippines to promote food and consumer goods entry.

Advanced markets will focus on entering secondary batteries, materials and components, and cosmetics by participating in the Munich Battery Fair, Frankfurt Auto Parts Fair, dispatching trade delegations for Japanese materials and components, and European beauty products. The United States, Gyeongbuk's second-largest export market, will participate in the LA Korean Products Exhibition and the cosmetics specialized exhibition (Cosmoprof), and operate future car trade delegations.

Second, overseas market entry of local SMEs using online platforms will be strengthened.

In addition to existing platforms such as Amazon, eBay, Shopee, and Etsy (handmade product mall), this year support will be provided for foreign language product page creation, promotion, sales, and delivery for 140 companies on seven global online malls across 10 countries, including Walmart in the U.S. and Joom in Russia.

At the Digital Trade Comprehensive Support Center (deXter) established at the Gumi Chamber of Commerce and Industry, promotional photos and foreign language videos of export products will be produced and actively used for export consultations with overseas buyers. Additionally, 100 local SMEs will be listed on BuyKorea, Korea's representative global online exhibition hall, with one-on-one video export consultations conducted simultaneously.

Third, efforts will be actively made to reduce export costs to establish a stable overseas expansion foundation for companies.

To this end, support will be provided within annual limits per company: 10 million KRW for export logistics costs, 10 million KRW for booth rental and setup costs for individual participation in overseas exhibitions, 10 million KRW for export comprehensive packages, 4 million KRW for export insurance, 6 million KRW for overseas certification, 4 million KRW for international express (EMS), 2 million KRW for overseas business trips, and 1.5 million KRW each for SME interpretation/translation and overseas market research. Permanent sales venues using H-Mart in the U.S. will be operated, and trade practical training for SME employees will also be conducted.

Fourth, support projects through collaboration with domestic and international export-related organizations will be carried out.

Last year, a promotional event for Gyeongbuk specialty products held in Australia.

The Gyeongbuk overseas trade offices dispatched to six countries, including the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea International Trade Association, will take the lead in expanding exports of Gyeongbuk products. The Gyeongsangbuk-do Exporters Association, with 1,100 member companies, will also promote policy briefing sessions, overseas market information support, and market development projects early in the year.

The Overseas Korean Traders Association (OKTA) and the Gyeongbuk Overseas Advisory Committee will closely support the hosting of Gyeongbuk excellent product exhibitions in Southeast Asia and Europe. Additionally, the FTA Utilization Support Centers in Pohang and Gumi will provide one-on-one free trade agreement (FTA) consulting linked with customs brokers, and joint overseas marketing cooperation projects will be promoted with cities and counties through a 50-50 budget matching with Gyeongbuk Province.

Lee Cheol-woo, Governor of Gyeongbuk Province, said, "Last year, we faced difficulties as both national and Gyeongbuk exports declined due to normalization of excessive non-face-to-face demand during the group infectious disease period and economic contraction in both advanced and emerging countries. However, we confirmed the popularity of food and cosmetics based on high quality along with the Korean Wave, and secondary battery-related items emerged as new export drivers with the expansion of electric vehicle adoption." He added, "Going forward, we will fully recognize the importance of exports as the growth foundation of the regional economy along with the expansion of Gyeongbuk's export territory, and make every effort to achieve $50 billion in exports by proactively responding to domestic and international trade conditions for our companies."

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