'2024 JB-FAIR' Stands Tall as a Business Hub

6 Export Companies in the Province Sign $2.03 Million Export Contracts
Breaking Away from Event-Style Operations...High Satisfaction Among Participating Companies

Jeonbuk Special Self-Governing Province and the Economic and Trade Promotion Agency (Director Yoon Yeo-bong, hereinafter 'Gyeongjinwon') announced on the 31st that they successfully played a key role as a global business hub by operating the '2024 JB-FAIR (Export Consultation Meeting)' in conjunction with the '22nd Korean Business Conference' held over two days from the 22nd to the 23rd.

According to Gyeongjinwon, JB-FAIR was planned with the goal of revitalizing exports of companies within Jeonbuk Province. Overseas buyers from 102 companies across 15 countries were invited. Customized consultation opportunities with buyers from major countries were provided to 179 companies in the province.

The '2024 JB-FAIR (Export Consultation Meeting)' held on the 22nd to 23rd.
[Photo by Jeonbuk Gyeongjinwon]

JB-FAIR broke away from the traditional event-style operation and strengthened its operational procedures more meticulously. When discovering buyers, local base centers, partner companies, and responsible staff collaborated to identify 'genuine buyers' capable of purchasing products from export companies in the province. By supporting pre-communication between these genuine buyers and local companies to build mutual trust, a high level of satisfaction was achieved among participating companies.

At the consultation venue, one-on-one export consultations and on-site interpretation were provided so that participating companies could understand specific import and sales experiences, as well as sales channels after import, with buyers they had pre-communicated with. Additionally, buyer responses regarding product prices and quality of local companies were graded, and strategic support measures were provided according to each grade. As a result, the consultations went beyond simple meetings and led to contracts.

During the export consultation meeting, 1,150 consultations worth 200 million USD were conducted, resulting in contracts worth 2.035 million USD. Six local companies mainly dealing in cosmetics and food signed export contracts with buyers from three countries: Vietnam, Japan, and India. Additionally, 12 local companies signed export MOUs worth 1.26 million USD with buyers from four countries including Indonesia and Ghana, confirming the excellence of products from local companies.

On-site, a trade doctor usually accompanied the buyers during consultations to assist local export companies in conducting negotiations favorably. The province plans to support trade doctors in directly responding to and negotiating buyer demands in the future to lead to tangible export results.

Yoon Yeo-bong, Director of Gyeongjinwon, stated, "Considering the successful hosting of the Korean Business Conference and JB-FAIR, it is no exaggeration to say that Jeonbuk Special Self-Governing Province is a global business network hub. On November 4th, we will operate an export exchange meeting for participating companies in the large conference room on the 4th floor of Jeonbuk Provincial Office and will thoroughly manage follow-up to achieve even greater export results."

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