"Breaking into New Southern Markets"... Gwangju City Dispatches Southeast Asia Market Development Team

Export Consultation Meetings Held in Singapore and Malaysia
Export Consultations Worth $16.18 Million, MOUs Worth $4.6 Million
Ten Local Companies Participate, Overseas Market Expansion Shows Positive Signs

Southeast Asia Market Development Team. Provided by Gwangju City

The Southeast Asia Market Development Team, dispatched by Gwangju City to expand overseas markets for local small and medium-sized enterprises amid a rapidly changing global trade environment, has achieved remarkable results. From October 19 to 25, the delegation visited Singapore and Malaysia, where they contributed to revitalizing the regional economy by conducting a total of 119 export consultations and achieving consultation results worth 16.18 million dollars through export meetings and local market research.

According to the city on October 30, the Southeast Asia Market Development Team recorded a total of 119 export consultations amounting to 16.18 million dollars (approximately 22 billion Korean won), and signed eight memorandums of understanding (MOUs), leading to potential contracts worth 4.6 million dollars. Additionally, an immediate export contract worth 500,000 dollars was concluded on-site, demonstrating tangible results. These achievements are seen as encouraging examples of new market development possibilities for local companies amid the rapidly changing international economic situation.

The delegation included Gwangju City, the Economic Promotion and Win-Win Jobs Foundation, the Gwangju-Jeonnam branch of the Korea International Trade Association, and ten local SMEs such as Geummyeong Hi-Tech Co., Ltd., ENC Co., Ltd., Organic Maru, Eterna Botanica Co., Ltd., One Solution Co., Ltd., Softwells Co., Ltd., Raffine J Co., Ltd., Poeta, Green Talk Co., Ltd., and Korea Jeda. These companies showcased a variety of products, including cosmetics, health functional foods, IT, and daily consumer goods, attracting the attention of local buyers.

In particular, at the export consultation meeting held in Kuala Lumpur, Malaysia, ENC Co., Ltd. signed an export contract worth 500,000 dollars for its Redox Reactor (water treatment material component) product. Eterna Botanica Co., Ltd. achieved the highest performance among participating companies, leading export consultations worth 230,000 dollars in Singapore and 4.11 million dollars in Malaysia.

In addition to the export consultation meetings, the market development team also conducted local market research activities. They visited Lazada and Shopee, major e-commerce platforms in Singapore, to gain a better understanding of Southeast Asian consumer characteristics and trends in the sales of Korean products. Furthermore, through discussions with the Malaysia External Trade Development Corporation (MATRADE), they explored strategies for entering the local market and identifying promising product categories.

The city plans to strengthen follow-up support to ensure that the results of these export meetings lead to actual exports. Through systematic post-management, including support for overseas logistics costs, trade insurance premiums, and interpretation and translation services, the city will actively support local companies so they can establish a stable presence in overseas markets and achieve continuous results.

Hong Nasoon, Head of the Startup Promotion Division, stated, "This Southeast Asia export consultation meeting was a meaningful opportunity to discover alternative markets and strengthen export competitiveness for local SMEs, even in an uncertain trade environment." She added, "We will continue to expand field-oriented export support policies to ensure ongoing, tangible results in overseas market entry."

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