On November 3, Gyeonggi Province and the Gyeonggi FTA Trade Promotion Center (hereinafter the “Gyeonggi FTA Center”) announced that the six-day Gyeonggi Central Asia Trade Promotion Mission (hereinafter the “trade mission”) dispatched to Uzbekistan (Tashkent) and Kazakhstan (Almaty) from October 23 to engage in comprehensive export consultations had conducted a total of 212 business consultations. The expected export contracts resulting from these consultations were estimated at USD 8.48 million.

The trade mission was joined by 16 promising SMEs from Gyeonggi Province seeking to expand into Central Asia. Undertaken by the Gyeonggi FTA Center with the support of Gyeonggi Province and in cooperation with local KOTRA offices, it provided connections with local buyers, meeting venues, interpreters, and consultations regarding free trade agreements (FTAs).

The province organized this trade mission to Kazakhstan and Uzbekistan, two of the largest markets in Central Asia, with the inclusion of a variety of products such as cosmetics, agricultural drones, bridges, valves and sensors as well as other items expected to be in high demand in the Central Asian markets. With the prolonged Russo-Ukrainian War and ongoing sanctions against Russia, Central Asia, which includes Kazakhstan, an outpost for European exports, and Uzbekistan, which is expected to sign a free trade agreement (FTA) with Korea next year, are gaining attention as alternative markets that mitigate supply chain risk.

The export consultations held in Tashkent (Uzbekistan) and Almaty (Kazakhstan) were well received by local buyers as opportunities to apprise the quality and export potential of Korean products. As a result, 86 export consultations valued at USD 18.45 million and 64 contracts worth USD 4.17 million were realized in Tashkent, and 126 export consultations valued at USD 11.7 million and 123 contracts worth USD 4.3 million were realized in Almaty.

The CEO of Company A, an agricultural and industrial drone manufacturer in Hwaseong City, who participated in the trade mission, said, “I first came to Central Asia to study the market for agricultural and agricultural control drones, but unexpectedly signed a local contract worth USD 470,000. I anticipate even more from the Central Asian market in the future. Concurrently, a representative of Company B, a solenoid valve manufacturer in Bucheon City, said, “Our exports to the Central Asian market were cut off due to the pandemic, but we were able to sign a USD 100,000 contract locally through the Gyeonggi trade mission. We plan to participate in more of Gyeonggi Province’s overseas marketing initiatives in the future.”

“The international situation in the 21st century is unprecedentedly unstable due to the prolonged Russo-Ukrainian War and the Israel-Hamas conflict,” said Lee Min-woo, Director of the Investment and Trade Division of Gyeonggi Province. “Despite these challenges, we will continue to monitor global market trends and actively support Gyeonggi SMEs in the safe and sustainable expansion of their exports to diverse regions.”