Trade Promotion Group engaged in 545 consultations with offshore buyers worth KRW 91 billion 

◇ Photo provided by the US Trade Promotion Group. ⓒ Gyeonggi G-News

The Gyeonggi Trade Promotion Group achieved great success across three geographical regions – China, the United States, and South and Central America.

Gyeonggi Province dispatched 38 small and medium enterprises (SMEs) to China, the US, and South and Central America in September to help SMEs across Gyeonggi Province recover exports and explore overseas markets. On September 24, the provincial government announced that the activities of these SMEs led to 545 consultations worth USD 76 million (approximately KRW 91 billion). 

Company D in Gyeonggi Province, which took part in the program to access the Chinese market, held consultations with Company N from Nanjing with regards to technology transfer and joint technology development in eco-friendly stone varnish production. Company D expects a transaction worth KRW 1.5 billion if joint technology development is realized. Company A, which manufactures electric precipitators and evacuators, expects a USD 1.3 million transaction once a contract to establish an agency is signed with Company N in Shenyang. 

In Los Angeles, SMEs from Gyeonggi Province sought out local buyers with consideration given the characteristics of American buyers. In Las Vegas, a venue was prepared at a hotel for group consultations.

Company M, a manufacturer and seller of products inspired by ergonomics, met with Company J, a distributor for household goods in LA, and agreed to supply 1,000 sample units for advertisement via the local QVC home shopping channel. Company M expects to export 60,000 units each year depending on the market response to the samples.

At the Las Vegas consultation session, another Company M which supplies cleaning agents to hotels in Korea as well as various other regions in Southeast Asia discussed the possibility of setting up operations in Home Depot, a global corporation for construction materials.

Healing Pot, which produces humidifiers, Midus Korea, which produces cleaning supplies, Walking & Looking, which produces functional footwear, and Do Dream, which produces water bottles for alkaline reduction water, all met with major local distribution chains in the US and fostered optimistic outlooks for future exports. 

The Trade Promotion Group to South and Central America held consultations with local buyers to explore niche markets in Guatemala, Panama, and Colombia. 

Company C, a producer of environmentally friendly portable batteries, successfully won its first order for 1,800 units (USD 700,000) from Company E from Guatemala, a distributor of solar energy equipment. 

At the consultation session in Panama, the Panamanian Governor and his wife conveyed interest in the products advertised by the Trade Promotion Group. In addition, Company D from Gyeonggi Province confirmed the possibility of exports worth USD 200,000 with Company C, which is currently bidding for the LED substitution project in Panama. At the Bogota consultation session in Columbia, Company U from Gyeonggi Province, which sells vein recognition devices, successfully sold samples and is currently pursuing a USD 575,000 contract. 

Healing Pot CEO Bae Jung-jin said, “We were able to acquire essential information about the American market through this US Trade Promotion Group, and meeting offshore buyers gave us confidence in entering the US market.”

A representative from Company D who took part in the South and Central America Trade Promotion Group said, “Participating in the Trade Promotion Group will be extremely helpful for our company’s growth. I hope the Trade Promotion Group project expands further.” 

Gyeonggi International Trade Division Director Ko Bong-tae said, “We are planning to dispatch a Trade Promotion Group to regions like Africa to explore a wider range of offshore markets.” Director Ko added, “We will do our best to open the gates for exports wide open by increasing Trade Promotion Group activities moving forward.

ⓒ Gyeonggi G-News | Lee So-young leesy8127@naver.com

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