○ Gyeonggi Province held the 2019 ASEAN Day Export Conference at the Suwon Convention Center on May 14.
○ A total of 72 buyers from nine countries, including Vietnam and Malaysia, participated in the conference for one-on-one business meetings with approximately 220 Gyeonggi companies.
○ 345 contracts valued at USD 39.6 million in total were realized through 553 meetings.

Gyeonggi Province has succeeded in opening up new export channels in nine emerging ASEAN markets that have garnered attention under the government’s New Southern Policy.

On May 14, Gyeonggi Province hosted the 2019 ASEAN Day Export Conference, inviting foreign buyers from ASEAN regions to the Suwon Convention Center. A total of 553 business meetings took place during the conference and 345 contracts, valued at USD 39.6 million, were generated.

Approximately 220 promising small and medium-sized companies from Gyeonggi Province participated in this conference, which was organized to help them expand their export channels. These companies had productive one-on-one meetings with 72 buyers from nine countries, including Vietnam, Malaysia, and Myanmar.

Gyeonggi Province’s support to promote successful meetings―one-on-one buyer pairing in advance, interpretation services, and more―was well received by participating companies. Additionally, more than 20 meetings were arranged on the spot through the active involvement of buyers and the participating companies.

The companies that participated presented competitive products of superior quality in the fields of beauty, healthcare, food and beverages, consumer goods, and electrical and electronic goods. The presentations impressed the ASEAN buyers who, influenced by the Korean Wave and the associated popularity of Korean dramas and K-Pop, have expressed strong preferences for Korean products.

“I was very intrigued by the organic rice porridge in stick-shaped packs presented by a Korean company at the conference. It was a great opportunity to discover companies that would be hard to find on our own and then try out their products,” said one buyer from M Company based in Malaysia.

Buyers from one Thai company showed considerable interest in Ilwoo Electronics’ scalp care device and purchased samples on the spot. They also discussed the import of 1,000 units of this product for skin care shops across Thailand.

Gyeonggi Province International Relations Ambassador Han Gwang-seop said: “I hope that this meeting will serve as an opportunity for promising SMEs to enter into the ASEAN market, which is Korea’s second largest bloc of trading partners with a trade volume that has been increasing since the FTA entered into force. In line with the government’s New Southward Advancement Policy, we will offer all available support for the purpose of expanding export channels for promising SMEs of Gyeonggi Province.”

The ASEAN bloc, with a total population of 650 million, is an enormous market with an annual economic growth rate of 5-6% and an annual combined GDP of USD 2.7 trillion. It has been evaluated as a market of considerable potential with those 30 years of age or younger accounting for more than a half of the entire population.