The Gyeonggi-do government has sent a commerce promotion team to North America to expand export to the area and succeeded in returning with a contract worth 27 million dollars. 

According to the government on Apr. 21, 23 minor IT related companies within the province has had business meetings with companies in Chicago on about 358 million dollars worth of exportation. Among the total amount, 48 million dollars seems promising. 

Company Y, which manufactures door locks, card readers and automatic airplanes has made a contract worth 15 million dollars with a Chicago-based company. 

Also, company E, which manufactures MP3 players and IC recorders has contracted (about 12 million dollars) with 3 other companies. 

These results are analyzed to be brought out by the team’s direct business activates to boost investment and exportation. 

Provincial governor Sohn remarked at a meeting, “Gyeonggi-do takes up 40% of total knowledge-based industries in Korea, acting as a leader in the IT industry. 32% of minor companies and 23% of venture companies also reside in Gyeonggi-do. As overseas investment on high-tech products such as TFT-LCD components and automobile parts are continuing to increase, the Gyeonggi provincial government is pushing ahead various strategies to create a more business-friendly environment.” 

Source: Kyeongin Ilbo, April 22, 2004