It appears that the Gyeonggi Provincial Office’s efforts for diversification of export markets for SMEs in the province is garnering results. 

The six-SME delegation dispatched with the aid of the provincial office succeeded in winning export contracts worth $7.13 million out of the talks worth $18.5 million after a 10-day (from November 24 to December 3) stay in Denmark, Norway and Sweden. 

The three countries in northern European countries feature the highest per-capita GNI level (i.e. exceeding $30,000) and the most advanced form of the social security system in the world. The province’s SMEs have had difficulties in making forays into the market due to the people’s pattern of frugal consumption. 

This time, their strategy of focusing on niche markets proved effective. A European company identified only as “L”, in particular, showed a strong interest in Keumjeong Chemistry specializing in PP bands, an alternative to plaster bandages, for its price competitiveness, convenience in use and environmental friendliness. It is reported that the European company asked for an exclusive sales agentship in Europe. 

A Gyeonggi Province official said that the office would continue pushing ahead with a policy for diversification of export markets in 2005, encouraged by the successful results of similar efforts made in India, eastern/western Europe and Southeast Asia on five occasions in November and December this year instead of focusing on China, North America and Japan.