– Export consultations for products worth USD 350 million, domestic sales consultation for USD 12.2 Million of items and 30,000 visitors

At the G-FAIR 2007 Competitive Product Exhibition hosted by Gyeonggi Province, export contracts were signed for USD 102 million in products, and trade consultations were held for products valued at 350 million dollars.
A Gyeonggi Province official said, “This year’s fair set a new record, with the participation of nearly 2,000 businesses, including 250 exhibition companies, and approximately 30,000 visitors from home and abroad, including 250 foreign buyers and 4,000 overseas visitors.”
In addition, he estimated that the G-FAIR 2007 Competitive Product Exhibition had been a great success as a venue for small and medium-sized companies and venture capital start-ups to make efforts in the area of marketing and investment attraction, stating that the 2007 fair had laid a new foundation for G-FAIR as an internationally competitive fair, demonstrating its potential turnoff becoming a global brand.
During this year’s event, export consultations took place for products worth a whopping USD 352 million, which is nine times greater than the previous year’s level of USD 37 million in products. The event helped domestic small and medium-sized companies and venture capital start-ups to develop their markets and attract investment. Another aspect of the fair that was well-received by visitors was the various events held on the sidelines of the fair, including trade consultations joined by 250 foreign buyers from 14 different countries, information sessions on online sales channel development for the Japanese market that were attended by 70 Korean companies, and several seminars on overseas market development strategies.
The newly introduced diamond-shaped boot layout of the fair enabled visitors to look around the venue more easily. Innovative new products with advanced technologies resulted in trade consultations for 5,920 items valued at about USD 9 million (KRW 8.5 billion).
Beyond the product exhibition, there were also trade consultation sessions held for small to large-sized companies, which involved 11 home shopping businesses and 34 procurement personnel from large corporations. The aim of these sessions was to accelerate the market development and investment attraction of venture capital start-up companies. At the sessions, 175 sales consultations were made for product purchases worth USD 3.2 million, which laid the foundation for the participating companies to develop domestic channels.
A case in point was Delcos (Representative: Lee Ju-eok) based in Suwon, Gyeonggi Province, which manufactures intelligent gas leak detectors. The company signed an initial sales contract with Vimal Fire Controls in Mumbai, India for products valued at approximately USD 200,000. Moving forward, Delcos will also be forging an exclusive sales agency agreement on October 8th to sell USD 10 million (KRW 9.5 billion) worth of products every year.
Furthermore, World Screen Golf (Representative: Jang Ho-jung), a screen golf equipment manufacturer based in Whasung, Gyeonggi Province, reached an agreement to install nearly USD 4 million worth of screen golf equipment at hotels in Dubai, after holding trade consultations with Roshan Zaneer, a buyer from the Middle East.
Shinheung Medical (Representative: Park Myung-chil), a company that produces folding saunas and electric mats based in Gwangmyeong-si, Gyeonggi Province, entered into an export agreement for USD 1.2 million worth of products with a Russian buyer, Nuga Best Center.
Analysts believe that it was the variety of products on display, ranging from the high-tech products made by venture capital start-ups and small-and-medium sized businesses, to numerous other competitive products such as electronic items, health-enhancing products and items used for daily living, that was the driving factor behind the success of this year’s exhibition, assisting the efforts of the participating businesses to develop markets and attract investment.
“To develop the G-FAIR 2007 Competitive Product Exhibition into a world-class exhibition, we need to enlist cooperation in many areas, such as technology exchange and information sharing between companies at home and abroad, as well as investment attraction and sales channel development. We have already begun the planning of next year’s event, which is to be held around October 22nd of 2008.” said an official of Gyeonggi Province.