Gyeonggi Province Begins Exporting to Korean Wave Hub Markets of Thailand and Myanmar
Createdd 2018-12-17 Hit 109
A Gyeonggi provincial trade mission has obtained export opportunities in Thailand and Myanmar, hubs of the Korean Wave in the ASEAN region.
Gyeonggi Province announced that it had dispatched the (4th) FTA Utilization ASEAN Trade Mission to Bangkok in Thailand and Yangon in Myanmar for six days from December 3 to 8 to support small and medium-sized enterprises based in the province with their advancement into the ASEAN region.
During the visit, the trade mission members, representatives of 13 SMEs in Gyeonggi Province, held export consultation meetings for 196 contracts worth USD 18.99 million and agreed to promote export contracts worth USD 9.1 million with local buyers.
To facilitate successful consultations, Gyeonggi Province had contacted local buyers and arranged meetings in advance, providing assistance with briefings, transportation, and interpretation for the meetings.
As a result, in Bangkok, Thailand, export consultations were held for 76 contracts worth USD 8.38 million, and the promotion of 56 contracts valued at USD 3.68 million was pledged. In Yangon, Myanmar, export consultation meetings for 120 contracts worth USD 10.61 million took place and contracts valued at USD 5.42 million were promoted.
Samwon Korea, a manufacturer based in Gwangju City, signed an annual supply contract worth more than USD 100,000 with T company in Bangkok and received an order worth USD 12,000 on the spot.
Specter Korea Co., Ltd., a manufacturer of thermal transfer paper in Yongin City, attracted local buyers by introducing specialized products that its Chinese rivals have not yet developed. It is expecting to secure export contracts worth more than USD 50,000 annually in close partnership with F company and L company.
HnB, a specialist in sheet mask production in Gwangju City, promoted its price competitiveness and invited buyers to compete for an exclusive contract. In Yangon, there was fierce competition among buyers to purchase its product samples, and the conclusion of contracts worth at least USD 200,000 is expected in Myanmar.
Power Bridge, a manufacturer of small energy storage devices in Gunpo City, discussed partnership agreements with E and P companies in Bangkok for annual transactions valued at USD 100,000 each and began discussing the conclusion of a USD 300,000 contract with A company in Myanmar based on Power Bridge’s solution for the country’s power grid issues.
“I wanted to meet partners who will import our parts and then assemble, process, and export them. We found a large number of local buyers who can meet our needs thanks to the active support of the Gyeonggi FTA Business Center and KOTRA,” said Cho Yong-ho, CEO of Power Bridge.
A Gyeonggi provincial official said, “The achievements of the FTA Utilization ASEAN Trade Mission are quite meaningful considering unfavorable conditions such as the US-China trade dispute and Brexit. We will continue to help local companies enter overseas markets, especially the markets of ASEAN countries such as Thailand and Myanmar with growing purchasing power.”