Through its trade promotion delegation, Gyeonggi Province succeeded in securing contracts worth a total value of USD 6.6 million while realizing the potential of emerging markets in Central and South America.

Gyeonggi Province stated on October 17 that, from October 7 to 14, the 2018 Gyeonggi Province Central and South America Trade Promotion Delegation visited Lima, Peru, and Mexico City, Mexico. By conducting export consultation meetings in collaboration with KOTRA in those locations, the delegation was able to achieve significant results.

Nine small- and medium-sized enterprises from the province participated in this year’s delegation, capturing the interest of local buyers through the introduction of a variety of items including contact lenses, imitation marble, animal medication, packaging bands, security equipment and more.

In order to support the smooth execution of export consultations, Gyeonggi Province provided numerous services such as one-on-one buyer consultation arrangements, local market research, one-to-one interpretation support, consultant payment support and more.

As a result, a total of 91 consultations were conducted, resulting in USD 6.6 million worth of signed contracts. In Peru, a total of 36 consultations resulted in USD 2.7 million in contracts being signed, while a total of 55 consultations took place in Mexico, resulting in USD 3.9 million in contracts.

Representatives of participating enterprises said, “Although we have been interested in Central and South America for a while, it was difficult to pursue our interests due to the geographical distance.” They also added that, through the Gyeonggi trade promotion delegation, they were able to gain a better understanding of local markets, which will contribute significantly to their future export strategy planning.

Of particular note, it is expected that growing interest and demand for Korean beauty products in these regions will lead to substantial growth in exports because of continuing calls from buyers who are interested in importing such products.

A Gyeonggi Province official stated, “Gyeonggi Province will continually support the advancement of small and medium-sized enterprises of the province into global markets.” The official also expressed that, through such export consultations that can lead to active relationship-building with local buyers, they anticipate an increased expansion of export channels into emerging Central and South American markets.