Gyeonggi SMEs Target Two Important ASEAN Markets: Thailand and Myanmar

Createdd 2019-07-03 Hit 81

Contents

○ Gyeonggi Province FTA-based ASEAN Market Delegation makes 6-day visit to Thailand and Myanmar from June 24
○ 137 contracts worth USD 7.99 million promoted by 10 participating companies

The Gyeonggi Province FTA-based ASEAN Market Delegation that departed for Thailand and Myanmar on June 24 to foster local market leadership returned to Korea on June 29 after promoting 137 contracts worth USD 7.99 million.

The delegation consisted of representatives of 10 Gyeonggi-based companies seeking to advance into the markets of Thailand and Myanmar. Gyeonggi Province supported them by providing prior matching, local buyer pairing, meeting venues, and interpretation services.

The delegation visited Bangkok in Thailand and Yangon in Myanmar during its 6-day mission, holding export conferences in both cities. It succeeded in promoting 51 contracts worth USD 5.39 million in Bangkok and 86 contracts worth USD 2.6 million in Yangon.

The hydrogen water generators and water purifiers of Weltech Korea, a company that seeks to expand exports to Southeast Asian markets, garnered enthusiastic reactions from local buyers for their superior performance and marketability. During the conference, the company met with a buyer who had previously dealt with the company three years ago and who forged a new business agreement for annual exports worth USD 1 million.

Queen Art, a kitchenware company, attracted considerable interest from Thai and Myanmar buyers through the Korean Wave that has influenced Southeast Asia. Queen Art met with a company importing Chinese products for distribution via Thai TV home shopping companies and online stores, and exchanged opinions regarding specific product lines. They agreed to discuss contracts after conducting sample tests.

“Gyeonggi Province’s market-leading support program is very helpful for small and medium-sized enterprises that lack human resources and the information needed to advance into overseas markets. The province made an active effort to match each of the companies with suitable buyers, and this helped many of us obtain good results,” said Han Chan-jae, CEO of Jinsung Energy Tech and member of the delegation.

“With the ever increasing number of obstacles to trade such as US-China trade disputes, the delegation’s visit to ASEAN markets was very meaningful for exporting companies based in Gyeonggi Province that need to diversify export channels. Gyeonggi Province will actively support SMEs in the region so that they can reach ASEAN markets where purchasing power is increasing every day,” said Gyeonggi Province Assistant Governor for Economy Oh Who-seok.

The Association of Southeast Asian Nations (ASEAN) is an intergovernmental cooperation organization launched in August 1967 with five member countries: the Philippines, Malaysia, Singapore, Indonesia, and Thailand. With the addition of Vietnam, Brunei, Laos, Myanmar, and Cambodia, ASEAN now has a total of 10 member countries. The ASEAN Economic Community (AEC), a single shared market with a population of 630 million, was launched in December 2015, and expanded investment in infrastructure such as roads, railways, ports, and urban transportation in the ASEAN region is expected to lead to increased business opportunities for Korean companies. Gyeonggi Province has dispatched delegations to ASEAN countries such as Indonesia, Singapore, Vietnam, Myanmar, Laos, and Thailand, and strengthened relationships through exchanges and cooperation with these nations in order to secure footholds in ASEAN markets.