(Overseas Mission) Governor Kim’s Visit to India and Thailand Paves Way for ‘New Southern Market’ for Benefit of Businesses
Createdd 2023-07-09 Hit 333
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Gyeonggi Province Governor Dong Yeon Kim, who departed on a business trip to India and Thailand on July 1 to explore the Indo-ASEAN ‘New Southern Market,’ returned on July 8 after a 6-day mission that included inspecting the opening of the India International Exhibition and Convention Center (IICC), establishing the Gyeonggi Business Center (GBC) in Bengaluru, and supporting G-FAIR ASEAN+, which saw agreements on contracts worth USD 11 million.
Governor Kim also laid the groundwork for the future of Gyeonggi’s economic community by meeting with political and business leaders such as the Indian Minister of Electronics and IT, the Indian Minister of Commerce and Industry, the Thai Deputy Prime Minister, the Thai Minister of Tourism and Sports, and the Governor of Bangkok, as well as the heads of United Nations agencies, and local businesses.
Businesses Open Markets in “Ice Age of Exports”
First, the mission reviewed preparations for the October opening of the India International Convention Centre (IICC), which will see the participation of Korean small and medium-sized enterprises in various international trade shows of India and Southwest Asia, engaging in trade and investment attraction. The IICC, located in New Delhi, will be the fifth-largest exhibition center in Asia (and first outside of China) with a total floor space of 300,000 square meters. It is a key MICE (meetings, incentives, conferences, and exhibitions) project of the Indian government for which the Korea International Exhibition Center (KINTEX) has been awarded 20-year operation rights. It is expected that Korean companies will be able to grow globally through opportunities to participate in various international trade shows held at the IICC. Plans were also announced for the holding of large-scale exhibitions at the IICC in July next year.
Of particular note, Governor Kim mentioned at the site, “The G20 Summit will be held in September (before the opening), and I hope that President Yoon Seok-yeol will come here and encourage us.”
In October, a Gyeonggi Business Center (GBC) branch, a local office for the export marketing of small and medium-sized enterprises in Gyeonggi Province, will be established in the city of Bengaluru, which comprises a cluster of India’s future growth industries. Karnataka State, which seeks future collaboration with Korean companies, submitted its application for the attraction of the GBC branch to its capital city. Officials from Karnataka State, which is located in southern India, traveled all the way to New Delhi to meet with Governor Kim.
The 2023 G-Fair ASEAN+, which saw the largest number of participating companies in the history of the event, was held in Bangkok from July 6 to 7. Governor Kim was the first Governor of Gyeonggi Province to attend the event and provided support to the Thai Deputy Prime Minister by conducting ‘one-day sales.’
Through the online event (India, Vietnam, and Malaysia), 120 companies and 160 buyers were connected, resulting in 365 contract consultations (valued at USD 99.1 million, approximately KRW 129.1 billion). Of these, 221 (valued at USD 42.9 million, approximately KRW 55.9 billion) saw advancement. In the offline event (Thailand), 107 companies and 3,057 buyers were connected, resulting in 3,482 consultations (valued at USD 122 million, approximately KRW 158.9 billion). Of these, 1,398 (valued at USD 44.77 million, approximately KRW 58.2 billion) were advanced and 9 (valued at USD 10.92 million, approximately KRW 14.22 billion) were signed.
In total, 227 companies and 3,217 buyers were connected, resulting in 3,847 consultations (valued at USD 212 million, approximately KRW 287.9 billion). Of these, 1,619 contracts were advanced (valued at USD 88 million, approximately KRW 114.6 billion) and 9 contracts were signed (valued at USD 10.92 million, approximately KRW 14.22 billion).
In terms of major achievements, Company U, which specializes in producing convenient tteokbokki as well as other food and beverages, joined the G-Fair held in Thailand this year following its participation last year, and is receiving the Marketing Agency Service provided by GBC Bangkok for a second year. Through this, they found Company A, a Thai company specializing in the import of food and beverages, and signed an agreement (MOU) for USD 2 million over three years, starting samples worth USD 21,000 with the aim of maintaining a long-term trade and cooperative relationship.
Company G, which specializes in the manufacture of large-capacity tumblers, participated in this year’s G-Fair for the first time with the aim of entering the Thai market. During the exhibition, they had a consultation with the export general manager of Company F, which is part of a conglomerate that specializes in distributing household products in Thailand. As the market for related products is expected to grow due to the recent surge in demand for camping and related activities after COVID-19, the buyer participated in-depth discussions regarding the company’s full line of products to collaborate with a large department store in Thailand to open in May next year, an engagement that is expected to generate more than USD 200,000 in annual exports.
Cornerstone of Economic Community of the New Southern Countries; Seeking to Build Strategic Partnerships
During his overseas mission, Governor Kim met with ministers and other leaders from the political and business worlds on the occasion of the 50th anniversary of diplomatic relations between Korea and India and the 65th anniversary of diplomatic relations between Korea and Thailand, and also met with the heads of organizations under the United Nations (UN) to seek international cooperation on the climate crisis as a ‘climate governor.’
Among the dignitaries met during the visit were Ashwini Vaishnaw, India’s Minister of Electronics and IT, Piyush Goyal, India’s Minister of Commerce and Industry, and Jurin Laksanawisit, Thailand’s Deputy Prime Minister and Minister of Commerce, Phiphat Ratchakitprakarn, Minister of Tourism and Sports of Thailand, and Chadchart Sittipunt, the Governor of Bangkok, with a broad agenda of economic, tourism, and environmental issues.
In his meetings with the Indian Minister of Electronics and IT and the Governor of Bangkok, the participants agreed on the formation of working groups for mutual cooperation. This is expected to expand exchanges pertaining to the economy and environment, including semiconductors.
In addition, Governor Kim was busy meeting with Armida Salsiah Alisjahbana, Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP), Dechen Tsering, Executive Director of the United Nations Environment Programme (UNEP) Regional Office for Asia and the Pacific, Korean businesses in India and Thailand, Indian economic organizations and businesses, and representatives of the Thai tourism industry. He also served as a ‘problem solver’ by delivering requests (such as the conditional resumption of game company Crafton’s services) to the Indian Minister of Electronics and Information Technology and receiving positive responses.
Governor Kim said, “This is my second overseas mission, and Gyeonggi Province is getting bigger. While the previous visits to the U.S. and Japan attracted inbound investments to Gyeonggi, this trip supported the exports and overseas expansion of outbound companies… In India, we toured the IICC site, which represents the first overseas venture by the domestic exhibition industry, and in Thailand, an export contract valued at USD 10.9 million was signed at the G-Fair event.”
Governor Kim added, “I also worked to make Gyeonggi Province’s ‘global network’ bigger. I met with the Indian Minister of Electronics and IT, the Indian Minister of Commerce and Industry, the Thai Deputy Prime Minister, the Governor of Bangkok, the Thai Minister of Tourism and Sports, the Secretary-General of the UN ESCAP, the Head of the UNEP Asia-Pacific Office, local businessmen, and Korean companies with a presence in the region. I will continue to meet the world as a ‘global governor’… I will continue to make Gyeonggi Province, the heart of the Korean economy, even bigger.”
