“Pioneering New Northern and Solid Markets!” … Gyeongbuk Province, Led by Governor Lee Cheol-woo, Trade and Exchange Delegation Visits Northern and CIS Regions

Ulaanbaatar City, Tashkent Province, and Others Open New Exchange Platforms

Expanding Entry into 'Mongolia and Tantan Countries' as Alternatives to the New Northern Market and Russia

Daegu-Gyeongbuk Machinery Cooperative Uzbekistan Marketing Center Opening Ceremony.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Gui-yeol] The trade and exchange delegation to the Northern and CIS regions, led by Governor Lee Cheol-woo, opened a new path by targeting the markets of Kazakhstan, Uzbekistan, and Mongolia, the largest markets among the northern countries, during a 5-night, 7-day visit starting from the 7th.

Through this visit, they reported that they enhanced exchange and cooperation by establishing trade infrastructure through discovering new buyers by country, networking with local global companies, and opening a local office for the Daegu-Gyeongbuk Machinery Cooperative.

During this business trip to Mongolia, they achieved results in expanding exchanges through visits to sister and friendly cities such as Ulaanbaatar and Tashkent province, signing agreements to promote exchanges, and holding meetings with the Mongolian Deputy Prime Minister, Minister of Energy, Minister of Construction and Urban Development, members of parliament, and Deputy Minister of Innovation and Development.

In Uzbekistan, they also achieved trade and exchange expansion results by meeting with various figures including the Minister of Foreign Investment and Trade (Deputy Prime Minister), members of the Senate and National Assembly, Deputy Minister of Innovation and Development, governors (Tashkent, Samarkand), and the head of the Textile Association.

During the visit, 40 local small and medium-sized enterprises from the cosmetics, textile machinery, daily necessities, and solar energy sectors were dispatched to four countries?Uzbekistan (Tashkent), Kazakhstan (Almaty), Azerbaijan (Baku), and Mongolia (Ulaanbaatar)?which are key countries in the new northern market, resulting in on-site contracts worth $2.8 million and total export consultations and contract achievements amounting to $59 million.

Korea-Mongolia Association Medical Supplies Delivery Ceremony (Inside Export Consultation Hall).

They also visited sister and friendly cities such as Tashkent province and Ulaanbaatar city, reviewed various exchange achievements made so far through meetings with governors and mayors, and exchanged agreements and opinions on the direction of promoting more advanced exchange projects in the future.

Governor Lee Cheol-woo met with the chairman of Uztex Group, Uzbekistan’s top textile company, to discuss cooperation plans that could create a win-win situation with Gyeongbuk Province and discussed various measures to implement these plans.

Governor Lee also said, “Through meetings with deputy prime ministers and ministers of economic and trade-related departments, it became an opportunity to exchange information on market trends, the importance of the northern market, and entry into the local market,” adding, “I hope this will serve as a foundation for mutual development through mutual exchanges between local companies and local businesspeople.”

The delegation, consisting of about 20 people including businesspeople participating in this market development group, medical personnel, and members of the Korea-Mongolia Association, an affiliate of the Daegu-Gyeongbuk International Exchange Council, formed a volunteer group and on the 9th established sisterhood ties with elementary, middle, and high schools located near Ulaanbaatar city, delivering scholarships, school supplies, and computers.

Additionally, Gimcheon Medical Center, together with Gyeongbuk Province and the Korea-Mongolia Association, played the role of private diplomats to expand exchanges by delivering 60 Korean-made blood pressure monitors to the Mongolian National Medical Center.

Subsequently, during the visit to Uzbekistan, meetings were held with the Deputy Prime Minister (Minister of Foreign Investment and Trade), the Senior Deputy Chairman of the Senate, and the Deputy Minister of Innovation and Development to discuss various exchange promotions such as strengthening mutual technical cooperation and technical personnel exchanges between Gyeongbuk Province, Gyeongbuk Technopark, and excellent technology companies.

Governor Lee Cheol-woo said during meetings with the governors of Tashkent and Samarkand provinces, “The reason why South Korea, once one of the poorest countries, was able to grow into one of the world’s top 10 economies was due to the Saemaul Undong (New Village Movement) and the will and effort toward new changes.”

“Now, we will seek ways to share and exchange the experience and technology of the Saemaul Undong with the sisterhood regions of Gyeongbuk and actively support meaningful exchanges in the solar energy business and agricultural sectors,” he promised.

Wrapping up the schedule, Governor Lee said, “We provided an opportunity to open alternative markets to Russia for local companies struggling with exports due to the global economic downturn caused by the Russia-Ukraine war, high oil prices, and high exchange rates,” adding, “We plan to support the expansion of economic cooperation and exchanges with the northern region and actively support local small and medium-sized enterprises in pioneering local markets.”