KOTRA and Korea International Trade Association Facilitate Orders for Korean Shipbuilding Equipment from Overseas Buyers Including Pakistan

Operation of Consultation Booth at International Maritime Defense Industry Exhibition (MADEX)
Connecting Korean Companies with Buyers Including Pakistan State-Owned Shipping Company

KOTRA announced on the 9th that it held the '2023 International Maritime Defense Industry Exhibition (MADEX)' shipbuilding and maritime defense export consultation meeting at BEXCO in Busan on the 7th and 8th, together with the Korea International Trade Association.

The two organizations invited overseas buyers from Singapore, Taiwan, Pakistan, Iraq, and other countries. In particular, Pakistan's state-owned shipping company PNSC is expected to order two Aframax-class 105,000 DWT (deadweight tonnage) oil tankers. KOTRA stated that PNSC hopes to place orders with Korean shipyards. Other buyers also announced plans to expand their purchases of Korean shipbuilding equipment.

Yoo Jung-yeol, President of KOTRA. [Photo by KOTRA]

The consultation meeting held at the special export consultation hall in the MADEX exhibition hall was attended by 10 overseas buyers and 40 domestic companies. Korean companies showcased ship ballast water systems, navigation communication equipment, desulfurization facilities, and other shipbuilding materials and advanced systems. KOTRA's Materials, Parts, and Equipment Team, Defense Materials Trade Support Center, and Busan Support Group provided support for parts and materials and warship exports. KOTRA stated that it plans to provide follow-up support such as pinpoint consultation meetings and trade delegations.

Through the consultation meeting, KOTRA announced that four main export contracts, including shipbuilding equipment, and multiple memorandums of understanding (MOUs) were signed. A sales representative from domestic company A said, "With KOTRA's support, we signed an MOU for shipbuilding cranes."

Yoo Jung-yeol, President of KOTRA, said, "Since the shipbuilding industry is a national key industry with significant forward and backward ripple effects, we must continuously support small and medium-sized shipbuilders," adding, "We will actively support overseas expansion not only in shipbuilding equipment exports but also in new growth areas such as maritime unmanned systems."