87.9% of Mid-sized Companies Say This Year's Economic Delegation Achieved High Performance

Junggyeonryeon, Performance Survey of Mid-sized Companies Participating in the 2023 Economic Delegation

This year, 87.9% of medium-sized enterprises that accompanied the presidential state visits to eight countries, including the United States, highly evaluated the economic achievements of the economic delegation. The Korea Federation of Medium-sized Enterprises announced this on the 27th through the results of the '2023 Economic Delegation Participation Performance Survey for Medium-sized Enterprises.' Responses regarding the economic achievements of the state visit economic delegation were 'very high' at 39.6%, 'high' at 48.3%, and 'average' at 12.1%. No medium-sized enterprises responded with 'low.'

The countries where economic achievements were rated as 'very high' were Vietnam (50.0%), Saudi Arabia and Qatar (42.9%), and the United States (35.8%) in that order. Medium-sized enterprises participated in seven occasions of state visit economic delegations to eight countries this year, starting with the United Arab Emirates in January, followed by the United States, Vietnam, Poland, Saudi Arabia and Qatar, the United Kingdom, and the Netherlands. This accounts for about 16% of all economic delegations.

Among the surveyed medium-sized enterprises, the largest number, 25 companies, visited Vietnam, followed by 23 companies to Saudi Arabia and Qatar, and 20 companies to the United States. Approximately 37% of the medium-sized enterprises visited two or more countries.

Medium-sized businesspeople reported that through the economic delegation, they signed MOUs for technology exchange (21.0%) and succeeded in pioneering new markets through securing new contracts (6.2%). 'Signing MOUs for technology exchange with local companies' was most active in the Middle East (38.1%), and 'securing new contracts and buyers to pioneer markets' was most active in the United Arab Emirates (14.3%). Additionally, they responded that they achieved high results in exchanges and information aspects for future local entry and business expansion, such as 'building new networks with local governments and companies (33.3%)' and 'enhancing understanding of the local market environment (29.6%).'

Medium-sized businesspeople answered that the 'Business Forum (50.0%),' where the entire economic delegation participates to explore comprehensive economic cooperation measures between countries, was the most satisfying program. Besides this, the 'Business Round Table (26.7%),' a venue for exchanges and cooperation by industry and organization, and the 'MOU Signing Ceremony (16.7%)' ranked high in satisfaction.

The countries they hope to visit in the future were the United States (18.5%) and the Middle East (18.5%) as the top priorities, followed by India (12.0%), Europe including Germany and Ukraine (10.9%), Indonesia (8.7%), and Vietnam (7.6%).

Lee Hojun, the full-time vice chairman of the Korea Federation of Medium-sized Enterprises, said, "To ensure that the high overseas demand in fields where many medium-sized enterprises are concentrated?such as automobiles, bio, construction, IT, and defense?leads not to one-time exchanges but to substantial results, we will closely communicate with the government and the National Assembly to continuously expand medium-sized enterprises' participation in economic delegations, improve laws and systems for smooth business promotion, and prepare support measures."