Chungnam Province Launches Efforts to Expand Export Routes to Central Asia

Chungnam Province is rolling up its sleeves to expand exports to the Central Asia region.

On the 11th, Chungnam Province announced that it will recruit companies to participate in an overseas market development team to be dispatched to Kazakhstan from May 1 to 3.

The overseas market development team will consist of 15 small and venture companies based in Chungnam and will hold export consultations and buyer meetings in Almaty, the economic city of Kazakhstan.

Eligible companies are small and venture businesses with headquarters or factories located in the province, and there are no restrictions on the types of products participating. However, companies that are closed or suspended, large corporations, subsidiaries of large corporations, and companies with unpaid national or local taxes are excluded from recruitment.

Chungnam Province also plans to provide follow-up support for market entry, such as entering local stores and online shopping malls. Companies wishing to participate in the overseas market development team must submit an application through the Chungnam online export support system by the 22nd of this month.

Chungnam Province plans to select target companies by evaluating the local marketability, possession of patents and international certifications, willingness to develop export markets, and export readiness of the applicant companies.

Kazakhstan, located at the center of the Eurasian continent as a trade transit point, has recently attracted attention as an economic hub in Central Asia due to a surge in cargo volume. The thick middle class and the fact that more than half of the population is under 30 years old, indicating high growth potential, are also reasons why Chungnam Province is focusing on Kazakhstan.

Above all, Kazakhstan recorded a per capita purchasing power parity (PPP) index of over $30,000 in 2022, which is 2.3 times higher than neighboring Mongolia, and foreign direct investment continues to increase steadily. The economic growth rate this year is expected to be at least 5.3%.

In 2022, South Korea's exports to Kazakhstan amounted to $1,655,098,000, and imports were $4,869,471,000. In the same year, Chungnam exported $46,785,000 to Kazakhstan and imported $362,578,000.

In Kazakhstan, a friendly atmosphere toward Korea has been formed due to the influence of Korean students and migrant workers, and satisfaction with Korean products is also understood to be high.

A Chungnam Province official said, "As the Korean Wave is spreading in the Central Asia region, participation in the overseas market development team will be a great opportunity to expand the path for K-products. We will do our best to match local companies and buyer companies by utilizing the network and know-how of Chungnam's local export specialized institutions to achieve actual export results."