Gwangju City Pioneers Export Markets in Kazakhstan and Mongolia

10 Local SMEs Target Medical Devices, Beauty, and Food Sectors
109 Consultations Worth $9.77 Million, 2 Contracts Worth $1.52 Million

Gwangju 'CIS Overseas Market Development Team' is holding an export consultation meeting in Almaty, Kazakhstan. Photo by Gwangju City

Gwangju City is achieving results by pioneering overseas markets to expand the export base and diversify markets for local small and medium-sized enterprises (SMEs) amid the rapidly changing global trade environment.

Gwangju City announced on the 14th that the 'CIS Overseas Market Development Delegation' recently (March 31~April 5) held export consultation meetings in Almaty, Kazakhstan and Ulaanbaatar, Mongolia, resulting in 109 export consultations worth $9.77 million, 11 memorandums of understanding (MOUs) worth $1.4 million, and 2 export contracts worth $1.52 million.

This export consultation event was organized to strengthen the export competitiveness of local companies and support the discovery of alternative markets in response to the rapidly changing global trade environment, such as high exchange rates and the intensification of protectionism. It was co-hosted by three metropolitan governments: Gwangju City, North Gyeongsang Province, and Jeju Province, and received a great response from local buyers.

The city, together with the Korea Trade-Investment Promotion Agency (KOTRA) and 10 local SMEs, formed the 'CIS Overseas Market Development Delegation' to explore export channels for local SMEs and establish networks for entering the CIS market.

The delegation included 10 local SMEs in the general consumer goods sector: Geoseong Techwin Co., Ltd., Nanum Tech Co., Ltd., Novo International Co., Ltd., Noah Cosmetic Co., Ltd., Raffine J Co., Ltd., Search Co., Ltd., Softwells Co., Ltd., One Solution Co., Ltd., Organic Maru Agricultural Corporation, and Korea Tea Co., Ltd.

At the export consultation meeting held in Ulaanbaatar, Mongolia, Nanum Tech Co., Ltd., a manufacturer of automated external defibrillators, signed an export contract worth $1.42 million, while Raffine J Co., Ltd., a cosmetics manufacturer, signed an export contract worth $100,000.

In particular, Softwells Co., Ltd., a manufacturer of LED beauty devices, achieved the highest performance at this event by leading export consultations worth $510,000 in Kazakhstan and $2 million in Mongolia. One Solution Co., Ltd., a manufacturer of diagnostic X-ray equipment, also achieved export consultation results of $140,000 in Kazakhstan and $1.25 million in Mongolia.

The city plans to strengthen systematic follow-up management by providing support for overseas logistics costs, overseas branch establishment, and trade insurance premiums to ensure that the results of this export consultation and MOUs lead to actual exports.

The 'CIS Overseas Market Development Delegation' visited the logistics warehouse of a CIS-specialized logistics company in Almaty, Kazakhstan, and a leading food manufacturer in Kazakhstan to understand the local logistics and distribution situation and market trends, aiming to enhance local market understanding and establish a practical foundation for entry.

Joo Jaehee, Director of the Economic and Startup Bureau, said, "In a situation where global trade uncertainty is increasing, this export consultation event has provided new opportunities for local companies and served as a catalyst for strengthening their overseas expansion capabilities," adding, "We will continue to provide effective support for local export companies to enter the global market."