Hwaseong Market Development Team Achieves $18 Million in Export Consultations in the Middle East

Dispatch of 10 Local SMEs...
Five MOUs Signed

Hwaseong City in Gyeonggi Province announced on May 20 that its recently dispatched "Middle East Market Development Team" achieved 170 export consultations on-site, totaling 18 million dollars (approximately 25.0794 billion won).

Hwaseong City’s market development team dispatched to the Middle East this year achieved consultation results worth 18 million dollars. Heo Wook, CEO of Hansung Hanaron, who participated in the market development team (second from the right), is signing a memorandum of understanding (MOU) with a local buyer at the export consultation meeting in Riyadh, Saudi Arabia. Provided by Hwaseong City

Supported by the city and the Hwaseong City Export Business Support Center, the market development team was dispatched from May 11 to 17, with 10 local companies participating. The team held export consultation meetings in Riyadh, Saudi Arabia, and Dubai, United Arab Emirates (UAE).

The city has been dispatching market development teams to the Middle East for four consecutive years since 2022. Saudi Arabia, where this year's team was sent, is a region with strong interest in building renewable energy infrastructure and in Korean machinery and equipment. The UAE has seen a steady increase in trade volume with Korea following the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

In particular, Hansung Hanaron Co., Ltd., which participated in the market development team, achieved the result of signing four memorandums of understanding (MOUs) with local buyers. The company handles production facilities for foam insulation materials, among other products. Heo Wook, CEO of Hansung Hanaron, said, "Through participation in this market development team, we have seen tangible possibilities for exports to the Middle East," and added, "By meeting buyers in person and holding active meetings on-site, we expect to expand our sales channels."

Kim Kiyong, Director of Corporate Investment at Hwaseong City, stated, "Through the dispatch of this market development team, we have confirmed the potential for our companies to expand globally." He continued, "We will continue to provide a variety of customized support so that companies wishing to enter overseas markets can achieve tangible results." He added, "In addition to supporting market development teams, we will promote various export support projects such as participation in overseas exhibitions and domestic export consultation meetings to strengthen the export competitiveness of local small and medium-sized enterprises."