"Billions of Won in MOUs Widely Promoted"
...Lack of Follow-Up Support Pointed Out
Kim Hyosook, a Sejong City council member, pointed out during the administrative audit of the Economic and Industrial Bureau held on the 10th that the overseas market expansion of local companies should be practically realized. Photo by Public Relations Planning Team
Kim Hyosook, a Sejong City council member, criticized the signing of superficial MOUs during the administrative audit of the Economic and Industrial Bureau, which is under the jurisdiction of the Industrial Construction Committee, on the 10th.
Kim pointed out, "The city holds overseas market development events for small and medium-sized enterprises every year and widely promotes the signing of MOUs worth billions of won, but it does not properly verify whether actual contracts are concluded, so these efforts remain largely for show."
According to the results of the Vietnam Business Matching Day from 2022 to 2025, which Kim received from the Economic and Industrial Bureau, in Sejong City, three companies including SJ Power signed MOUs totaling 49.02 million dollars (66 billion won) in 2022; in 2023, four companies including Maclean Cosmetic signed MOUs worth 41.92 million dollars (56 billion won); in 2024, four companies including Miso Young signed MOUs worth 4.33 million dollars (5.8 billion won); and in 2025, four companies including Doa Cooperative signed MOUs worth 5.63 million dollars (7.6 billion won).
Kim pointed out that although MOUs worth tens of billions to hundreds of billions of won are signed each year and are widely promoted through press releases and other means, there is insufficient follow-up to verify whether each company actually proceeds to export, and support such as export consulting is not being properly provided.
Kim explained, "The signing of an MOU is, in essence, only a preliminary agreement, and it can only be considered a real achievement when the products of the companies that signed MOUs are actually loaded onto export containers. Because the participating small and medium-sized enterprises are relatively small, they may face various obstacles after signing an MOU. If the city, as the organizer, does not provide follow-up management, it is highly likely that these agreements will not lead to actual exports."
She added, "It is essential to take on the challenge of actively pioneering overseas markets to overcome the limitations of the small domestic market, and it is important for the city to take full responsibility so that small but strong companies can secure a wider market. I ask that the relevant departments fulfill their roles so that continuous follow-up monitoring is conducted for every company that signs an MOU."
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