Anseong City's Eastern Europe Market Development Team Achieves $9 Million in Export Consultations

7 Local SMEs Achieve 77 Export Consultations
in Bulgaria and Hungary

Anseong City in Gyeonggi Province announced on June 20 that its recently dispatched Eastern Europe market development team achieved 77 export consultations totaling $9 million (approximately 12.3 billion KRW) during their visit.

Officials from companies participating in the Anseong City Eastern Europe Market Development Team are pledging successful market development at the export consultation held in Sofia, Bulgaria. Provided by Anseong City

The market development team, which was sent for seven days from May 26 to June 1 in cooperation with the Southern Regional Center of the Gyeonggi-do Economic Science Promotion Agency, held export consultations with local buyers in Budapest, Hungary, and Sofia, Bulgaria.

The team included a total of seven local small and medium-sized enterprises (SMEs) that were selected through a preliminary marketability assessment: KGE Co., Ltd., Notban Anseong Bangjayuji Co., Ltd., Picostech Co., Ltd., Nongnori Agricultural Corporation, Jinsan Co., Ltd., Dongbang Co., Ltd., and Heemang Green Food Co., Ltd. The team explored opportunities for local market entry in cosmetics, fertilizers, red ginseng and health foods, and veterinary pharmaceuticals.

The city provided participating companies with support for local market research, buyer recruitment, one-on-one consultation arrangements, and interpretation costs. In particular, the city explained that, in order to maximize the effectiveness of the consultations, it completed pre-matching with verified buyers by utilizing local networks and buyer information.

Among the participating companies, KGE, a manufacturer of red ginseng and health functional foods, signed an export contract worth $700,000 in Budapest and achieved a memorandum of understanding (MOU) valued at $300,000 in Sofia. Picostech, a cosmetics manufacturer, signed an MOU worth $1 million in Sofia.

Jung Kwangyong, Head of the Equal Opportunity Division at the Gyeonggi-do Economic Science Promotion Agency, stated, "We will continue to actively support local SMEs that are facing difficulties in entering overseas markets."

The city and the Promotion Agency plan to continue export marketing support projects for local SMEs that are struggling to enter overseas markets, in order to strengthen their export competitiveness.