Ten SMEs Participate... 106 Export Consultations Held in Uzbekistan and Kazakhstan
Yongin City in Gyeonggi Province announced on June 24 that the Small and Medium Enterprise (SME) Market Development Group dispatched to the Commonwealth of Independent States (CIS) region achieved export consultation results worth $5.78 million (approximately 8 billion KRW) on site.
Officials from companies participating in the CIS Small and Medium Enterprise Overseas Market Development Group of Yongin City pledge successful entry into overseas markets at an export consultation held in Tashkent, Uzbekistan. Provided by Yongin City
The CIS is a region consisting of ten Eastern European countries that became independent following the dissolution of the former Soviet Union in 1991. The market development group held export consultations in Tashkent, Uzbekistan on June 17 and in Almaty, Kazakhstan on June 19.
The market development group included ten local SMEs and officials from the Gyeonggi Business and Science Accelerator, the implementing agency. The participating companies were: Daeryuk (circuit breakers), Ecoplants (agricultural storage management products), True Corporation (snacks), Chamshin Holdings (veterinary pharmaceuticals), FDFive (organic fertilizers), Doobi Computing (micro data centers), Answerlogy (cosmetics), Sowon Company (alcoholic beverages), Sunny Distribution (cosmetics), and Gominhaneunsaramdeul (tteokbokki).
In Uzbekistan, the group conducted 65 export consultations totaling $2.4 million. In Kazakhstan, they achieved 41 export consultations totaling $3.38 million. Among the participating companies, FDFive, an organic fertilizer manufacturer, signed a memorandum of understanding (MOU) worth $54,000 in Kazakhstan.
The city supported the participating companies by covering 50% of airfare, as well as providing interpretation and translation services, buyer recruitment, market research, and rental of vehicles and consultation venues. In the second half of the year, the city plans to dispatch a market development group to Australia.
An official from the city stated, "This is the first time this year that a CIS market development group has been dispatched, and it has proven the potential for export diversification and entry into emerging markets for SMEs." The official added, "It has provided new opportunities for local companies and served as a catalyst for strengthening their overseas expansion capabilities."
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