Icheon City Achieves $1.06 Million in Contract Negotiations Through LA Market Development Team

Eight Local SMEs Participate
26 Consultations Held, $1.84 Million in Deals

Icheon City, Gyeonggi Province, announced on September 24 that its Overseas Market Development Team, which was dispatched to Los Angeles, USA from the 15th to the 20th, achieved results including export consultations worth 1.84 million dollars (approximately 2.56 billion won) and contract negotiations totaling 1.061 million dollars.

From the 15th to the 20th, company representatives participating in the Icheon City Overseas Market Development Team dispatched to Los Angeles, USA, are pledging successful export consultations on site. Provided by Icheon City

This overseas market development initiative, conducted in cooperation with the Gyeonggi Business Center to expand overseas sales channels and boost exports for small and medium-sized enterprises, included eight local SMEs selected through a public application process. The city provided support to participating companies by helping them identify overseas buyers, arranging on-site consultations, and offering interpretation services as well as partial airfare assistance.

The market development team explained that they achieved unprecedented results, as all 26 consultations held locally led to contract negotiations.

In addition to the consultation meetings, the city also arranged visits to local distribution companies, expert lectures, and training on legal and customs issues to help participating companies develop practical market entry strategies.

Kim Gyeonghee, Mayor of Icheon City, stated, "Despite uncertain economic conditions, this overseas market development initiative enabled local companies to seek new opportunities," adding, "Next year, we will launch a new overseas certification project and further expand programs such as overseas market development teams, international exhibitions, and export logistics support to enhance the competitiveness of local SMEs."

Meanwhile, in June, the city dispatched a market development team to Southeast Asia, including Indonesia and Vietnam, resulting in 12 memorandums of understanding (MOUs) and contract negotiations totaling 5.287 million dollars.