"From a Bag of Sugar to 4 Trillion Won in Annual Sales... We Can Do It Too"

The 7th Small Business Growth Relay Meeting
Joining Forces to Foster Glocal Companies

"Gamtai was originally a 'troublesome' ingredient that used to be discarded. Now, it is being exported to world-renowned Michelin restaurants."

Song Juhyun, CEO of Girin Company, who produces food products using gamtai sourced from the pristine region of Seosan, Chungcheongnam-do, is currently exporting gamtai to 16 countries, including the United States, Canada, and Hong Kong. This is because gamtai is now used as a premium ingredient at world-class Michelin restaurants such as Gordon Ramsay Restaurant in London. In order to promote the unique aroma and flavor of gamtai, CEO Song personally attended overseas exhibitions and proposed collaboration to renowned chefs.

He said, "I feel proud when I hear that young people who had left Seosan are returning, as the unique aroma and flavor of Seosan gamtai are now recognized worldwide."

Gamtai Kim. The Asia Business Daily DB

The government is proposing the fostering of 'glocal companies' (global + local) as a new growth engine for the domestic economy and a way to revitalize local communities, and is exploring support measures. The plan is to target the global market with products that highlight the unique characteristics of each region, going beyond the domestic market.

On January 8, the Ministry of SMEs and Startups held a "Small Business Owners Meeting for Fostering Glocal Companies" at the Seoul Creative Economy Innovation Center in Yongsan-gu, Seoul. The event was attended by Lee Byungkwon, Second Vice Minister, as well as export-oriented small business owners such as Yang Kyungjoon, CEO of Crepton; Song Juhyun, CEO of Girin Company; Oh Semin, CEO of 1950; and Ha Jungyun, CEO of Factory Normal.

Yang Kyungjoon, CEO of Crepton, known as Korea's first AC (Accelerator), pointed out that competitive companies that started in local neighborhoods could serve as a solution to the problem of regional decline. He emphasized, "The global Danish company Lego started in a small rural town with a population of just 7,000, but it now attracts 2 million tourists annually as a famous tourist destination. Similarly, Haribo, which started with a single bag of sugar, has now become a global company with annual sales exceeding 4 trillion won."

Lee Byungkwon, Second Vice Minister of the Ministry of SMEs and Startups, is delivering a greeting at the "7th Small Business Growth Relay Meeting" held on the 8th at the Seoul Creative Economy Innovation Center in Yongsan-gu, Seoul. Ministry of SMEs and Startups

There were also calls for stronger government support to help companies grow into global enterprises. Oh Semin, CEO of 1950, who makes household goods using natural ingredients from Hallasan; Ha Jungyun, CEO of Factory Normal, who produces natural candles; Han Seungwoo, CEO of Global Clam, who makes products using clams from Gochang; and Han Chaewon, CEO of Chobliss, who exports vinegar made from apples in Yeongju, all stressed the importance of government support for overseas expansion.

CEO Song said, "Due to the nature of gamtai, we have to purchase a year's supply of ingredients during the cold winter months from January to March, but it takes one to one and a half years to recover funds, making cash flow management very difficult. In fact, we once received an order request from the United States, but due to a lack of raw materials, we suffered sales losses of several hundred million won."

CEO Han Chaewon said, "To enter overseas markets, we need to analyze local commercial districts and real estate, but for small startups, the opportunity cost is too high to even attempt it. If the Ministry of SMEs and Startups could just provide local spaces for pop-up stores, we would be willing to handle the interior and staffing ourselves, and I'm confident we could achieve results."

There was also a suggestion that the government should consider expanding the range of tourist destinations, which are currently concentrated in major downtown areas of Seoul such as Myeong-dong and Seongsu.

CEO Han said, "There is definitely a desire among foreign tourists to visit small local cities, but it seems difficult due to transportation issues. If the Ministry of SMEs and Startups could collaborate with the Korea Tourism Organization to operate tourist buses, I expect that regional visibility would increase significantly."

Vice Minister Lee responded, "In the future, traditional markets will go global and small business owners will become global entrepreneurs. Based on the various suggestions made today, the government will consider what role it can play."