BUSAN < invest Korea

According to Yonhap News,

The Busan Economic Promotion Agency (BEPA) announced on July 8 that it will send a trade delegation and support participation in local exhibitions to help local SMEs enter the Middle East market.

Although the Middle East facility investment project market suffered a recession due to prolonged low oil prices and COVID-19, the government has more financial room due to recent hikes in international oil prices, raising expectation for placing new order for new proejcts.

Accordingly, the potential for SMEs in the machinery and steel industries, main export industries of Busan, seems to be rising.

By taking this local circumstances as an opportunity, the BEPA plans to actively support local SMEs' entry into the Middle East market.

First, it will send a comprehensive trade delegation to the Middle East from October 17 to 21.

Both industrial and consumer goods companies can participate in the trade delegation, and the selected companies not only can participate in the UAE Dubai export conference to have consultation with local buyers such as UAE, Iran, Saudi Arabia, and Qatar but also can receive financial support of 50% of airfare.

The BEPA will then operate the Busan Pavilion at the 'Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2022)', which will be held from October 31 to November 3.

Any company involved in industrial materials related to plant (oil and gas) can apply to participate in the exhibition.

Each selected company will be supported with one booth (9㎡) in the Busan Pavilion.

ADIPEC is the largest oil and gas exhibition held in the Middle East. In the last year's exhibition, 1,900 companies participated and 100,000 people visited.


sjh@yna.co.kr

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Source: Yonhap News (July 8, 2022)