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Busan to support market penetration into six promising countries including India and UAE
On March 9, Busan-si announced that it will begin a strategic market penetration into six promising countries in the "Global South."
In response to the rapidly changing global trade environment, including the rise of protectionism, the city will recruit companies looking to expand beyond the traditional U.S. and China markets and enter the "Global South" region.
The six promising countries identified by the Korea Trade-Investment Promotion Agency (KOTRA) are India, Malaysia, the United Arab Emirates (UAE), Uzbekistan, Germany, and Italy, located in the southern hemisphere and low-latitude northern hemisphere.
The city plans to expand the support for trade delegations attending overseas exhibitions in these countries and increase the budget by about KRW 100 million compared to the previous year.
The city will also provide market trend analyses of these regions to companies and support direct connections with buyers, thereby enhancing the export competitiveness of local businesses.
The city will first select seven beginner export companies and assist them in entering emerging markets such as India and Malaysia.
Companies wishing to participate in the program can apply through the overseas marketing system (trade.bepa.kr) of Busan-si.
wink@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.03.10
Views
55
According to Yonhap News,
On March 9, Busan-si announced that it will begin a strategic market penetration into six promising countries in the "Global South."
In response to the rapidly changing global trade environment, including the rise of protectionism, the city will recruit companies looking to expand beyond the traditional U.S. and China markets and enter the "Global South" region.
The six promising countries identified by the Korea Trade-Investment Promotion Agency (KOTRA) are India, Malaysia, the United Arab Emirates (UAE), Uzbekistan, Germany, and Italy, located in the southern hemisphere and low-latitude northern hemisphere.
The city plans to expand the support for trade delegations attending overseas exhibitions in these countries and increase the budget by about KRW 100 million compared to the previous year.
The city will also provide market trend analyses of these regions to companies and support direct connections with buyers, thereby enhancing the export competitiveness of local businesses.
The city will first select seven beginner export companies and assist them in entering emerging markets such as India and Malaysia.
Companies wishing to participate in the program can apply through the overseas marketing system (trade.bepa.kr) of Busan-si.
wink@yna.co.kr
Source Text
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Source: Yonhap News (March 9, 2024)
** This article was translated from Korean.