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Daegu to Organize Trade Delegation, Strives to Expand Markets for SMEs

(DAEGU = Newsis) The city of Daegu announced on February 10 that it will invite local companies to organize trade delegations to three regions including North America and Southeast Asia.

Trade delegation for North America will visit Chicago, New York in the United States and Toronto in Canada for between April 2 to 12 to carry out promotion activities and discover new markets.

Chicago has the advantage in rubber packing for auto engine, general consumer goods such as functional glass food container, Bluetooth product, precision casting process, small household electronic appliance and high quality socks.

Strength of New York lies in polyester, silk, jacquard, spandex, nylon, organic fabric, outdoor jacket fabric and finished product, functional clothing materials, functional cosmetics, household electronic appliance and idea IT product.

Toronto is one of the top three auto exporters, and its strong auto parts industry possesses competitiveness in both price and technology. It also offers differentiated smart consumer goods, other machinery and new and renewable energy.

Trade delegation for Southeast Asia will begin its promotion activities in Manila in the Philippines, and visit Ho Chi Minh in Vietnam and Phnum Penh in Cambodia between Apirl 21 to 30.

Daegu plans to include about 10 local small and medium-sized export enterprises in the delegation.

Manila achieved political stability under the Aquino administration thanks to its political reform, and experienced a sharp economic growth and became one of the most prospective emerging markets in the world.

Its main industries are auto parts, heavy construction equipment, network and communication equipment, construction materials and plastic resin.

Vietnam is the second largest trade partner to Korea among ASEAN countries. Since 2003, Exports to Vietnam recorded the growth rate of 22.5 percent.

The country is famous for industrial machinery, IT security product, firefighting product, low-price cosmetic and power generator industries.

Cambodia has shown moderate improvements in trade conditions after it joined the World Trade Organization. It recorded USD 100 million in exports in 2001 and has shown annual average growth rate of 20 percent.

The nation’s booming farming, tourism, construction industries are expected to lead the development of the industrial machinery industry.

It also has potential in agro-materials, daily necessity, medicine and medical supplies, transportation device and industrial device markets.

Companies can submit their applications to the department of international trade of Daegu City Hall or Daegu Regional Office of the SBC.

Daegu and the SBC will consider and select the companies with greater potential for market penetration.

“The participants of the trade delegations will receive information about local markets, buyer lists, one-on-one consulting session with potential buyers, interpretation services and transportation.

Source Text

Source: Newsis (Feb. 10, 2014)

** This article was translated from the Korean.