GWANGJU < invest Korea

According to Yonhap News,

On April 14, Gwangju-si said that that it held export consultation meetings in Almaty, Kazakhstan and Ulaanbaatar, Mongolia, resulting in 109 consultations worth USD 9.77 million, 11 memoranda of understanding (MOUs) worth USD 1.4 million, and 2 export contracts worth USD 1.52 million.

These consultations were organized to strengthen the export competitiveness of local businesses and explore alternative markets in response to the rapidly changing global trade environment, such as high exchange rates and rising protectionism.

The consultations were jointly hosted by Gwangju-si, Gyeongbuk Province, and Jeju Special Self-Governing Province, gaining a positive response from local buyers.

Gwangju-si, along with the Korea Trade-Investment Promotion Agency (KOTRA) and 10 local SMEs, held export consultations to seek out export partners for local businesses and to establish networks for entering the Commonwealth of Independent States (CIS) market.

At the export consultation meeting in Ulaanbaatar, Nanoomtech, a manufacturer of automatic external defibrillators (AED), signed an export contract worth USD 1.42 million, while Raffine, J, a cosmetics manufacturer, secured an export contract worth USD 100,000.

In particular, SoftWells, a manufacturer of LED skin care devices, attracted USD 510,000 in consultations in Kazakhstan and 2 million USD in Mongolia.

Additionally, Wonsolution, a manufacturer of diagnostic X-ray devices, achieved export consultation results of USD 140,000 and USD 1.25 million in Kazakhstan and Mongolia, respectively.

Gwangju-si plans to enhance follow-up support and management, including support for overseas logistics costs, overseas branch establishment, and trade insurance premiums to ensure that the export consultations and MOU outcomes lead to actual exports.

An official from Gwangju-si stated, "In the face of growing global trade uncertainties, this export consultation meeting has provided new opportunities for local businesses and strengthened their capabilities for overseas expansion. We will continue to offer practical support for regional export companies to enter global markets."

cbebop@yna.co.kr

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Source: Yonhap News (April 14, 2025)