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SME Federation Dispatches 'Export Consortium' to S.E. Asia

According to Yonhap News,

(SEOUL=Yonhap News) South Korea's small and medium-sized business federation said Sunday that it dispatched a special "export consortium" to two Southeast Asian countries last week to forge new partnerships with local companies to fuel trade.

The representatives from 13 exporting companies visited Vietnam and Indonesia from Monday to Friday and engaged in talks that could potentially lead to US$11.08 million in business transactions, the Korea Federation of Small and Medium Business (KBIZ) said.

"At the meetings in Ho Chi Minh City and Jakarta, the consortium secured orders worth $850,000 with big-time buyers and may be able to win a further $2.83 million in export contracts," KBIZ said. It stressed that South Korean small and medium-sized enterprises (SMEs) successfully held discussions with major importers and if the contact can be maintained and further built up, this could lead to lucrative deals going forward.

Vietnam is already Seoul's third largest export destination and a critical market for SMEs. The country is also emerging as one of the most promising "post-China" markets with solid growth and a sizable population.

Indonesia is gaining attention as the country will host the 2018 Asian Games in August, which may fuel domestic consumption and help economic growth.

"The popularity of South Korean popular culture and products like cosmetics is making it possible for local companies to make headway through such mediums as social media, which are generating demand for products," a KBIZ official said.

He said that just as the latest event facilitated contact and led to deals, the federation will use its office in Vietnam to consistently help South Korean SMEs expand their presence into Southeast Asia by arranging talks with local companies.

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Source: Yonhap News (July 15, 2018)

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