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South Jeolla Province Taps into Middle Eastern Export Markets
Trade Trip
South Jeolla Province Taps into Middle Eastern Export Markets
  • By Jung Suk-yee
  • June 5, 2015, 02:45
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The Boseong Tea Fields in the spring are one of South Jeolla Province's most iconic attractions.
The Boseong Tea Fields in the spring are one of South Jeolla Province's most iconic attractions.

 

South Jeolla Province (Governor Lee Nak-yeon) announced on June 4 that it sent a trading group to Dubai, Istanbul, and other places in the Middle East. The group consists of eight export firms including App Score until May 30. Altogether the group signed an MOU worth a total of US$10.744 million (11.93 billion won) through export consultations with local buyers.

The Small & Medium Business Corporation (SBC) looked into the marketability using the local private network. Based on this, the trading group is composed of companies, which are likely to import and export products between firms, as their products and competitive products in the local market match.

After forming the group, the private network discovered 69 final buyers and provided interpretation and translation services to participating companies so that they can discuss things beforehand at least three times by phone or e-mail.

Before the departure, it held a briefing session for participating companies about the counseling skills for buyers, market environment, competing countries, and marketability in order to help them counsel with buyers on their own.

As a result of thorough advance preparation and individual counseling, it signed an MOU with a total of eight companies worth US$10.744 million (11.93 billion won).

Bae Yoo-rae, head of the international trade division at South Jeolla Province, said, “Dubai of the United Arab Emirates is the center of trade in the Middle East. As it maintains a GDP growth rate with an average of 4 percent, the city is a crucial base for companies to advance into the Middle Eastern markets. Also, Istanbul, Turkey is expected to gradually expand exports due to the FTA ratification. In a bid to lead the MOU export of trading groups to an actual result, we will fully support marketing activities and expand exports with a steady buyer management trend.”