North Gyeongsang Province has decided to move forward with the Export Marketing Strategy for 2018 International Trade Expansion after setting US$50 billion in exports and US$35 billion in trade surplus as the target of this year. In addition, this year, the province will implement a total of 24 export marketing projects, including an excellent product exhibition in Southeast Asia with a budget of 5.4 billion won (US$4.8 million).
Specifically, first of all, North Gyeongsang Province will dispatch trade missions to Russia, the CIS, and China four times and operate an exhibition and PR center in China.
In addition, the province will support 300 companies in Korean product fairs in Southeast Asia, participation in exhibitions, trade missions, the invitation of Southeast Asian buyers and business meetings with them, and internet marketing in connection with new export marketing for southern countries.
In order to expand emerging markets such as Latin America, Southeast Asia, India and the Middle East, North Gyeongsang Province will dispatch trade delegations to 160 places on 17 occasions this year including trade delegations which will be dispatched to Indonesia, Thailand and the Philippines within February.
About 300 small and medium-sized enterprises (SMEs) to roughly 30 foreign exhibitions such as the 28th China East China Fair to be held in China in March and the Russia Textile Manufacturing Exhibition.
Besides, the local government is also planning to expand the support for translation and interpretation services after holding four export business meetings with invited foreign buyers in connection with Korean resident trade officials, the Korea Trade-Investment Promotion Agency (KOTRA), the Korea International Trade Association, and overseas advisors.
In particular, North Gyeongsang Province will give financial support of 300 million won (US$270,000) for the participation in exhibitions and expositions by beginning and domestic demand companies and 200 million won (US$180,000) will be given for overseas branching and joint logistics support projects and expand support projects customized for what companies want such as business trips for overseas sales, overseas market research, export insurance premiums and the EMS service in order to turn beginning and domestic demand companies into exporters and foster SMEs.