The Namdong district of Incheon Metropolitan City houses the Namdong National Industrial Complex, playing a pivotal role in driving the Korean economy. The industrial complex, established in December 1989, is a key metropolitan industrial area with an annual production value of approximately 30 trillion won, hosting 7,860 companies to date. These companies span various sectors including the foundational manufacturing industries, IT, and biotech, employing about 83,987 people, which constitutes around 35% of Incheon’s total manufacturing workforce. The manufacturing industry serves as the backbone of Incheon’s economy with the Namdong National Industrial Complex at its core.
Since his inauguration in July 2022, Namdong district Mayor Park Jong-hyo has been implementing various policies to help local small and medium-sized enterprises (SMEs) grow into global corporations, revitalizing the Namdong National Industrial Complex. One of the district’s most successful initiatives has been the overseas market exploration missions.
Mayor Park stated, “Namdong district’s overseas market exploration team focuses on long-term sales channel development through product promotion, on-site marketing, and building rapport with local buyers. Exploring new markets, including emerging overseas markets, is our top priority, and we are committed to providing active support.”
In May 2023, the district dispatched an overseas market exploration team consisting of 15 outstanding local companies to Bangkok, Thailand, resulting in contracts worth US$8,776,800. Mayor Park, who personally visited Thailand, promoted local enterprises, appealing for active interest as the “number one salesman.”
Mayor Park emphasized the importance of showing special interest and strong support for local enterprises, stating, “I believe it is crucial to demonstrate our dedication and support for our local businesses. This has also boosted our confidence in the excellence of our companies.”
Thanks to Mayor Park’s leadership, the exploration team achieved significant results, including post-contract performance of US$324,154 in December 2023 alone. Considering it takes about a year for export permits to be issued, these results, achieved less than a year after the team’s dispatch, are highly encouraging.
Namdong district plans to send a market exploration team to Jakarta, Indonesia, from March 19 to 22 this year. Indonesia represents the largest consumer market in Southeast Asia, accounting for 40% of ASEAN’s GDP, with a rapidly growing e-commerce sector fueled by a young, mobile-savvy population. The Comprehensive Economic Partnership Agreement (CEPA) that came into effect on January 1, 2023, is expected to further enhance trade and investment opportunities between Korea and Indonesia.
Fifteen companies will participate in this year’s mission, engaging in activities such as market research and buyer meetings through local trade offices. Namdong district is confident in generating a Korean export wave in Jakarta, following its success in Thailand.
Besides the overseas market exploration missions, Namdong district implements various policies to strengthen the export competitiveness of local SMEs, including support for overseas export logistics costs and up to 80% funding for obtaining domestic and international certifications. Last year, 21 companies acquired certifications like KMF, HACCP, and CE through this program.
Mayor Park Jong-hyo stated, “Without SMEs, there can be no large corporations, exports, or economic growth. We will continue to do our utmost to support Namdong district’s outstanding companies in gaining recognition for their quality and potential in the global market.”