STX Corporation, a global trade and development company, is expanding its presence in the Middle East by successfully completing its second transaction to Iraq through its business-to-business (B2B) platform “TrollyGo.” With a significant monthly increase in users in the Middle East region, there are prospects for solidifying its position in the region, often referred to as the “land of opportunities.”
STX announced on March 6 that approximately US$2 million (2.67 billion won) worth of engine parts for an Iraqi power plant were traded through TrollyGo. This marks the second transaction to Iraq via TrollyGo following the recent supply of US$3 million worth of lubricants to an Iraqi diesel power plant, which was the first deal facilitated through TrollyGo to Iraq.
Since its launch at the end of November last year, TrollyGo has been witnessing an increase in global corporate and user influx, with particular interest surging from the Middle East region. According to STX, the number of users from the Middle East as of February grew by more than four times compared to the previous month.
This is the result of STX persistently knocking on the doors of the Middle East and African markets, including Egypt. STX CEO Park Sang-jun has made several visits to the Middle East region, demonstrating the company’s commitment to this market. Recently, STX signed a strategic partnership agreement (SPA) with the Egyptian government to promote the development of the Gargoub Port and marine transportation industry.
It is interpreted that the multilingual service introduced earlier this year is also proving effective. Since January, TrollyGo has been providing multilingual services, including Arabic, in addition to English, Chinese, and Japanese.
Externally, there has been an analysis suggesting that interest in TrollyGo, which allows for online trade transactions, has increased as face-to-face business activities have become challenging due to the rapidly changing political landscape in the Middle East, including geopolitical risks caused by wars in the region.
An official from STX stated, “Digital trade transactions through TrollyGo are actively taking place,” adding, “We plan to continue to make our efforts and improvements to enable a wider variety of items to be traded in the global market.”