KITA News and Reports
  • SMEs Participated in Economic Delegation to Singapore Achieved Exports and Investment
    2018-07-27

    SMEs Participated in Economic Delegation to Singapore Achieved Exports and Investment

    - Participation in ‘Presidential Economic Delegation’ is equivalent to the official certification of excellent enterprise It acts as a premium during negotiation -

     

    The Korean small and medium-sized companies, who accompanied President Moon Jae-in's visit to Singapore, are making progress in their exports.

     

    The Korea International Trade Association (Chairman, Kim Young-joo) announced that as a result of sending the economic delegation consisting 76 companies and 130 participants along with a state visit of President Moon Jae-in to Singapore for three days from July 11, Korean small and medium-sized businesses have achieved substantial performances such as export contracts, investment consultation, and network establishment.

     

    Mordam Korea (CEO, Ko Eun-joo), a manufacturer of natural herbal soap, signed a 500 million won deal with a local distributor, The Urban Clinic, when visited Singapore as the economic delegation. The Urban Clinic is a beauty and pharmaceutical distribution company with off-line stores, including pharmacies, not only in Singapore but also in Malaysia and Thailand.

     

    The CEO Ko Eun-joo said, "We preferred the indirect export through the agent because the amount of export was small. But, now we are able to carry out the formal customs clearance upon the export contract with Singapore. She added, "As the volume of exports increases, we will also recruit experienced personnel who will be dedicated to the export business." The CEO was very thrilled and said, We have achieved half of this year’s projected sales of 1 billion won through the Singapore delegation. Unlike Japanese products, our products were left in the cold. Sorrow experiences in the Singapore market have been resolved at once.

     

    Mesh Korea (CEO, Yoo Jung-bum), a specialist company in information technology (IT) logistics, is amazed by the company's different status after participating in the economic delegation. In addition to the endless inquiries from major overseas investors, major Asian nations such as Thailand and Malaysia wooed one after another. Mesh Korea had an impromptu meeting with a state-owned investment company TEMASEK at a business forum attended during the delegation, and Singapore's sovereign wealth fund GIC invited Mr. Jung to the company in person. The local partner Honest Bee has decided to further expand the partnership.

     

    The CEO Yoo said, The most unforgettable moment as a member of the economic delegation was when I was invited to the dinner hosted by President of Singapore with the representatives of large corporations. He recalled the moment by saying, I was proud to introduce that Singapore's largest online grocery sales and distribution service provider Honestbee is using ‘VROONG’, my company’s comprehensive logistics management system.

     

     

    The companies that participated in the economic delegation said in unison, "The fact that we were included in the economic delegation of President’s visit is sufficient enough to give local governments and business people the impression that ‘we are excellent companies that represent Korea'. This acts as a premium when we negotiate with the buyers from other regions."

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