The Jeonnam Gwangju Integrated Special City has recently conducted a 'Russian Market Exploration Team' in Moscow and Saint Petersburg, securing export agreements totaling $2.4 million (approximately 3.24 billion won) through a Memorandum of Understanding (MOU) in collaboration with the Korea Trade-Investment Promotion Agency (KOTRA).
This market exploration initiative has been launched to respond to the evolving market landscape, as global firms are withdrawing locally due to Western sanctions and financial logistics constraints. It aims to uncover new export opportunities for regional small and medium-sized enterprises.
The integrated special city conducted preliminary research on the Russian market to identify local demand, facilitating one-on-one export consultations between participants and potential buyers.
Eight local companies participated in the consultations: Wando Mom, Seogwang Food, JN Company, Sehwa JN Foods, Gyeongyeong Fisheries, Daeryuk Foods, Beauty Slim, and SH Lab. These companies showcased a variety of products, including abalone, seaweed, beverages, and cosmetics, engaging in detailed discussions on pricing, distribution conditions, and feasibility of transactions.
As a result, ten export agreements were formed, with local buyers also requesting additional quotes and product testing proposals to further the negotiations towards actual contracts and export.
During the Moscow consultations, Wando Mom signed agreements worth $1 million, JN Company $500,000, and Beauty Slim $3,000, resulting in a total of $1.503 million.
Continuing the success in market exploration, additional agreements were sealed in Saint Petersburg, with Seogwang Food securing $600,000, Wando Mom $200,000, Gyeongyeong Fisheries $100,000, and Beauty Slim $5,000, totaling $905,000.
With a population of approximately 140 million, Russia represents a significant consumer market where local companies can expand their new sales channels, especially in food and cosmetics sectors.
The integrated special city plans to continue supporting negotiations between buyers and companies, especially focusing on managing quotation discussions and contract progress from October to November to strengthen follow-up efforts ensuring these agreements convert into actual contracts and exports.
Shin Hyun-gon, International Cooperation Officer of Jeonnam Gwangju Integrated Special City, stated, "The market exploration team has successfully identified new export opportunities for local enterprises in the changing Russian market. We will actively support further talks between buyers and companies to achieve actual contracts and exports."
