Chungcheongnam-do

▲ Chungcheongnam-do recorded the largest trade surplus in Korea for three years in a row

Chungcheongnam-do, which has recorded the largest trade surplus in Korea for three years in a row, is promoting export market diversification, such as to develop promising new export markets and expand entry into strategic markets in advanced countries, with a goal to achieve trade amounting to $100 billion this year.

In particular, Chungcheongnam-do decided to strengthen follow-up management for the purpose of maximizing export outcomes of companies performing as members of the trade mission and expand support for participation in international exhibitions and fairs held in Korea in order to secure export bases.

On the 10th, Chungcheongnam-do announced that it had established a “promotional plan for the 2018 SME export support project” and would start working on 25 projects of three types with an investment of KRW 2.93 billion.

In the promotional plan, Chungcheongnam-do specified three key strategies for export support, which are to support marketing for overseas market entry, strengthen global marketing competencies of SMEs and foster the basis for the follow-up management of export support.

As key tasks to be promoted, it decided to expand the support for the hosting of international exhibitions and fairs in Korea centering on promising consumer goods, assist in the selection and concentration of overseas marketing according to corporate demand and project effectiveness analysis, support systematic follow-up management, such as follow-up conferences of the trade mission participated by SMEs, and prepare plans for active response by companies to non-tariff barriers, such as import regulations.

In addition, Chungcheongnam-do will extensively promote expanded support for the hosting of promising overseas exhibitions and fairs in Korea, continuously support overseas standard certification in preparation for the FTA market expansion and demand and preemptively respond to the new trade environment attributed by increased trade conflicts.

Corporate profit creation through the "Chungcheongnam-do FTA Utilization Support Center," promotion of new follow-up management projects for companies participating in export support programs and export performance statistical analysis through the “Online Export Support System” were also included in the key promotional tasks.

As new projects for this year, five projects, such as to organize a food exhibition and fair for companies in Chungcheongnam-do, promote exports of companies that have been operating in the domestic market, establish a specialized exhibition and fair for automobile parts in Chungcheongnam-do, hold follow-up export consultation meetings for companies that have participated in overseas marketing programs and support overseas marketing translation and interpretation services for SMEs will be promoted.

For overseas marketing, Chungcheongnam-do will focus on follow-up management of companies that have performed as members of the trade mission, such as by inviting overseas buyers in the stage immediately before contract signing to Korea and organizing follow-up export consultation meetings with them. In addition, to actively respond to changes in the trade environment as a result of China's THAAD retaliation last year, Chungcheongnam-do will expand support for entry to large-scale distribution networks abroad, and thus will secure export bases in advanced markets and develop new export outlets.

Moreover, Chungcheongnam-do will operate the “Mobile Export Support Consulting Center” bi-monthly so as to identify difficulties experienced by exporting SMEs in the province and preemptively support effective overseas marketing.

It will also commence operation of the “Chungcheongnam-do Private Trade Network” with people from Chungcheongnam-do working in domestic and international trade industries and economic leaders. Chungcheongnam-do will post the promotional plan for the project to support the exports of SMEs in 2018 on the online export support system of its website (www.chungnam.go.kr) and receive applications from SMEs for individual business support.

Meanwhile, Chungcheongnam-do recorded $72.463 billion and $27.39 billion in exports and imports respectively up to November 2017, with a trade surplus of $45.073 billion. As such, Chungcheongnam-do recorded the largest trade surplus in the country for three years in a row.