Notice
Gimhae City Trade Delegation Pursues USD 4.24 Million in Contracts in Canada
Author
Manager
date
September 28, 2017
[Busan/Gyeongnam = News1] Reporter Nam Kyung-moon = Gimhae City announced on the 28th that the specialized trade delegation, launched for the first time this year, had achieved export contract negotiations worth USD 4.24 million during its first visit to Toronto, Canada on the 26th.
The trade delegation, headed by Vice Mayor Shin Dae-ho, included the Small and Medium Business Corporation (SBC) and eight promising SMEs in Gimhae's strategic industry, automotive parts. They are targeting the export markets of Toronto, Canada—the home of the automobile—and Detroit, USA.
Canada, the first destination for business consultations, has 46 times the land area of the Korean Peninsula, a population of 35 million, and a per capita income of USD 42,000, higher than Korea’s. Due to the enforcement of the Korea-Canada Free Trade Agreement (FTA), tariffs on key export items such as automotive parts, construction materials, and cosmetics have been eliminated, enhancing the competitiveness of Korean products in the Canadian market.
At the consultation event, Sewon Metal Co., Ltd., which manufactures forged pistons, conducted export consultations worth USD 6.55 million and is pushing forward a contract worth USD 2 million. Youngshin Chemical Co., Ltd., a producer of weatherstrips, held consultations worth USD 1.01 million and is pursuing a contract worth USD 1 million. In total, the eight participating companies engaged in 36 consultations, with contract negotiations reaching approximately USD 4.24 million.
The Toronto export consultation was significant as Gimhae-based companies showcased their competitiveness and technological strength in a highly competitive market where 1,200 global automotive-related companies are concentrated.
Vice Mayor Shin Dae-ho also visited the Toronto Chapter of the World-OKTA (World Federation of Overseas Korean Traders Associations), met with Chairman Park Sung-won and trade advisory members, and introduced Gimhae’s environment, its identity as a business city, and products from Gimhae’s outstanding export companies. He also discussed potential expansion of exports and cooperation with Canada.
The Gimhae specialized trade delegation is scheduled to hold the second round of export consultations in Detroit, USA, on the 28th before returning to Korea.