2014 G-FAIR KOREA Set off Discussions on USD 860 Mil. Export Deals
2014 G-FAIR KOREA Set off Discussions on USD 860 Mil. Export Deals
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2014.10.25 02:39
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SEOUL, KOREA - The 2014 G-FAIR KOREA, the largest trade fair for small and medium-sized enterprises (SMEs) in S. Korea, held October 1-4 at KINTEX Ilsan, has wrapped up, logging USD 860 million in the value of discussed export deals and KRW 88.6 billion in the value of discussed SME-conglomerate deals.

Foreign buyers are entering the venue of the "2014 G-FAIR KOREA".

 The 2014 G-FAIR KOREA, which marks its 17th year, started off as the Gyeonggi Venture Exhibition in 1999, which then changed its name to G-FAIR (10th) in October 2007 and later to the G-FAIR KOREA in September 2009 so as to establish itself as the largest trade fair for SMEs in S. Korea.

The 2014 G-FAIR KOREA lured in a record-high buyer turnout: nearly 540 international buyers from 46 countries visited the event to hold one-on-one meetings with Korean SMEs. Export deals worth USD 860 million and SME-conglomerate deals worth KRW 88.6 billion were discussed.

The 2014 G-FAIR KOREA was packed with 1,102 booths, set up by 836 SMEs. Participating SMEs showed off approximately 20,000 excellent products, such as household items, home appliances, electronics & IT products, fashion & beauty items, leisure items and gift items, and a variety of good-quality products representing each municipality.  

Nearly 134 companies participated in a large-scale SME-conglomerate trade fair

The Gyeonggi Small and Medium Business Center (GSBC), one of the organizers of the 2014 G-FAIR KOREA, also held a large-scale SME-conglomerate trade fair on the sidelines of the 2014 G-FAIR KOREA in order to open up new markets for SME-made products through cooperation between SMEs and large companies.

The SME-conglomerate trade fair was participated in by roughly 134 companies, including the nation’s major online shopping malls (e.g. Interpark, Gmarket and Auction), home shopping channels (e.g. Lotte Home Shopping, Home & Shopping Mall and NS Home Shopping), large discount chains (e.g. Lotte Mart, E-Land Retail, NH Hanaro Club Mark, Daiso), public institutions (e.g. Korea Workers’ Compensation and Welfare Service, Korea District Heating Corp. and Korea Postal Service Agency), major manufacturers (e.g. Doosan Engineering & Construction, Philips, Samsung SDI, Samsung Display, LG U+ and KT Commerce). The SME-conglomerate trade fair posted KRW 88.6 billion in the value of discussed business deals.

Meanwhile, the GSBC has continued to serve as SMEs’ go-to guy for solving managerial difficulties since its foundation in July 1997 when S. Korea had to borrow from the IMF. In order to give SMEs hope and opportunity, the GSBC has been carrying a wide range of support programs, from business incubation programs, funds and manpower to design, marketing and exports.

The buyer looking around the exhibition at the "2014 G-FAIR KOREA".

Above all, the GSBC has thus far strived to create a SME-friendly business ecosystem, assisting SMEs and venture firms in developing technologies and products, exploring new markets and making inroads into overseas markets.

In particular, the Small and Medium Business Administration have selected the GSBC as an S (the highest rate)-rated business incubator for three consecutive years in recognition of the GSBC’s achievements (e.g. technical commercialization) through its various programs, such as G-Start-up Project, Business Incubation Center, Product Development Center, Family Cluster Project, etc.

In addition, the GSBC’s customized overseas marketing strategies, which take advantage of overseas business centers, trade fairs and market explorer teams, are believed to have considerably contributed to boosting Korean SMEs’ overseas market entry.

By Cheon Tae-un(ctu@koreaittimes.com)


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