POSCO DAEWOO helps small companies in Incheon

By Park Si-soo

POSCO DAEWOO has formed a partnership with Incheon to help small- and medium-sized companies in the city west of Seoul. The Incheon-based trading company will help them by taking advantage of its extensive international sales and distribution network.

The company said Sunday it had signed a memorandum of understanding with Incheon. The signing ceremony was attended by POSCO DAEWOO CEO Kim Young-sang, Incheon Mayor Yoo Jeong-bok and VIP guests from the Incheon Chamber of Commerce and Industry (ICCI) and other related organizations.

Besides the ceremony, they discussed how to help small companies in Incheon expand into overseas markets and promote MICE business. MICE is an acronym for Meeting (corporate conferences), Incentive (corporate training and incentive travel), Convention (by international organizations and academic groups) and Event/Exhibition (including exhibitions and trade shows).

POSCO DAEWOO said it would soon open a promotional pavilion dedicated to made-in-Korea products in the Chinese city of Chengdu, featuring products made by small companies in Incheon.

The city will fund the project and find new up-and-coming companies, while the ICCI will select and manage companies that want to promote their products in the pavilion.

POSCO DAEWOO and Incheon jointly opened the first pavilion of this kind in Yiwu, China, in June. It featured products from 60 small- and medium-sized Korean companies, including 20 based in Incheon. It sells Korean cosmetics and daily necessities.

The company plans to open more pavilions in China and Southeast Asia.

POSCO DAEWOO will also help MICE-related companies in Incheon, promote them at international conventions and co-host related international events with the city.

“The promotional pavilion has contributed to the stable growth of small companies in Incheon,” said POSCO DAEWOO CEO Kim Young-sang. “We will continue to explore ways to help them.”