Korean farm equipment makers secure $4.98 mil. in export orders from Southeast Asia
Summary
Korean agricultural equipment makers secured $4.98 million in export agreements in Indonesia and Malaysia after a market development mission led by the Ministry of Agriculture, Food and Rural Affairs. Twenty-seven companies held 276 consultations with 58 local buyers from Aug. 31 to Friday. The ministry and Korea Rural Community Corp. said they will keep supporting follow-up talks and more overseas trade events later this year.
Key Facts
- The mission involved 27 Korean companies and produced 276 consultations with 58 local buyers.
- The export agreements were worth $4.98 million, or 6.6 billion won.
- The companies were split into groups focused on agricultural machinery and facility materials, fertilizers, and environmentally friendly agricultural products.
- The ministry and Korea Rural Community Corp. plan to support participating exporters at J-AGRI Tokyo in October, Growtech Antalya in November, and other trade events later this year.
Korean agricultural machinery exporters negotiate deals with Indonesian buyers during a trade mission in Jakarta. Courtesy of Ministry of Agriculture, Food and Rural Affairs
Korean agricultural equipment makers secured $4.98 million (6.6 billion won) in export agreements in Indonesia and Malaysia, giving local manufacturers a foothold in two of Southeast Asia's growing farm markets.
The Ministry of Agriculture, Food and Rural Affairs said Tuesday that 27 Korean companies joined a market development mission to Indonesia and Malaysia from Aug. 31 to Friday.
The companies held 276 consultations with 58 local buyers, resulting in export agreements worth $4.98 million, the ministry said.
The mission began with strategy seminars designed to give companies a closer look at government policies, distribution networks and demand before they met prospective buyers.
In Indonesia, speakers included Okta Prastowo Rahardjo of the Ministry of Agriculture's Directorate General of Agricultural Land and Irrigation Infrastructure and Abdul Hamid, president of the Indonesian Chili Farmers Association.
In Malaysia, speakers included Badhril Hisham Abu Bakar, deputy director at the Malaysian Agricultural Research and Development Institute, and Kim Jong-hwa, chairman of the Korea Chamber of Commerce in Malaysia.
The companies were divided into groups focused on agricultural machinery and facility materials, as well as fertilizers and environmentally friendly agricultural products.
Park Jun-hyuk, CEO of Aseong Precision, said the seminars helped him understand local distribution networks and certification procedures that were difficult to assess from documents alone.
The organizers then matched companies with buyers based on their stated preferences, allowing businesses to focus their consultations on products with local demand.
Kim Ki-woo, CEO of Aminolab, said meeting an Indonesian buyer interested in his company's products gave him an opportunity to explain their ingredients and effectiveness in detail.
The ministry and Korea Rural Community Corp. said they would continue supporting follow-up discussions between participating companies and overseas buyers to turn the agreements into actual export contracts.
Park Mi-ran, head of Korea Rural Community Corp.'s Smart Technology Department, said Southeast Asia offers Korean agricultural equipment companies important opportunities to expand overseas sales.
The ministry and Korea Rural Community Corp. plan to continue supporting exporters at J-AGRI Tokyo in October, Growtech Antalya in November and other trade events later this year.
This article was published with the assistance of generative AI and edited by The Korea Times.
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