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Seoul city has decided to send trade missions overseas in order to support small and medium businesses (SMBs) as they target the global market. The missions themselves will be formed with 76 businesses in Seoul and they will visit 10 countries including Vietnam.
Businesses that want to participate may apply online through Seoul Business Agency’s homepage (www.sba.seoul.kr), starting Monday.
The missions are to focus on new niche markets such as China, Southeast Asian countries, and Russia which have all shown economic growth despite the global recession.
In December, they will visit Beijing and Wuhan to find a way into the Chinese market, which comes second only to the US. Beijing and Wuhan are both centers of Chinese domestic market.
Moreover, the missions are to tap the Vietnamese and Indonesian market in November and December. Vietnam has shown a high economic growth rate of 6% and Indonesia has recently received spotlight as one of the fastest growing economies worldwide.
The businesses will also concentrate on entering North America and Euro Zone markets. In November, they will visit Canada and Mexico, the two fastest growing economies recovering from the economic shock in North America. They also plan to go to Spain, Poland, Hungary, and other countries in Europe.
“We will focus on marketing strategies such as sending these trade missions in order for small and medium businesses in Seoul to successfully enter the global economy,” said Oh Seung-hwan, a Seoul City official. “We hope that these businesses help recover from the recession the whole world faces.”
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