Middle Eastern buyers come to Korea in search of new business partners ... 'Export Boom-up Korea' abuzz with export consultations [On the scene]

[Financial News]“I spoke with eight Korean companies at this event, and signed memorandums of understanding (MOUs) with some of them.”Shafqat Zahir, CEO of the UAE company Petro Gulf, whom we met at 'Export Boom-up Korea' in KINTEX, Goyang City, Gyeonggi Province, on the 22nd, described the business matters he discussed with Korean companies at the event. Based in Abu Dhabi, the company supplies equipment and other items needed for oil, gas and petrochemical plants. He explained that although the impact of the war in the Middle East has driven up transportation costs considerably and increased the burden, the event is a great help in finding new suppliers, especially in difficult circumstances. 
A total of 530 overseas buyer companies and 1,400 Korean companies took part in Export Boom-up Korea, hosted by the Korea Trade-Investment Promotion Agency (KOTRA) and the Ministry of Trade, Industry and Energy from the previous day through today. The event has been held for more than 10 years since its launch in 2015. This year, KOTRA set up a 'Special Support Zone for Exports to the Middle East' for companies affected by the war in the Middle East. It brought in 56 buyer companies from 11 countries, including the UAE and Morocco, and also supported consultations with Korean companies.

On the morning of the event's second day, company representatives and overseas buyers continued to arrive in the lobby of Hall 7 at KINTEX Exhibition Center 2 to register. Export consultations for business-to-business (B2B) deals were underway at showcase booths inside the venue. Representatives of Korean companies explained their products' features, while buyers examined the samples on display and asked questions.
Although conditions for exports to the Middle East are challenging this year, some consumer goods exports are performing well. According to KOTRA, exports to the Middle East totaled $9.8 billion from January to September this year, down 18.1% from the same period last year. However, exports of cosmetics and food products, among others, rose by 19.1% and 6.9%, respectively in the first half of this year compared with last year.

At the event, Korean companies continued to show interest in finding new sales channels in response to demand for consumer goods in the Middle East. Skinroom, a Korean skincare company, discussed opportunities to expand overseas with buyers from Morocco and elsewhere in the Middle East. The company said that, as it had entered overseas markets such as Europe and the United States only a few months ago, the event offered an opportunity to gauge demand in new markets.
A Skinroom representative said, “Being able to get help developing overseas sales channels while staying in Korea is a tremendous opportunity.” The representative added, “At this event, we met overseas buyers, including those from the Middle East, and discussed local market conditions and the potential for our products to enter those markets. It was a great help in learning about market characteristics and finding distribution partners with whom we can grow together.”
A representative of GM Beauty, a Moroccan cosmetics distributor, said they had come to Korea for the first time to increase collaboration with Korean beauty companies. “We plan to continue follow-up discussions with at least four brands among the companies we met,” the representative said. “Korean companies are well prepared, including having a good understanding of the international standards required for overseas expansion.” The representative also noted, “The domestic beauty market offers plenty of choice, with a wide variety of products, and is highly price-competitive even when logistics costs and other factors are taken into account.”
KOTRA also set up an export logistics consulting zone at the venue that day, offering one-on-one consultations on tariffs, customs clearance and logistics. It plans to continue online consultations with some buyers who could not visit Korea because of worsening conditions in their regions, and to connect them with follow-up consultations after the event to help finalize deals. 
[email protected] Park Ji-yeon Reporter