1252

orean small companies tap Russian market


A trade mission composed of 12 small and medium companies in two regional cities, Ansan and Namyangju, have visited Moscow, Russia on June 14, 2007 to have sales meetings with 86 local buyers. Korean companies manufacturing various products such as automobile parts, car navigation system, mobile gas leakage tester, electric heating system, etc. had busy sales meetings with Russian companies and signed sales contracts amounting to U$ 7,800,000. Russian companies expressed their interest on new information technology products such as car navigation and security camera which seem to be in fledgling stage in local market. One notable contract is between Handok Bastec and Russian LMG INST for long-term delivery of cargo crane until 2009. After the sales meetings were over, mission delegates have participated in a forum, entitled "Market trend and strategy to succeed in Russian market" that has been organized by Korea-Russia Cooperation Center for Industry and Technology at Moscow Chamber of Commerce on June 15, in which there was a brief explanation about Russian market from the standpoint of political, economic, historical and cultural background and discussion about Korean companies' strategic access into Russian market. Mission delegates also expressed their thanks to IPR for smooth management of the event, which they wish to be repeated in following years for export promotion to Russia.