The Chungnam Information & Culture Industry Promotion Agency (CICA), led by Director Kim Gok-mi, announced on April 23rd a significant achievement at the recent 23rd World Korean Business Convention held in Atlanta, USA. Participating alongside Chungcheongnam-do Province Vice Governor Park Jung-joo and Cheonan City Vice Mayor Kim Seok-pil, CICA facilitated export agreements totaling $28.7 million (approximately KRW 40.7 billion) for tenant companies of the Chungnam Cheonan Complex Startup Park. This remarkable figure represents about 75% of the total $38.41 million in export agreements secured by all Chungcheongnam-do participating companies at the event, building upon the $20.5 million achieved at the World Korean Business Convention in Austria last year.
Notable successes include a $12 million export agreement by construction systems provider Company A, and a $11.3 million agreement secured by brewing solutions developer Company S. Furthermore, G Company, which develops autonomous lawnmower robots, participated in the startup pitching competition, reaching the final round among 226 companies and winning the ‘Innovation Award’. This recognition led to a $2.6 million export agreement, validating their advanced technology and potential in the US market.
A key factor in CICA’s exceptional performance at this year's convention was the signing of a Memorandum of Understanding (MOU) with G6 Global, a global business consulting firm, to foster collaboration in supporting the market expansion of participating companies. Headquartered in Silicon Valley, USA, G6 Global boasts an extensive network across major markets including North America, Asia, and Europe. Their expertise in leveraging Korean business networks for marketing strategies and providing localized market entry consulting is expected to significantly aid Chungnam-based startups in their overseas ventures.
Director Kim Gok-mi stated, "The agreement with G6 Global marks a crucial stepping stone for strengthening the global competitiveness of Chungnam startups. We are committed to actively supporting their growth through overseas marketing and networking opportunities, enabling them to take their businesses to the next level."
The Chungnam Information & Culture Industry Promotion Agency remains dedicated to its role as a partner for global innovation leaders, striving to connect Chungnam’s exceptional content, technological prowess, and specialized enterprises with the global stage, ultimately positioning them as central players in the international market.
Additional Information & Context:
The World Korean Business Convention (also known as the World-OKTA Convention) is an annual event that brings together Korean business leaders and entrepreneurs from around the world. It serves as a platform for networking, deal-making, and sharing insights on global business trends. The convention is organized by the World Federation of Overseas Korean Traders Associations (World-OKTA), a global network of Korean businesspeople.
The participation of local government officials like Vice Governor Park Jung-joo and Vice Mayor Kim Seok-pil underscores the strong support from Chungcheongnam-do Province and Cheonan City for their local businesses' international expansion efforts. The focus on startups from the Chungnam Cheonan Complex Startup Park highlights the region's commitment to fostering innovation and entrepreneurship.
The recognition of G Company with the ‘Innovation Award’ not only secured an immediate export deal but also provided valuable validation of their technology in a competitive international arena. Such accolades can significantly boost a startup's credibility and attract further investment and partnerships.
The strategic partnership with G6 Global demonstrates CICA's proactive approach to providing tangible support for their startups. Access to established global networks and expertise in international market entry is crucial for the success of companies venturing into new territories. The emphasis on leveraging the Korean diaspora network is a particularly effective strategy, as Korean business communities abroad often possess valuable local market knowledge and connections.
The success at the 23rd World Korean Business Convention signifies a positive trajectory for Chungnam's startup ecosystem and its ambition to achieve global recognition. By facilitating such impactful collaborations and providing comprehensive support, CICA is playing a vital role in positioning Chungnam as a hub for innovative and internationally competitive businesses. The continued commitment to connecting local enterprises with the global market will be crucial for sustained economic growth and development in the region.
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