econAN international GmbH in cooperation with the German-Korean Chamber of Commerce (AHK Korea) and the German Cosmetic, Toiletry, Perfumery and Detergent Association (Industrieverband Körperpflege- und Waschmittel e.V.) will be conducting a delegation trip to South Korea from the 8^th to the 12^th of November. The delegation trip is a project-related funding measure under the German Federal Ministry for Economic Affairs and Energy (BMWi) market development program and will focus on the cosmetic and cleaning product sectors. The target group is primarily small and medium-sized German enterprises (SMEs). German companies in the target sectors will receive detailed information on entering the South Korean market and will be supported in their search for business partners.

Market entry programme

The Federal Ministry for Economic Affairs and Energy (BMWi) supports German firms in a variety of ways. Its export promotion services are coordinated and bundled together under the new umbrella initiative “Mittelstand Global” (Global SMEs). They help small and medium-sized enterprises to develop new markets abroad. The programme caters to forward looking industries such as energy, environmental technology, healthcare and civil security, but also to more traditional industries. Companies are able to combine different modules, and are able to choose the right services in line with their individual needs. This includes information events in Germany, business initiation trips to selected markets in order to establish first contacts with potential partners, and fact-finding missions to Germany for decision-makers from industry and administration of selected target countries. For more information, please refer to https://www.bmwi.de/Redaktion/EN/Dossier/export-initiatives.html

Delegation trip program

During the delegation trip participants will receive information about the South Korean market and will come into contact with potential business partners. The program is kicked off with a country briefing on South Korea, followed by opportunities to present products and services of the German participants. In the individual discussions organized in advance and moderated by the AHK Korea, concrete cooperation with South Korean companies from the sector is to be initiated.

Target region and market opportunities

South Korea is a high performing and technologically leading economy. As Asia's fourth-largest economy, the country is one of the world's key suppliers in some major economic segments. Despite the Corona pandemic, South Korea's gross domestic product (GDP) fell by only 0.9% in real terms in the first three quarters of 2020 compared with the same period of the previous year.

Products labeled "Made in Germany" do enjoy high reputation in South Korea. German cosmetics companies have a long-established position, especially in the "functional cosmetics" sector. However, the area of "dermacosmetics" (a combination of the words "dermatology" and "cosmetics") has shown stronger growth, with average annual rates of 15% since the beginning of the decade. For a successful market entry, a Korean importer or partner is indispensable; not only to communicate with authorities like MFDS or KPTA, but also to fathom market and cultural trends.

Due to its proximity to the Chinese market and through strategic positioning, Korea can serve as a bridgehead for expanding business into other Asian countries. Especially in regard to the cleaning supply sector, first mover advantages and a feel for trends and innovations are crucial. For some years now, there has been a trend toward detergents and cleaning agents that help to combat fine dust contamination or stains from tea and the Korean national garnish kimchi. The strength of the German industry in the area of sustainability (from the supply chain to packaging) also offers a competitive advantage over Korean companies.

Who should participate

The program is aimed in particular at SMEs, self-employed professionals in the commercial sector, as well as specialist freelancers and business-related service providers with business operations in Germany and a corresponding industry focus. When allocating places for the delegation trip, priority is therefore given to small and medium-sized enterprises over large companies.

Further information

Further information can be found here.

Registration and further questions

Registration is open until August 08, 2021. Please direct your registration and further questions to:

Contact:

Sabrina Lopp

econAN international GmbH

Phone: + 49 (0)40 75365172

E-Mail: s.lopp@econan.com

Internet:

www.econan.com

Please refer to the download below for more information in German.