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| Foreign Entrepreneurs to Lay the Foundation for Exports at Jecheon Korean Medicine Expo | |
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Foreign Entrepreneurs to Lay the Foundation for Exports at Jecheon Korean Medicine Expo
- CBFEZ enhances on-site support linked to local industries for foreign startup participants - On September 23, the Chungbuk Free Economic Zone Authority (CBFEZ) announced that it will offer an on-site program focused on supporting exports for approximately 30 foreign prospective entrepreneurs and startup founders at the 2025 Jecheon International Korean Medicine and Natural Products Industry Expo. This program is a part of the 2025 Foreign Entrepreneur Support Project, designed to improve understanding of promising industries in Chungbuk and provide a foundation for exports with practical startup support linked to local industrial sites. Participants visited the Expo's Industrial Pavilion to try popular local products such as traditional Korean medicine and natural products themselves, learn about Korean industry trends, and analyze market demand and product characteristics. They also explored opportunities to expand their export foundations through exchanges with local companies that could partner by OEM/ODM. During the Expo, MK International* and Globe Gate,** startups founded by foreign entrepreneurs, hosted booths in the Industrial Pavilion. They promoted their products and strengthened networking in the startup ecosystem by sharing entrepreneurial knowledge and offering practical advice to visiting junior entrepreneurs as senior founders. *Established in 2023 (Mongolian/Osong tenant) / Cosmetics and wellness product distributor / Cumulative exports: 260 million won **Established in 2023 (Mongolian/Osong tenant) / Health supplement distributor / Cumulative exports: 280 million won CBFEZ expects this program to support foreign entrepreneurs in building a foundation for their startups by helping them understand the characteristics and competitiveness of domestic products, ▲identify OEM/ODM partners, ▲gain insight into industry trends, and ▲network with fellow entrepreneurs. Furthermore, it is expected to serve as a bridge to expand exports through partnerships with small businesses in the province. CBFEZ has been providing targeted support to foreign entrepreneurs since 2023, including offering trade startup training, startup offices, commercialization funding, and expert consultation. Through this program, it has fostered a total of 23 foreign entrepreneurs to date, achieving significant results of more than 19.1 billion won in cumulative exports, including 65 million won in 2023, 2.1 billion won in 2024, and 17 billion won as of July 2025. As a result, inquiries about participation in the program are steadily increasing among foreign students and foreign communities in the province. CBFEZ Commissioner Choi Bok-so said, “Chungbuk has structured support systems that guide startups from founding to successfully exporting their products and services. We are continuously strengthening practical support that links businesses to regional industries.” He added, “Moving forward, we will continue to provide proactive administrative support to help foreign entrepreneurs settle in Chungbuk and challenge the global market.” |
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