April 19, 2024

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[THE INVESTOR] Posco Daewoo, a unit of the country‘s top steelmaker Posco, opened a store in Yiwu in China’s Zhejiang province to promote products made by some 60 Korean small and medium-sized enterprises, the company said on June 9.
 
The products, 543 in total, include cosmetics and baby supplies.

 

Posco Daewoo CEO Kim Young-sang (third from left) cuts the tape at the opening ceremony of a new store in Yiwu, China. Posco Daewoo.

“We have put together a new business model helping SMEs make inroads into overseas markets, through cooperation with Korean and Chinese local governments,” said Kim Young-sang, CEO of Posco Daewoo. 

“In the future, we will work to expand the distribution platform to Northern and central regions of China.”

Posco Daewoo‘s support will include helping Korean SMEs to conclude purchasing contracts with Chinese buyers and go through customs. 

The store is located in the Yiwu market, which sells about 80,000 items imported from about 100 countries, the company said. 

Yiwu is home to Yiwu International Trade City, also known as China Commodity City, some 280 kilometers southwest of Shanghai.

Posco Daewoo will be in charge of putting together an online showroom along with promoting products on and offline, while its local partner will carry out marketing activities and offer counseling for buyers, the company said. 

By Kim Bo-gyung/The Korea Herald (lisakim425@heraldcorp.com)