Jeonnam Gwangju firms secure $2.4 million in Russian export MOUs

Jeonnam Gwangju, in collaboration with the KOTRA Gwangju-Jeonnam support division, has secured 10 export Memorandums of Understanding (MOUs) totaling approximately $2.408 million during a market development mission to Russia.

The mission, which visited Moscow and Saint Petersburg, aimed to identify new export channels for local small and medium-sized enterprises (SMEs) amidst changing market conditions caused by Western sanctions and logistical constraints. Eight local companies participated, showcasing products such as abalone, seaweed, beverages, and cosmetics.

In Moscow, agreements worth $1.503 million were reached, including $1 million from Wando Mom and $500,000 from JN Company. In Saint Petersburg, agreements totaling $905,000 were signed, featuring companies like Seokwang Food and Wando Mom. To ensure these MOUs convert into actual exports, the city plans to provide intensive follow-up management between October and November to oversee price negotiations and contract finalization.