This success story comes from providing the following services: Korea Trade Missions and Market Visit Assistance
The Investment and Development Agency of Latvia, in collaboration with the Latvian Embassy in Seoul, South Korea, requested the setup and organization of meetings for eleven Latvian Food and Beverage exporters with Korean importers and distributors during the COEX Food Week 2023 exhibition under the official Latvia pavilion.
TARGET – SETTING UP MEETINGS WITH KOREAN IMPORTERS
The Korean Food and Beverage market is very active and trendy, hosting hundreds of brands from around the world. European brands enjoy a good reputation in the Korean market. Sales channels for Food and Beverage in Korea include regular supermarket chains, premium stores, convenience stores, and online platforms.
CHALLENGE - SATURATED MARKET AND UNKNOWN BRANDS
While the Korean food and beverage sales channels are highly developed, most well-known global brands have already established a presence in the market. Strong brands vie for shelf space alongside local producers, presenting a challenge for new and lesser-known brands seeking entry. Furthermore, hosting meetings at the national pavilion of Latvia during the COEX Food Week exhibition posed difficulties for importers located outside the Seoul Metropolitan area to attend. Adding to this, and notably crucial, there are less than three weeks remaining before the exhibition starts.
WORK PROCEDURE - MARKET RESEARCH AND PROSPECTS IDENTIFICATION
- First Step: Meetings were conducted with each Latvian exporter to understand their company background, activities, the brand, and the products they wished to promote in Korea.
- Second Step: Extensive study of the Korean market for each product was carried out, identifying potential importers meeting the Latvian exporters' requirements. A comprehensive list with full details of these importers was prepared and shared with the Latvian exporters.
- Third Step: Upon review and confirmation by the Latvian exporters, contact was made to introduce the Latvian brand, validate the importers' capabilities and gauge their interest.
- Fourth Step: Meetings were set up with Korean importers who expressed interest. Each exporter received a list of confirmed meetings, including contact points, before their arrival in Korea.
RESULT – OVER 50 MEETINGS AND TWO COMMERCIAL CONTRACTS
Eleven Latvian Food and Beverage exporters participated in the COEX Food Week 2023 under the Latvian national pavilion.
Each Latvian exporter had an average of 5 meetings with Korean importers and distributors, arranged by KOISRA. The Korean companies were professional food and beverage importers with extensive experience in European food imports and distribution across all retail channels.
During the meetings, two Latvian exporters received offers to sign commercial contracts, marking the beginning of official engagements.
The Ambassador of Latvia to Korea visited the pavilion, acknowledging the success of the meetings and the delegation.
Ms. Anna Daudzina, Senior Project Manager at the Export Promotion Division of the Investment and Development Agency of Latvia, remarked:
"Thank you KOISRA for all the work and effort you put into this project. It has been truly valuable! I heard very good feedback from our companies and I hope they will establish long lasting partnerships soon. It was also great working with you and I hope that we can cooperate in the near future again!"