Daegu Metropolitan City announced Wednesday that its decade-long "Machinery Industry Export Capacity Enhancement Program" has generated total exports of $121.9 million (approximately 179 billion won).
Since 2016, the city has provided global marketing support to 116 machinery industry companies across sectors including auto parts, automation equipment, machine tools, precision tools, molds, castings, water treatment equipment, agricultural machinery and textile machinery.
The program has expanded export markets to 14 countries including the United States, Hungary, Germany, Mexico and Japan.
In the program's early years, six companies including Sungshin Metal and Woojin pioneered overseas markets with $5.94 million in exports to five countries, despite challenges from G2 risks such as U.S. interest rate hikes and China's economic slowdown, as well as export difficulties stemming from THAAD deployment.
During the COVID-19 pandemic, the city shifted marketing approaches to digital formats including online exhibitions and introduced a marketing specialist system, converting crisis into opportunity with $14.25 million in exports to nine countries.
In 2022, amid continued global uncertainty from the Russia-Ukraine war, rising oil prices and surging raw material and logistics costs, the program achieved $13.88 million in exports to 12 countries by developing emerging markets such as Uzbekistan.
"Korea's exports hit a record high last year driven by semiconductor export growth, but export conditions for traditional manufacturing sectors like machinery and parts remain challenging," said Choi Woo-gak, chairman of the Daegu-Gyeongbuk Machinery Cooperative. "We will strengthen overseas marketing support to actively back market development abroad."
"Manufacturing innovation such as AI Factory is a realistic alternative that allows regional traditional manufacturers to improve both profitability and export competitiveness simultaneously," said Lee Yun-jung, director of Daegu City's Machinery and Robotics Division. "We will continue supporting regional companies to advance into global markets through strengthening machinery industry export capacity."
