Korean SMEs get introduced to U.S. gov’t procurement marketKorea Trade-Investment Promotion Agency (Kotra) held a meeting in Washington, D.C., on Tuesday local time to match some 23 Korean defense product and parts makers with the U.S. Defense Ministry and 45 defense product and aircraft makers. Participating companies included Lockheed Martin and Rolls Royce, and a total of 114 export contracts worth $5.5 million were inked.
According to Kotra, the U.S. federal procurement market is the world’s largest public sector market at nearly $440 billion a year.
The agency said the U.S. government’s protectionist trade policies had made it difficult to enter the market, but that it had selected small and midsize Korean producers whose strengths were in products not produced by American companies.
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