South Korean companies gained spotlight from U.S. buyers seeking to replace Chinese suppliers at a business convention in Georgia, securing major contracts amid a broader supply chain shift triggered by the U.S.-China trade war.
The 23rd World Korean Business Convention, which concluded Sunday after a four-day run in Atlanta, Georgia, drew over 3,000 visitors on the first day.
U.S. buyers grappling with sourcing challenges viewed the event as a timely opportunity, with major players like home improvement retailer Home Depot Inc. in attendance to diversify their supplier base.
Many deals were signed during the convention. U.S.-based retailer Home Shopping World, led by Chief Executive Officer Rick Kim, struck $4.5 million worth of deals with two small Korean companies.
Sloker, a traditional rice-based liquor producer from Cheonan, signed a $7 million contract with Chicago-based Jinmyung Corp. and a $3.8 million deal with KHO.
Some Korean firms were considering building production facilities in the U.S. to bypass tariff barriers.
Hanul Co., a wet wipes supplier to Costco Wholesale Corp. and others, reported new interest from buyers who previously manufactured in China but are now shifting to Korean alternatives due to profitability concerns under current tariffs.
Gumi-based e-Powertrain Korea, a maker of electric motors for unmanned aerial vehicles, promoted its capability to support U.S. drone manufacturing without Chinese components.
