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“Traditional Markets in Crisis Find a Way to Recover in Abroad”

“Traditional Markets in Crisis Find a Way to Recover in Abroad”

Posted November. 12, 2003 22:49,   

한국어

Traditional markets having had hard times begin to revive. They are finding new ways through introducing themselves to overseas market.

The merchant union of Chungbu market, a representative traditional dried-fish market in Seoul, revealed on November 12 that they established a legal entity for processing and circulating products in Russia, collaborating with KOCON, Korean marine products company in Russia.

It is the first time for traditional markets carrying dried-fish and marine products to advance to abroad and establish a legal entity in foreign country even though several merchants of Dongdaemun market ever advanced to fashion mall industry of China and Japan.

The union will rent and run a marine complex of 50 thousands pyoung with processing facilities and drying field for marine products in Khabarovsk, Russia from next year, holding 49% of the corporate quota.

The marine complex will have Korean companies of processing marine products move in and process marine products such as Alaska Pollack and supply them to Russian Market, Chungbu market as well.

“The amount of supply is decreasing sharply because of difficulties in securing fishing quota in Russian waters, the main producing district of Pollack” said Kim Chang-ho, chief of the merchant union of Chungbu market, and added “We will secure safe source of Pollack supply and capture Russian marine products market by advance into the spot.”

The Chungbu market launched in 1957 is Korea’s largest market of specializing in dried-fish and marine products, visited by 10 thousands people per a day in average.

The merchants are trying to weather the crisis by opening ‘e-Chungbu market’ (www.jungbumarket.com), online shopping mall, and developing a common brand ‘Chabannuri’, certified by the merchant union while the traditional markets are shrinking and discount stores are increasing.

Recently they promoted a work of modernizing market. They opened two modern shopping mall buildings and will construct six more buildings.



Yong Park parky@donga.com