WECAN GLOBAL targets the Philippine market — a new wave of 'K-farm machinery' in Southeast Asia
WECAN GLOBAL targets the Philippine market — a new wave of 'K-farm machinery' in Southeast Asia
By Koo Jung-min · Korea Farmers & Fishermen News · 2024.05.08
WECAN GLOBAL has signed a large-scale supply contract for tractor implements, including rotavators, in the Southeast Asian market. Amid a continued downturn in the domestic farm-machinery market, Korean machines are performing well in Southeast Asia — once barren ground for farm-machinery exports — raising the nation's standing.
WECAN GLOBAL (CEO Kim Jun-hwan), a leading Korean farm-machinery manufacturer, announced that it won a tender project launched by the Philippine government for agricultural modernization, signing a contract to supply a total of 1,806 tractor implements (906 rotavators and 900 disc plows) and successfully carrying out the delivery.
Located in Nangsan-myeon, Iksan, Jeonbuk, WECAN GLOBAL Co., Ltd. has specialized in tractor implements such as rotavators and plows for the 20 years since its founding in 2004, and is actively opening new paths through exports in step with the rapidly changing global farming environment.
CEO Kim Jun-hwan said, "The Southeast Asian farm-machinery market has been dominated for over 30 years by Japanese makers. Thanks to a long-prepared market-entry plan built on a deep understanding of local farming conditions and the machinery market in the Philippines, we achieved the largest export result ever recorded by a Korean farm-machinery company."
The Philippines, the world's largest rice importer, has a low mechanization rate, so about 16% of its rice output is lost during harvesting, processing and distribution. The Philippine government has therefore pursued a farm-machinery supply project to improve food self-sufficiency and raise farm incomes.
Over several years, WECAN GLOBAL developed products tailored to Southeast Asia through a strategic approach to local conditions and thorough market research, which enabled it to target the Philippine market. CEO Kim said close collaboration with Fit Corea, which has a strong understanding of the Philippine market, helped establish a localization strategy and develop and supply products matching local farmers' needs, leading to this large order.
WECAN GLOBAL plans to solidify its position in Southeast Asia and is also exploring the establishment of a parts and assembly plant in the Philippines as a forward base for Southeast Asian exports, along with a local subsidiary to contribute to the local community and economy over the long term.
Kim Bo-seok, CEO of local partner Fit Corea, said, "This achievement is a valuable result of both companies' long and dedicated efforts, trusting in the potential of the Philippine farm-machinery market," adding that the partners will continue to support each other so that WECAN GLOBAL can become a market-leading brand in the Philippines.
