MOTIE and KOTRA ramp up efforts to help
Korean SMEs enter the global market
Over 300 international buyers gathered in the city of Ilsan on November 30 to participate in Boom-up Korea 2016, a business partnering event held by the Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA). To prop up the nation’s export performance and forge strong business partnerships, Boom-up Korea provided a wide range of opportunities for foreign companies to network with almost 1000 Korean SMEs.
The main event of Boom-up Korea
consisted of 1:1 business partnering
events, inviting prospective buyers to talk
to some of Korea’s most promising small
and medium enterprises (SMEs). The
meetings were divided into four major
sections: consumer goods, services, parts
and materials and IT technology. A total
of 234 contracts and MOUs worth USD
206.7 million were signed as a result.
As Korea is the leader in industries like manufacturing and automobiles, a num- ber of world-renown companies attended the event to expand their business circle. “There is increasing demand for luxury and electronically-equipped automobiles in the Chinese auto market so I came to Korea to find a partner with advanced technologies. I hope that I can meet with a suitable
Korean company during the
event,” said Shang Xiao, the inspector
general of China’s Jinbei Automobile.
The National Customs Service, K-Sure, Agro-Fisheries & Food Trade Corp., Korea Testing & Research Institute, Korea International Trade Association and other relevant government organizations also provided consulting for SMEs on matters of FTA tax reduction, export import insurance and acquisition of overseas certification. These booths aimed to carry out the vision of ‘Government 3.0’, a paradigm that aims to make the Korean government more transparent, competent and
On the sidelines of the 1:1 business meetings, a seminar was held to inform participants on various promotion strategies for local companies seeking to enter the global market. Heads of KOTRA’s Business Centers from seven different countries, including the United States, China, India and Brazil, presented on Korea’s new export promotion strategies for their respective markets. In response to the possible changes of U.S. trade policy after Donald Trump’s victory, Jonggun Lee, Director General of
KOTRA Washington DC, stated that it was time for Korean companies to shift from the traditional product-based approach to a more complex project-based approach. According to Lee, this approach converge high-value added products with sophisticated design and advanced technologies. He also provided a detailed analysis on which industries are likely to do well under the Trump
administration—construction, heavy equipment and air
defense technologies—since he is likely
to ramp up efforts to strengthen infrastructure.
In the case of China, Hanjin Park of KOTRA Taipei touched upon the seven promising products expected to grow thanks to the Korea-China FTA. These include clothing, cosmetics, outdoor sports products, electronics, food, baby products and household goods. Park advised that domestic companies target China’s so-called “wired consumers”, especially since the country has the world’s largest e-commerce market. China’s annual online-retail sales passed those of the United States in 2013 and Korean
companies can thus take full
advantage of the FTA to export their
Jaehong Kim, President and CEO of KOTRA, pointed out, “It’s true that the world’s export performance is sagging, but there are also many opportunities in the export market. Even if it means just one more deal, KOTRA will do its best to sign more export deals.”
On the occasion of Boom-up Korea,
KOTRA Express sat down with one of our foreign buyers,
Dr. Maher Bayoumi, General Manager of Med Care Egypt.
Here’s what he had to say about the event.