Invest KOREA

In preparation for a free trade agreement (FTA) between Korea and China, the Korea Trade-Investment Promotion Agency (KOTRA) will establish a Korea business plaza next month in Beijing, China.

KOTRA announced February 8 that it will build a Korea business center in the Beijing POSCO Center, which will open in March, and encourage the Korea Eximbank, the Korea Trade Insurance Corporation, local governments and 20 export startups to move into the center.

KOTRA explained that the construction of a business plaza is the result of KOTRA CEO Jaehong Kim’s strong intention to maximize the effects of the bilateral FTA through open collaboration with relevant organizations. Kim expressed his plan at a meeting with directors of KOTRA’s overseas offices in China on February 8 in Chengdu, China.

KOTRA will provide “one-roof services” along with the Korea Eximbank, the Korea Trade Insurance Corporation and local governments.

KOTRA will also establish four FTA support centers in cities including Beijing and Chengdu in the first quarter of 2015. They will be operated in association with the China Desk of the Korea International Trade Association.

KOTRA will hold its largest Korea-China FTA Business Plaza ever in April by inviting 300 Chinese buyers to Korea.

KOTRA will also strive to expand consumer goods exports by attracting large-scale companies including Alibaba to launch branches in Korea and supporting international wire transfers through payment systems including UnionPay. It will also hold events to introduce the investment environment of Korea’s real estate sector (2 - 3 times a year) and meetings to build partnerships between the two countries in the automobile, home appliance and electric industries.

Inaugurated in early January, Kim selected China as the destination of his first business trip and held a meeting with the directors of KOTRA’s overseas offices in China.

“Our efforts show how we will preemptively respond in the era of the Korea-China FTA. The bilateral FTA will be a turning point for Korea to enter the Chinese market since the establishment of diplomatic ties between the two countries,” said a KOTRA official.