Invest KOREA

The Korea Trade-Investment Promotion Agency (KOTRA) cooperated with the government and relevant export support institutions to overcome falling exports by securing opportunities to enter the Chinese market that has been expanded thanks to the free trade agreement between Korea and China. KOTRA, the Ministry of Trade, Industry & Energy, Small and Medium Business Corporation, Korea Federal of Small and Medium Business, Korea International Trade Association and Commercializations Promotion Agency for R&D Outcomes jointly held the Korea-China FTA Business Plaza at COEX for two days from February 25.

Around 900 domestic small- and medium-sized companies (SMEs) participated in the event to engage in business consulting meetings with 209 Chinese buyers including JD.com (China’s 2nd largest e-commerce site) and Haier (China’s largest home appliance company) and 21 Chinese investment companies including DT Capital Partners (awarded “2013 Forbes China Top 10 Venture Capital Firms”).

China announced the Made in China 2025 plan in 2015 to transform the country from a manufacturing giant into a world manufacturing power. Accordingly, the business consulting meeting was organized to create a value chain between Korea and China by identifying the demand of Chinese manufacturers for parts and materials and new technology and encouraging Korean companies to supply parts and materials and half-finished goods to their Chinese counterparts, carry out outsourcing activities, promote research and development and facilitate technology cooperation.

The Korea-China FTA Business Plaza also included a technology cooperation forum to introduce Korean patents and technologies to Chinese companies and conduct technology transfer consulting meetings; and one-on-one investment consulting meetings between Chinese investors and Korean companies in the sectors including cosmetics, fashion, beauty, IT, bio and cultural contents.

“We feel as desperate as our SMEs suffering from weak exports. Therefore, we will strive to help them enter the Chinese market, Korea’s largest export market, by working together with the government and relevant export institutions,” said KOTRA CEO Kim Jae-hong. 

 
Source: KOTRA (Feb. 25, 2016)

** This article was translated from the Korean.