Invest KOREA

Held K-Innovation Day…Inviting IBM and Walmart to Support Individual Consultations with Korean Companies
Six Companies Participating in the Korean Pavilion Signed MOUs worth USD 8 million on site

The Ministry of Trade, Industry and Energy (Minister Ahn Duk-geun) and KOTRA (President Yu Jeoung-yeol) said that the Korean Pavilion participating in "CES 2024" received great attention from overseas buyers.

Major figures from global companies such as CEO Satya Nadella of Microsoft, CEO Manojkumar Parmar of AIShield by Bosch visited the Korean Pavilion, which was the largest ever with 443 Korean companies participating. In particular, innovative small and medium-sized startups that realize social values and sustainability in AI, mobility, and smart health caught the attention of overseas buyers, engaged in active consultations. CEO Lee Jong-hoon of Airmon said, "by participating in the Korean Pavilion, we discovered partners to help us enter the US market, and the estimated amount of future contracts is about USD 10 million."

MOTIE and KOTRA actively supported marketing for companies participating in the Korean Pavilion at CES 2024. The 'K-Innovation Day' hosted by KOTRA on January 10 arranged individual consultations between Korean companies and 16 global companies, including IBM, Walmart, and Fedex, providing opportunities for discovering demand and technical cooperation through a networking dinner attended by more than 100 companies, including overseas venture capital and buyers. In addition, it also promoted outstanding technologies and products of Korean companies by providing opportunities for pitching, technology demonstrations, and IR throughout the exhibition period on January 9-12.

Six companies that participated in the Korean Pavilion signed MOUs on supply contracts and technology partnerships worth USD 8 million at the site. KOTRA expects on-site contracts worth about USD120 million at the Korean Pavilion, and the final amounts will be announced later by compiling the contracts of all participating companies.

Minister Ahn Duk-geun said, "We were able to fully show the competitiveness of our companies at CES, a stage to show off the world's best innovative technology," adding, "We plan to actively support technology development and overseas marketing for innovative products so that we can raise the technological competitiveness of promising tech companies and market their technologies and products." KOTRA President Yu Jeoung-yeol said, "We will do our best to provide follow-up support such as video counseling and reaching-out to promising buyers to ensure that our companies' participation in CES can lead to practical results. We plan to expand support for overseas exhibitions, a platform for global export marketing."



Source : KOTRA (Jan. 15, 2024)