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South Korea will step up its efforts to explore untapped overseas markets in
order to pave the way for small and medium businesses to break into the
countries, a state-run trade agency said Wednesday.
The Korea Trade-Investment Promotion Agency (KOTRA) said that it will open one new business center each in Mongolia, Mozambique and Belarus in the second half of this year.
KOTRA currently has 119 business centers worldwide, which help Korean companies to enter the markets by searching for business opportunities and arranging business meetings with local firms.
The agency expected the launch of the centers to call South Korea businesses' attention to the countries.
Mongolia is one of the world's most resource-rich countries with an average economic growth rate of 8 percent over the past five years. The country is luring foreign investment in order to expand social infrastructure, KOTRA added.
Mozambique is also an untapped market with abundant natural resources. The upcoming business center in the southeastern African country will be KOTRA's 10th business center on the continent.
KOTRA also said South Korean companies can use Belarus as a springboard for tapping into the eastern European region.
"We will help small and medium companies make inroads into emerging countries by opening more business centers there," a KOTRA official said.