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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.