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The Korea Trade-Investment Promotion Agency (KOTRA) and the Ministry of Trade, Industry and Energy held last week the 2013 Korea-China future partnership plaza in Beijing, China , in association with a summit meeting between Korea and China.
The event provided one-on-one export consultations between 83 Korean small- and medium-sized companies and 160 Chinese buyers.
Large companies with annual sales of USD 7 billion, including electronics makers Huawei and Haier, heavy equipment manufacturer Zoomlion and the China State Shipbuilding Corporation, participated in the sessions.
The event served as a good opportunity for Korean companies to enter the Chinese market, as about 130 large Chinese distributors and importers have applied to participate.
A KOTRA official noted that Korea needs to change its export strategy, as China’s purchasing power is growing and Chinese industries are advancing. He emphasized that Korea needs to reinforce exports of high value-added parts and materials in line with the globalization of Chinese corporations while increasing the market share of consumables.
Source: Yonhap News (June 27, 2013)
** This article was translated from the Korean.