Invest KOREA

According to Yonhap News,


Korea Trade and Investment Promotion Agency (KOTRA) announced on Mar. 3 that the emergency action they’ve launched two weeks ago successfully matched 98 SMEs to 72 global buyers, opening 122 virtual meetings through an online biz-counseling platform, designed in response to the recent coronavirus outbreak.

A food producer headquartered in Busan city finally confirmed if it’s ok with selling fishcake in China after joining the video conference last February to meet with a food supplier in Tianjin. The food maker soon understood the trends and soaring demand for foods that have longer shelf life in China, though both parties have yet to reach a deal for sale.

On the same day, an interior vendor who’s met with an EV producer in China through the digital platform stroke a deal to work with. The videoconferencing allowed them, who’ve kept in touch to form partnership but suddenly suspended operations since the outbreak of the deadly virus, to resume talks for the deal.

The investment agency aims to open the online channel over a thousand times within three months. Every Wednesday and Friday, in particular, have become the special events to reach out to local buyers in China.

While running the virtual meeting session, KOTRA also plans to help businesses taking part in the program get into global retail e-commerce markets, such as Amazon Europe, maintaining sales platforms in 26 countries within the EU, adding to Amazon US, a major target that KOTRA has been looking for ways to work with. Once the deal is closed, the agency steps into business cycle from market entry, advertising to delivery.

Targeting Asian Markets, KOTRA also finds access to Qoo10 Japan, one of the fourth largest online marketplaces in Japan and Shopee, which claims no.1 online e-commerce across six countries in South East Asia.

The agency set another goals which is to increase the number of trainees (SMEs) learning how to access to online retail markets to 1,400 from 1,000 this year, while pushing up the success rate either from 20 percent to 30 percent.

Putting the goals into action, they add 22 KBCs overseas in charge of sales network management to 25. These 47 KBCs back up 500 SMEs, covering from market entry, on & offline marketing to follow ups.

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Source: Yonhap News (Mar. 3 , 2020)