Invest KOREA

Against the backdrop of sluggish export performance amid external uncertainties like the slowing global economy, geopolitical tensions and supply chain restructuring, the Korean government has been concerting its efforts towards finding a breakthrough in the country’s exports, including large-scale projects, tailored support measures, as well as upgraded follow-up support. Although Korea's trade balance turned around for the first time in 16 months in June with the smallest decrease in exports this year, there are still underlying uncertainties surrounding Korean exporters, mainly stemming from delayed recovery in advanced economies around the world.

In line with government efforts, the Korea Trade-Investment Promotion Agency (KOTRA) is poised to embark on numerous projects in the latter half of 2023 to achieve tangible outcome that will result in export growth earlier than planned. To this end, the Korea Biz-Trade Show 2023, also dubbed “Boom Up Korea”, hosted my the Ministry of Trade, Industry, and Energy and organized by KOTRA, kicked off on October 18 for two days, bringing together thousands of Korean SMEs and overseas buyers in one venue.

The event, held in the massive exhibition halls of KINTEX in Goyang-si, Gyeonggi Province, offered a platform for over 2000 Korean companies to showcase their products to international buyers visiting Korea for this occasion. KOTRA’s 129 overseas offices succeeded in attracting approximately 700 buyers from 62 countries around the world interested in Korea’s outstanding products and technological prowess. In addition, other sub-events like on-site MOU signing ceremonies between Korean and global companies, industry-specific consultations and 1:1 business meetings were held. The large-scale trade show covered a wide array of industrial sectors like materials, parts and equipment, defense, energy, public procurement, ICT, consumer goods, bio and more.

Notably, a whopping 8,000 one-on-one export consultations were organized at this year’s event, paving the way for Korean companies to expand to overseas markets. Among the 700 buyers were “Global Big Buyers” like Apple, Boeing, GM and Schaeffler, who are looking to diversify their supply chains in response to global supply chain restructuring.

Also, mobility manufacturers from the North American, European and ASEAN regions made their way to Korea with the aim to identify ways to cooperate with Korean companies for the production of future cars.

Furthermore, on the back of the Korean food phenomenon spreading across borders, a K-food booth attracted visitors to taste Korean food products for themselves. In particular, a Korean company that recently went viral on TikTok and in Trader Joe’s stores throughout the Unites States for their frozen gimbap showcased its popular product at the K-food booth to show visitors what the craze is all about.