South Korean business leaders from around the world sought ways to strengthen their ties with their homeland and their business counterparts here Tuesday as they gathered in this southeastern city for an annual meeting.

Attending the annual conference of the World Federation of Overseas Korean Traders Association, or World-OKTA, about 800 South Korean businesspeople from 61 countries also vowed to help improve the country's global image.

"Today we gathered here at a marketplace where both buyers and sellers can communicate in our own language," Kwon Beang-ha, chairman of the World-OKTA, said in a speech marking the opening of the conference in Changwon, South Gyeongsang Province.

"I sincerely hope we will not only contribute to the economy of Changwon and South Gyeongsang Province by successfully holding this event, but also help the country's companies make serious inroads into overseas markets."

Also participating the conference, set to end Friday, were officials from some 200 small and medium enterprises (SMEs) in South Korea, who will hold one-on-one meetings with the visiting business leaders from around the world to seek new opportunities in overseas markets.

Park Jung-chan, president and CEO of Yonhap News Agency, a co-host of the conference, said the event will offer new opportunities for both companies here and South Korean businesspeople from overseas.

"I have no doubt the business consultations will create a win-win situation for our businesspeople from here and abroad," he said in his congratulatory remarks.

"This year's event, which is the largest in its history, is especially meaningful in that it is being held in the industrial city of Changwon, which has led South Korea's industrialization," he added.

The World-OKTA earlier said this year's event will particularly focus on helping South Korean exporters hit by the recent earthquake in Japan.

There are 170 SMEs in South Gyeongsang Province alone that annually export more than US$1 million worth of products to Japan, according to business authorities here. A recent surveyed showed that many of them each suffered up to $8 million in damage from the quake and tsunami that hit Japan's northeastern region on March 11.

The World-OKTA was formed in April 1981, led by Korean traders based in the United States and Japan under the auspices of a state-run trade association, in order to promote their homeland's international trade and help improve the country's image and status.

The group has since grown into the largest organization of overseas Korean businesspeople with 6,200 full members and 8,400 next-generation members at 113 chapters in 61 countries.

Source: Yonhap News (April 19, 2011)