868 Korean companies and 223 foreign companies are gathered, in the areas of product exports, project, procurement, and startups
To be continued in Busan and Gwangju on the following day to stimulate regional industries through entry into global markets
The concentrated efforts to prop up export performance by turning overseas marketing activities into practical business opportunities, based on various export boosting measures initiated this year, have reached a pinnacle.
The Ministry of Trade, Industry, and Energy (MOTIE) and Korea Trade-Investment Promotion Agency (KOTRA) holds “2019 Boom-up Korea”, a comprehensive business partnering event integrating the government-wide capabilities in exports, ranging from central government, relevant organizations, and local governments, at Grand Intercontinental Seoul Parnas and Intercontinental COEX in Samseong-dong, Seoul on April 9, and Busan BEXCO and Gwangju Kim Daejung Convention Center on April 10.
Due to slowdown in the semiconductor industry and exports to China, exports have fallen in the past four months in a row. However, the fall has abated since March, and the exports forecast improved for the last half of the year, driven by the semiconductor industry. Against this backdrop, this event has been prepared to make an early turn-around of exports by providing a large-scale business opportunity in all areas of global market entry covering product exports, projects, public procurement, and startups.
As part of such efforts, major industries encompassing consumer goods, medical and bio, ICT, project, procurement, as well as auto parts and ship equipment are included in more than 2,000 business partnering between 868 domestic small and medium enterprises and 223 foreign buyers from 56 countries.
On the sidelines of the main event, the world’s leading companies were also present to offer purchase strategy seminars.
Chinese largest e-commerce group Alibaba came to Korea along with its eight suppliers and offered a session for business partnering and explanation on Tmall, its e-commerce platform, to about 300 Korean companies. Also, Japan’s Denso, the world’s second largest auto parts company with USD 48.1 billion sales, introduced demand in various areas such as processed parts, facilities, and software.
Meanwhile, in Busan, a stronghold of the shipbuilding industry, UK’s leading defense company Babcock holds a ship equipment purchase strategy seminar, intending to enhance cooperation with 60 Korean companies seeking market diversification beyond the domestic market.
KOTRA President Kwon Pyung-oh said, “To restore vitality of exports, the mainstay of the Korean economy, the willingness of enterprises to pioneer markets and all-out supports from the government and relevant organizations must go hand in hand,” adding that “we will do our utmost to help Korean companies produce tangible results within this year by developing new businesses to increase exports 10% in the countries with KOTRA’s overseas offices, and by continuously making inroads into new and uncharted markets.”
Source: KOTRA (April 10, 2019)