President Oh Young-ho of Korea Trade-Investment Promotion Agency (KOTRA) said the age of goods exhibitions to let Korea and its firms be known around the world is over now. “Culture, arts and social service activities should be combined in a package in a soft touch to go anywhere in international trade in this day and age,” Oh said.
This year, KOTRA’s main operation overseas is to hold exhibitions and expos for Korean culture and arts as its major contents, the top KOTRA man said, adding that the promotion of Korean goods and services overseas is still the main job of KOTRA, but the inclusion of culture and arts in exhibition overseas make them more effective in showing off export goods.
Foreigners’ understanding of Korea has changed now, he said, as he has met many of them while attending Korean exhibitions and expos overseas in 2013, spending about a quarter of the year overseas, and found that they hold high expectations for Korea. The emerging nations like Vietnam, Cuba, and Myanmar look at Korea as an icon of hope, the top KOTRA official said. They look at Korea as a role model nation that overcame the scars of a war and became an advanced country, Oh said.
Oh will continue to have overseas exhibitions managed by KOTRA to include cultural and arts contents, along with the high hopes that many foreigners have for Korea. In Vietnam, KOTRA held job fairs to help Vietnamese youth find jobs with Korean firms in Vietnam or in Korea with identical exhibitions held in Turkey so that descendants of Turkish soldiers who fought in the Korean War may find jobs with Korean firms. In Cuba, signing meetings with Korean pop stars were held, Oh said in talking about KOTRA exhibitions overseas last year.
Oh said if customers think that any KOTRA sponsored events were only meant to drum up the sale of Korean goods and services, you can’t go very far with your objectives. “So it is important to show that Korea is a good and trustworthy partner for growth with any nation,” Oh continued.
“So KOTRA should show some of Korea’s friendly activities to support the developing countries by including the activities of KOICA (the Korean International Cooperation Association) in its exhibitions held overseas,” Oh said. KOTRA’s role should be filling the gap left by government diplomatic activities such as summit meetings, ministerial meetings between states, and other official meetings between governments.
Oh also said Korean goods are still discounted in advanced countries and therefore, should have the Korean premium to cope with the Korea discount that still occurs. He also said goods produced by SMEs should also get a big boost in KOTRA’s export strategies for Korean goods, as they need help in many areas of their operations such as funds, technology, and sales channels.
Since its establishment in 1962 as part of Korea’s first five-year Economic Plan, KOTRA has been dedicated to creating new export markets and increasing Korea’s trade value, which reached $1 trillion in 2011. In the late 1990s, the agency helped Korea overcome the Financial Crisis by starting its foreign direct investment promotion division. And in the last half century, KOTRA has played a significant role in supporting Korean companies overseas expansion.
Today, the world economy is more volatile than ever due to the European financial crisis, China's hindered economic growth, upcoming elections in 15 countries, and security issues in the Middle East. In preparation for a rapidly changing market environment, and using Korea’s expansive FTA network, KOTRA is focusing on the globalization of small and medium sized enterprises (SMEs), the backbone of the Korean economy, by providing them with customized support related to global business establishment and export.
To further expand Korea’s trade sector, KOTRA is increasing the exports of new growth industries such as the knowledge service industry, bio-medical industry, and green industry. The culture-based Korean Wave is making economic waves as well with its high export value. By supporting these and other industries, KOTRA contributes to the economic development of Korea and developing countries through technological innovation, industrial infrastructure formation, and HR development.
Celebrating its 50th anniversary this year, KOTRA looks ahead to another 50 years of achievements. With its 121 Korea Business Centers in 83 countries functioning as the trade and investment infrastructure of Korea, KOTRA operates as a Global Business Platform that helps Korean companies break out into bigger markets.
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