The Korea Trade-Investment Promotion Agency (KOTRA) took stock of Korean economic delegation who accompanied President Park Geun-hye on her trip to four Middle Eastern countries — Kuwait, Saudi Arabia, the United Arab Emirates and Qatar — from March 1 to 9 and discussed how to convert it into Korea’s resurgence in the region.
Officials from 15 SMEs, part of the Korean economic delegation on President Park’s overseas tour, got together at a breakfast meeting at the Grand InterContinental Hotel in Samseong-dong, Seoul, on March 17 to discuss how to parlay the tour into laying a foundation for a so-called Nation’s 2nd Middle East boom.
Participants presented diverse views on the provision of information on buyers and one-on-one negotiations they experienced during the tour.
A participant, who was part of the delegation, said his company was given an opportunity to receive an evaluation of the marketability of its products while meeting with local buyers. But the company should have been given more time to hold negotiations, he added.
KOTRA President Kim Jae-hong, who presided over the meeting, said views from the participating companies will be reflected in upcoming one-on-one negotiations, and the outcomes of the Chief Executive’s overseas summit talks will be converted into Korean SMEs’ efforts to expand exports to foreign countries.
“Government ministries and related organization will also jointly establish a task force and spare no efforts to provide support to make the most of outcome of summit talks,” he added.
Meanwhile, Korean SMEs won $55.66 million in export contracts on one-on-one business negotiations KOTRA arranged during President Park’s trip to Kuwait, Saudi Arabia, the United Arab Emirates and Qatar, KOTRA said.
The winning contracts were signed during one-on-one negotiations that took place on 489 occasions between 115 Korean companies and 260 local buyers. Fifty-five Korean companies joined President Park’s tour, but they participated in negotiations on several occasions.
The delegate companies had other achievements, including winning project orders, promoting joint investment and outsourcing maintenance.
The economic delegation’s feats have apparently heightened the possibility of creating a “second Middle East Resurgence.” Korea’s first Middle East Breakthrough focused on the construction field, but the nation now turns to diverse sectors including industrial plants, ICT, medical and health care and education for bearing fruits.
The one-on-one business consulting events ushered in cooperation in various sectors.
In the ICT sector, Wooam Corporation inked a deal with Saudi Arabia to export its video education system, while Aha Information & Communication signed agreements with the four Middle Eastern countries to export its electronic blackboards and lecture desks.
In the medical and health care sector, Leaders Clinic signed a contract with Qatar for the Qatar Maganim Fund, establishing two hospitals in Qatar worth $5 million and exporting cosmetics. Digital Nomad Korea, which specializes in health care, singed an MOU with Qatari Investors Group to jointly establish and run a health examination center.
KOTRA signed an MOU with the Gulf Organization for Industrial Consulting and Qatar Development Bank on March 8 to help Korean companies make inroads inot the Persian Gulf region.
KOTRA’s president unveiled a target of fostering 100,000 export SMEs and 400 specialized global companies by 2017 while taking the helm of the corporation on Jan. 2. He called for support to nurture SMEs and mid-size to become export superstars.
Through supporting companies with customized service packages, he said KOTRA will have to foster 100,000 export SMEs and 400 specialized global companies by 2017. KOTRA will strengthen support to prominent domestic companies with no export records and those just starting to export.
KOTRA needs to help venture start-up companies establish business strategies enter foreign markets by connecting them with 17 Creative Economy Innovation Centers so that effects of the creative economy can pay off overseas.
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