The Ministry of Trade, Industry and Energy (MOTIE) and KOTRA announced a plan to open eight more KOTRA overseas trade offices serving as bases to help SME materials and parts makers make inroads into foreign markets.
MOTIE finalized and announced the 2016 Global Partnering Project, which calls for eight additional overseas trade offices, bringing the figure to 40. The project, which was launched in 2010, is designed to introduce Korea’s prominent materials and parts makers abroad thorough KOTRA’s overseas trade network. KOTRA also provides support such as the enhancement of technology and quality management that can meet the needs of foreign companies.
The new trade offices will be established in Chengdu, Dalian, and Xian, Taipei, Hanoi, Mexico City and Bangkok.
The number of would-be beneficiaries has increased from 3,000 to 5,000. Newly added to the database are companies from such new industries as EV and new material industries.
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Foreign visitors from major aero companies in North America and Korean parts makers participate in KORUS Aero Partnering 2016 that took place in Sacheon, Gyeongsangnam-do, from Feb. 11 to 12.
2016’s 1st GP Project Show
KORUS Aero Partnering 2016, inviting seven aero companies from North America took place in Sacheon, Gyeongsangnam-do, from Feb. 11 to 12 as the first of the 2016 GP Project events. The seven included Bombardier, Triumph and Nordam.
The foreign aerospace and transportation companies participated in the session and discussed ways of promoting cooperation with 45 Korean SMEs.
The Korea aero parts industry saw its exports surge an average of 17 percent in the past three years, surpassing the global average growth rate ranging from 4 percent to 5 percent annually. This is owed to rising demand from emerging economies and the Korean aero parts industry’s competitive edge. Major aero companies from North America are trying to expand global outsourcing to cut down on production costs and manage risks.
Bombardier, Triumph and Nordam each held a session to introduce their own procurement policies. The Korean and North American aero industries also shared information on the latest industry and technology trends. The seven North American companies held negations with 45 Korean firms on 70 transactions worth an estimated $350 million.
“The aero industry is not only a crystal of advanced technologies, but also a future growth engine-cum-new export power,” said Kim Sang-mook, head of KOTRA’s Global Partnering Office. He added that such comprehensive support as R&D and education on certification will be provided to make inroads into global suppliers of the global aero industry.
KOTRA to Capitalize on Korea-China FTA
KOTRA President Kim Jae-hong said, “KOTRA will provide its utmost support to help Korean companies aggressively explore the Chinese consumer market by making the most of the effectuation of the Korea-China Free Trade Agreement.”
The KOTRA president made the remarks at a trade and investment strategy meeting in Xian, Shanxi Province, with the body’s 19 regional trade chiefs in China in attendance. The participants discussed how to expand trade with China.
“Korea’s trade with China declined last year, but as the Korea-China Free Trade Agreement goes into effect this year, KOTRA will have to take the initiative in boosting trade with China,” KOTRA President Kim said.
KOTRA to Spearhead Economic Rejuvenation
KOTRA put forward two major policies to boost exports in 2016.
First, KOTRA plans to provide support to nurture SMEs and mid-size “superstar” companies as a major axis of exports. KOTRA has a target of increasing the portion of SMEs’ exports, which account for some 2.7 percent of the nation’s total exports by lending a helping hand to Korean domestic demand companies and startups.
KOTRA plans to expand support to help mid-size superstar companies ramp up their competitiveness by expanding specific projects suiting their capacities.
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