President Kwon Pyung-oh of Korea Trade-Investment Promotion Agency (KOTRA) listens to an explanation from an official at the “Korea Pavilion at CES 2020 in Las Vegas on Jan. 7. (Photo: KOTRA)

“We’ve witnessed rapid environmental changes every year, and ultimately, How we respond to can change a crisis into an opportunity,” President Kwon Pyung-oh of Korea Trade-Investment Promotion Agency (KOTRA) said at his New Year’s address he delivered on Jan. 2.

“This year, Korea is predicted to see exports surpass $600 billion,” Kwon said.

Last year, despite inside and outside hardships, the nation topped $600 billion in exports for the first time, and foreign direct investments stood at a record high of $26.7 billion.

These were owed to KOTRA executives and staffers’ efforts and dedication, he said. “Amid continued trade conflicts among major countries and each country strengthening its industry protection policies, global trade conditions this year are not easy for us,” he said.

KOTRA President Kwon suggested two management tasks to cope with outside changes and to solve internal issues.

As to the direction of the implementation of projects, first he called for the undertaking of new projects.

“In the New Year, KOTRA will lead the government’s economic paradigm shift by diversifying trading markets, products and foreign partners endless and nurturing more SMEs into global companies,” he said.

“Being equipped with capabilities to provide better services through service innovation is as important as undertaking new projects,” he said.

To this end, he said that KOTRA plans to faithfully implement innovative roadmap tasks such as the establishment of big data platforms, the transferring and commissioning of conventional projects to the private sector, and the strengthening of collaboration with the private sector and related organizations and the opening of KOTRA’s trade offices.

As the first of the two management reform tasks, he called for the strengthening of ranking KOTRA officials’ leadership. Second, he called for the revamping of work processes.

KOTRA Opens Korea Pavilion at CES 2020

KOTRA opened the “Korea Pavilion” in cooperation with the Korea Electronics Association (KEA) at the Consumer Electronics Show (CES) 2020 at Las Vegas, the United States, for a four-day run on Jan. 7. 

In particular, 95 Korean companies showcased their latest products and technologies at the integrated Korea Pavilion, jointly operated by the Korea Institute of Startup & Entrepreneurship Development and tree other organizations.

Out of the 95 Korean exhibitors, sixty-seven companies moved into Eureka Park, an area for startups, and displayed new products.

The number of Korean exhibitors rose from 36 last year to 67 this year. The Korea Pavilion was characterized with nine theme-based exhibition sections.

Excellent technologies and ideas displayed by Korean exhibitors fascinated buyers and spectators from the United States and other countries. About 4,600 exhibitors from 165 countries are expected to participate in the CES 2020, and the number of spectators is estimated to top about 170,000. 

Major technology trends of the CES 2020 included digital treatment, next-generation transportation means, the future of foods, facial recognition and the development of robots. Korean exhibitors displayed diverse items matching the technology trends, charming spectators and buyers.

KOTRA jointly arranged one-on-one meetings between Korean exhibitors and foreign buyers in cooperation with its overseas trade offices in North America, Central and South America.

They are expected to hold meetings with procurement officials from global leaders, including Facebook, Verizon, Ford, Amazon, Qualcomm and HP.

At CES 2020, KOTRA President Kwon said, “A combined 103 Korean made products won innovative awards at CES 2020, a 45 percent surge from last year’s 71 prize winners.” He said he confirmed that Korean companies continued to challenge and innovate amid a whirlwind of changes.

In particular, he said, companies such as Samsung Electronics came to Eureka Park to explore promising startups to ramp up global supply chain. “(KOTRA) will provide active support to help Korean startups participate in global supply chain through open innovation,” Kwon said.

The CES 2020, one of the world’s largest consumer electronics fairs, is a big show that can predict technology trends and future businesses, and we’ll make efforts our innovative companies can show off new technologies and create new business opportunities through the building of partnerships.