President Kwon Pyung-oh Korea Trade-Investment Promotion Agency (KOTRA) gives a speech at a meeting with digital transformation innovative technology startups on July 17.

Korea Trade-Investment Promotion Agency (KOTRA) is going to leave no stone unturned in its digital transformation initiative. KOTRA set in motion a move to establish the vision “KOTRA Digital Transformation” on Sept. 1.

As contactless demand is surging amid the global spread of COVID-19, global companies are accelerating digital transformation.

KOTRA is devoting itself to reinventing the conventional trade and investment promotion services via to provide better services to more customers digitally.

In particular, the organization is pursuing a KOTRA-style digital transformation in three fields: client, business and work.

As for the customer category, KOTRA is trying to create new customer values and experiences.

In the business sector, the agency is endeavoring to explore new business models to build a trade and investment promotion ecosystem.

In the work category, KOTRA is working to overhaul processes by reinventing the way functions are carried out.

KOTRA plans to build a system in which customers can search and find information with ease at any place at any time.

Starting early this year, KOTRA began to provide information for its overseas trade offices around the world to collect from the global market through its “trade/investment big data service.”

If Korean companies input information on items, they will be trade partners will be recommended commensurate with their capabilities and services.

KOTRA will pursue the reinvention of business models and platforms.

Initially, KOTRA will overhaul “Buy Korea” (buykorea.org), a B2B marketplace.

The agency plans to develop the marketplace into Korea’s representative e-commerce platform by ramping up functions such as arranging online negotiations and online exhibition.

KOTRA plans to launch new businesses, such as hosting online international exhibitions using the brand “Korea.”

The agency also will build “K-studios” in Korea and abroad to provide support to secure spots on glob distribution networks.

There is a rising need for corporate Korea to go nimbler to cope with a rapidly changing business environment in the wake of the COVID-19 pandemic.

KOTRA plans to set up an “open innovation collaboration regime” to commercialize creative ideas proposed by the private sector. The agency is going to utilize startups’ technologies to carry out its services.

KOTRA plans to introduce an agile in-house operation method so that it can be repeated in a short interval.
KOTRA will implement vision, slogan and signature contest projects by letting its executives and staff members participate to widen consensus on digital transformation.

The agency plans to measure KOTRA executives and staff members’ digital quotient (DG) to investigate any need to enhance knowledge nourishment and consciousness.

KOTRA inaugurated “Digital KOTRA Action Team” under the direct control of the president on Aug. 1. The agency plans to establish a “digital transformation roadmap” this year. KOTRA is poised to convert to a full-fledged digital transformation mode next year.

KOTRA President Kwon Pyung-oh said, “Success or failure on digital innovation will depend on leadership capabilities to induce rank and file’s participating and changes on top of digital capabilities on the part of the whole of the organization.”

KOTRA will devote itself to transforming into digital transformation so better services can be offered to more customers outside and duties can be performed in a more efficient fashion inside, he added.

KOTRA’s headquarters in Yangjae-dong, Seoul. (Photos: KOTRA)