KOTRA Reveals Slate of 817 Korean-Made World-Class Products for 2020
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KOTRA Reveals Slate of 817 Korean-Made World-Class Products for 2020
2020 roster of world-class products includes 94 newly-picked items and 100 newly-picked companies

21(Mon), Dec, 2020




President Kwon Pyung-oh Korea Trade-Investment Promotion Agency (KOTRA).




Korea Trade-Investment Promotion Agency (KOTRA) has announced a roster of 817 Korean-made world-class products for 2020 and their 938 companies in cooperation with the Ministry of Trade, Industry and Energy (MOTIE).


The number of world-class product picks has increased to 874, a rise of 57 items from 817 last year. Their production companies have shot up 66 to 938 this year.






The Korean-made world-class project made its debut in 2001. The project involves selecting beneficiaries among products and companies leading the global markets, World-class product and company picks are offered a comprehensive package of services such as marketing, financing and consulting.


The portion of SMEs among world-class product picks has surged from 52 companies or 37.1 percent in 2001 to 750 companies or 76.3 percent in 2020.


A slate of 817 Korean-made world-class products for 2020 includes 94 newly-picked items and 100 newly-picked companies – 20 incumbent world-class items (33 companies) and 64 next-generation world-class items (67 companies).


Products who place fifth or lower in terms of market share and take a more than 5 percent share and meet given conditions are selected as incumbent world-class items and items capable of converting into a status of incumbent world-class items within seven years are picked as next-generation world-class item products.


Twenty-two items or 26 percent of the beneficiaries come from the electric and electronics sectors. Next comes 17 products or 20 percent which are related to ¡°K-quarantine¡± in the health industry such as COVID-19 diagnosis kits and air sterilizers.


Many K-quarantine products have been explored as next-generation world-class items under a fast-track regime recognizing emergency authorization under unprecedented conditions.


Eighty-two SMEs and mid-size promising firms or 82 percent have benefited from the fast-tract regime.


In particular, growth trends of SMEs and mid-size promising firms owning world-class items are noteworthy.


A company, located in Gwangju, Jeollanam-do, saw exports surge to $260,000 in 2019, a 486-fold jump from $548 in 2018. Its chair responsive to human body has been selected as one of next-generation world-class items as it has gained patents and certifications in recognition of its technology power.


A company, located in Siheung, Gyeonggi-do, specializes in R&D, production and supply of cosmetic patches In 2016, its skin diagnosis and analysis gadget was designated as a next-generation world-class product.


The company saw exports soar to $3.74 million in 2019, a 13-fold jump from $260,000 in 2018 on the back of the exporting of advanced items employing IT technologies.

 
A company, located in Yongsan, Seoul, specializes in regenerative medicine. Its synthetic bone graft material product was designated as a next-generation world-class item in 2017.


On the back of rising exports to global markets such as Japan following its pick, the company saw exports surge to $3.67 million in 2019, a 20-fold jump from $170,000 in 2018. Meanwhile, 27 world-class items and 34 companies have been excluded from the roster through qualification screening due to business suspension or closure, disposing of businesses and undermining of market order.





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




   
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