Korea International Trade Association Vice Chairman Oh Young-ho, second from right, shows buyers around the “Big Buyer Exhibition” at COEX in southern Seoul, Thursday. More than 150 buyers from 100 global firms, including Wal-Mart, Levis and P&G, participated in the fair. An estimated $440 million worth of contracts are expected to be signed, according to KITA officials. / Courtesy of KITA |
By Kim Hyun-cheol
Staff Reporter
Around 150 buyers from 100 global companies visited South Korea to attend a joint fair to promote Korean goods, which kicked off Thursday, according to the Korea International Trade Association (KITA).
The two-day event ― ``Export to China, Export to the World 2009/2010'' ― is being held at the COEX Mall in southern Seoul.
KITA teamed up with China's Alibaba.com, the world's largest business-to-business online marketplace, to offer opportunities to market products from Korean small- and medium-sized enterprises (SMEs).
Participants in the fair include 12 of the world's 500 biggest companies selected by U.S. magazine Fortune, such as Walmart, Levis, Nestle, Best Buy and French-based international retail group Auchan.
Some Chinese conglomerates are also taking part in the exhibition, including the Vanguard Group, China's No. 1 retail chain.
The fair is part of the joint program between KITA and Alibaba.com, which will run for a year, and aims to give Korean SMEs a better chance to export their products and open up new markets for them in China and other overseas destinations.
Also as part of the program, Alibaba.com opened a channel featuring products from Korean suppliers, the third specialty country channel launched on their Web site following China and India.
KITA estimates contracts valued at $440 million will be signed at the fair.
``This event aims to diversify the markets for Korean SMEs and help them bolster competitiveness,'' KITA Vice President Oh Young-ho said.
Korea's exports reached $421 billion last year but SMEs account for only 31 percent, while the share is more than 60 percent in the United States, the European Union and China.
According to the Korea Customs Service, 55 percent of Korean exporters sell their goods and services to only one country and are thus exposed to the potential risks of unexpected market changes.
``Small companies in Korea need to step up their export capabilities and China represents the single largest export opportunity for domestic businesses,'' Arthur Chang, vice president of global sales for Alibaba.com, was quoted as saying.
``Together with KITA, we have pioneered a new program that will make it easy for Korean SMEs to enter China and other international markets, thereby diversifying their customer base and increasing their competitiveness.''
hckim@koreatimes.co.kr
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