200 nations to participate in Seoul import goods fair

By Kim Tae-gyu

More than 200 companies from 50-plus countries will visit Korea this week to attract new customers for their products during the Import Goods Fair (IGF), to be held at COEX, southern Seoul, from June 9-11.

The Korea Imports Association (KOIMA) said Monday that the ninth edition of the annual event will open the door wide to Korean markets for a myriad of suppliers from across the world.

``With the free trade agreement with the European Union set to go into effect this summer, a host of European countries plan to take part in the IGF,’’ a KOIMA official said.

``In addition, many others are part of the event from such countries as Australia, the United Arab Emirates, Ghana and India, which will promote lots of merchandise or raw materials to domestic outlets.’’

Korea’s free trade deal with the EU was signed last year and received parliamentary nods from both sides. It will begin July 1 to raise the price competitiveness of European products here thanks to the reduction or absence of tariffs.

Latvia Prime Minister Valdis Dombrovskis is to head the economic mission to take part in the IGF and other initiatives aimed to boost the country’s exports to Asia’s fourth-largest economy.

Many dignitaries are to take part in the opening ceremony this Thursday including KOIMA Chairman Lee Ju-tae, Korea’s Trade Minister Kim Jong-hoon and around 20 ambassadors to Seoul besides the Latvia Prime Minister.

The official said that the IGF is all about real business rather than show-off as a host of contracts are inked during or following the event.

KOIMA, with a history that stretches back 40 years, is the nation’s sole organization to represent importers with about 8,500 members.