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COEX to acquire exhibition firm in Vietnam
By Lee Hyo-sik
COEX CEO Byun Bo-kyung
By Lee Hyo-sik
COEX, the operator of the country’s largest convention and exhibition venue in southern Seoul, will acquire an exhibition firm in Vietnam next year as part of its efforts to find new growth engines abroad.
COEX CEO Byun Bo-kyung said Wednesday that the company will make aggressive inroads into China and Southeast Asia in a bid to emerge as a globally-competitive entity in the meeting, incentive, convention and exhibition (MICE) industry.
“The global MICE industry has been dominated by the U.S. and European companies. But their presence is still minimal in China and Southeast Asia,” Byun said during a press conference marking the 30th anniversary of COEX
“COEX will nurture its competitive edge and establish a strong presence in Vietnam and other Asian countries. I will do everything I can to foster the MICE sector as Korea’s next growth engine,” the CEO said. “We will acquire an exhibition firm in Vietnam and establish a joint venture in China to more effectively capitalize on Asia’s rapidly growing MICE industry.”
COEX set up an office in Vietnam in June this year, setting up a foothold in the region. The company organized two large-scale exhibitions there this year and plans to organize more in 2016.
“We will also jointly hold a large-scale exhibition fair, Stylish Life China, in Chengdu, in November next year, attracting 1,000 companies from the mainland and elsewhere,” Byun said. “In 2017, we will organize a convention and exhibition event in Indonesia. In addition, to acquire global knowhow, we will boost business cooperation with Britain-based Reed Exhibition and other Western companies.”
The CEO said COEX will operate a number of convention and exhibition facilities in provincial areas on behalf of respective municipal governments. “We have more advanced knowhow on how to more cost-effectively run centers. We will make money from operating these facilities and share our expertise with local governments.”
In addition, CEO kicked off a winter festival Thursday, which will continue through Dec. 31, aiming to attract tens of thousands of holiday shoppers and tourists.
“During the 2015 COEX Winter Festival, we will hold a variety of sales and other events to entertain visitors at COEX and nearby facilities,” Byun said. “The festival is part of our latest efforts to publicize COEX as Korea’s most comprehensive business, shopping and leisure complex.”