By Jane Han
Staff Reporter
A local trade group said Tuesday that domestic firms should stay focused on five key issues this year to excel in the cutthroat competition abroad and expedite overseas expansion.
Nailing down emerging markets, strategic foreign investment, localized marketing, global outsourcing and free trade deals were highlighted by KOTRA at a 2008 global market strategy conference held in southern Seoul.
``A growing number of major firms in the United States and the European Union (EU) are expected to step up outsourcing this year, which will open doors for Korean companies to participate and reap the benefits,'' said Kim Joo-nam, a KOTRA official covering the North America region.
Customized marketing for the green (environmental-friendly), silver (senior citizen) and Hispanic consumer bases should be focused on to see better feedback, he said.
As for the Korea-U.S. and Korea-EU free trade agreements (FTA), he said every possible advantage should be identified and enjoyed, as that is the fundamental purpose of such trade pacts.
In emerging India, trade experts said Korean firms should make more aggressive forays with their competitive brand image and partnership ties in the shipbuilding and semiconductor industries.
And in neighboring China, visiting Chinese business consultants said, ``Korean firms lack localization skills, which works as a stumbling block for stronger growth.''
They advised Korean headquarters to give opportunities for Chinese employees to take executive positions, as this leads to an improvement in the general work culture and spirit.
Among other overseas destinations, KOTRA forecast that real estate investment into the Commonwealth of Independent States and bilateral energy projects will see good business prospects.