Korea Discount Dogs Products
By Kim Hyun-cheol
Staff Reporter
A recent report by a state-run trade promotion agency shows that the overall brand value of Korean products falls well behind those of advanced countries.
A survey of 4,260 people in 24 countries says a product worth $100 with a 'made in Korea' label would be valued at approximately $140, if the United States, Germany or Japan were labeled as the place of origin, KOTRA and the Institute for Industrial Policy Studies said in the research. The survey was conducted over three months.
The price inflation by label was highest with the United States at $150.5, followed by Germany at $150.3 and Japan at $142.4.
Most respondents said positive images first come to mind when seeing the word "Korea." More specifically, "technology" topped the list, trailed by "Koreans" and "Korean food."
However, the overall acceptance index of Korean products averaged a mediocre 3.53 points out of 5, down 0.14 points from last year.
In terms of competitiveness by industry, cellular phones got the highest score with 3.71 points, followed by Korean food with 3.55 points and electronics at 3.50 points.
The respondents named the development of world-class products and hospitality toward foreigners as the best ways for national promotion on the global stage.
"Korea now needs to give a new meaning to the national image, in a more realistic point of view," said Lee Chang-hyun, vice president of KOTRA's national brand management headquarters.