By Kim Tae-gyu
A mega-sized trade fair opened here on Tuesday attracting buyers and sellers from thousands of overseas companies, hosted by the Korea Trade Investment Promotion Agency (KOTRA).
The state-run organization said that the Buy Korea 2011 held at the KINTEX located in Goyang, Gyeonggi Province, has drawn far stronger attention than expected. The two-day event finishes Wednesday.
``More than 1,150 offshore corporations applied to participate in the fourth edition of the annual fair. Of them 700 firms were selected depending on such criteria as size or track record,’’ a KOTRA official said.
``Plus, upside of 2,300 domestic exporters wanted to participate in the trade show. We are currently struggling to match the buyers and sellers thanks to so many requests beyond our capacity.’’
Among the 700 buyers, about a third are big players whose annual turnovers top the $100 million mark. The other third’s yearly sales surpass $10 million, which indicates that $10 million per annum at least is the minimum sales for a majority of the buyers.
On top of the 700 buyers, 100 sellers came to Buy Korea 2011 to meet the customers of their domestic importers. Around 300 outfits, which carry out consultations via the Internet, are also taking part in the event.
In particular, those from emerging countries such as China, India, the Middle East and Africa showed strong interest in the Buy Korea 2011 as they continue to rack up growths based on brisk investments.
For example, the number of Chinese companies jumped 34 percent this year from a year before. Affected by the sweeping Korean pop culture wave, or ``hallyu,’’ their main focus is fashion or beauty items.
Companies from the Middle East or Africa have doubled ― they are looking for Korean exporters in high-tech and automobile component segments to meet demand in their home countries.
The KOTRA has already seen a substantial amount of tangible results.
The country’s shipyard Simulation Tech signed with Al Boom Marine from Kuwait to build special vessels in a $93 million deal.
Health-care products manufacturer HuBDIC also sealed a deal under which it will provide 1.12 million thermometers and blood pressure gauges to Hitrons of the United States over the next five years. The amount was not disclosed.
KOTRA President Cho Hwan-eik said that Korea needs to weed out complacency in exports because things are not so favorable to local exporters.
``People tend to think that our exports fare well without major problems since we have achieved records in outbound shipments and trade surpluses,’’ the life-time bureaucrat said.
``Yet, the reality is somewhat different. We will make extra efforts in order to support our exporters through such events as the Buy Korea 2011.’’