Korea pursues win-win strategy with the world

It is often brought to my attention that the value of Korea's national brand has improved significantly after the country was chosen to chair the upcoming G20 summit. I think this is a positive result since Korea is expected to play a leadership role in coordinating the different opinions and resolving conflicts among the world's most influential nations.

KOTRA President Cho Hwan-eik

By Cho Hwan-eik

It is often brought to my attention that the value of Korea's national brand has improved significantly after the country was chosen to chair the upcoming G20 summit. I think this is a positive result since Korea is expected to play a leadership role in coordinating the different opinions and resolving conflicts among the world's most influential nations.

The reasons behind Korea's improved stature in the world can be attributed to its diplomatic efforts but it is also important to consider that the improved reputation of Korean-made products in the global market have also greatly contributed in lifting the international perception of Korea.

Nowadays, it is not so difficult to spot "fans of Korea" in overseas markets. And increasingly, many big buyers are visiting Korea calling themselves big fans of Korea.

For instance, a growing number of prominent auto manufacturers in the world are using Korean auto parts in their vehicles, and I expect that all top 10 global auto manufacturers will open their doors to Korean auto parts eventually by next year.

This year alone, six large business plazas were held between Korean auto component suppliers and world-renowned carmakers like GM, Volkswagen, and Ford.

Even Japanese automobile manufacturers, which once were regarded as the impenetrable fortress from the perspective of local players, are actively courting Korean auto parts suppliers to form business partnerships.

Merck & Tesco examples

The German-based multinational chemical and pharmaceutical company, Merck, is a case in point for their wish to team up with Korean companies from the initial stage of joint research and development.

Merck Korea President Juergen Koenig even showed his determination to grow together with promising Korean small- and medium-sized enterprises (SMEs), pointing out that "no other country in the world responds more sensitively to innovation in state-of-the-art technologies than Korea."

Recently, the British-based global distribution company, Tesco, sent its purchasing department executives, who are usually inaccessible by individual companies, to Korea and held business meetings with Korean companies for the first time ever.

After the meetings, Tesco declared that it would market various products of Korean SMEs through its some 4,800 worldwide sales networks. Upon this announcement, a Tesco competitor also said to be planning to purchase Korean products for sale in their outlets.

Korean wave

This phenomenon is not limited to the commercial sector. There are also many enthusiastic fans of Korean culture. During the 2010 Shanghai Expo, large groups of people lined up in long queues to enter the Korean Pavilion during the entire six-month Expo even in the sweltering heat of summer.
Moreover, the video played at the Korean Pavilion won the Viewers’ Choice Award, which is considered the Oscars of the Expo.

The level of popularity of ``Hallyu,’’ or the Korean wave mostly in Southeast Asia, is beyond our imagination. Around 46,000 visitors and buyers attended the "Hallyu Star Licensing Products Fair" held in Bangkok, Thailand last October. They are the loyal fans of Korean TV series, films and pop music who also showed their excitement for Hallyu Star Licensing Products.

The fans of Korea do not choose to buy Korean products simply because they are good and inexpensive. They love Korean products because as consumers they believe that they are acquiring reliable, premium products.

They even believe that their lives can be improved if they use Korean products. I think this is because products made in Korea have convinced overseas consumers that by selecting them, they can be participating in the world's trends. Quality Korean merchandise has also convinced overseas companies that by selling or promoting them, they can become key players in the global market.

G20 leadership

Today, Korea stands proud at the center of the global market. And, by hosting the G20 summit, this demonstrates that exercising a leadership role among the world's most influential nations is possible because of the confidence in the nation that Korea is no longer in the margins but can actively participate in the making of the new world order.

Korean entrepreneurs are adding value to the country by offering quality goods to the world, while the Korean government is supporting them to become decisive leaders in the global market.

This truly is a model of organic cooperation where successful companies boost the national economy and the government supports their business activities in return. It is my sincere wish that we can sustain this cooperation for a win-win strategy even after the G20 summit is over, so that Korea can achieve more substantial economic accomplishments in the future.

Cho Hwan-eik is the president of the state-run Korea Trade and Investment Promotion Agency (KOTRA).