KOTRA Opens ASEAN Hallyu Expo... Korean SMEs Explore Overseas Markets

[Asia Economy Reporter Su-yeon Woo] KOTRA, together with the Ministry of Trade, Industry and Energy, the Ministry of Culture, Sports and Tourism, and the Korea Creative Content Agency, held the opening ceremony of the '2020 ASEAN Hallyu Expo' online on the 7th.

The opening ceremony featured a 'K-Pop·K-Drama OST Concert' with seven Hallyu star groups participating, and the Hallyu stars personally cheered on the overseas market expansion of our small and medium-sized enterprises (SMEs) and mid-sized companies. A special stage was also presented where key scenes from K-Dramas could be experienced using augmented reality.

On this day, Prime Minister Chung Sye-kyun encouraged Korean entrepreneurs struggling due to the novel coronavirus disease (COVID-19) through a video congratulatory message and wished for the success of Korean products represented by Hallyu and K-consumer goods. Prime Minister Chung said, "I expect the Hallyu Expo to be an opportunity to revitalize Korea's economic and cultural exchanges and broaden diplomatic horizons."

The Hallyu Expo has been held annually since 2010 in ASEAN, Europe, and other regions. KOTRA has promoted global economic and cultural cooperation and supported SMEs and mid-sized companies in pioneering overseas markets locally. This year's 'ASEAN Hallyu Expo' is linked with the 2020 Korea Sale Festa, with a total of 1,650 companies participating, making it the largest expo ever that connects Hallyu and business.

The "K-Pop·K-Drama OST Concert," featuring seven K-pop star groups, was held at the opening ceremony of the 2020 ASEAN Hallyu Expo. Hallyu fans in various ASEAN countries, including the O2O showroom in Bangkok, Thailand, are watching a performance by singer Taemin. Photo by KOTRA

Starting with the online opening ceremony, side events such as ▲Online Hallyu Product Exhibition ▲Online and Offline Overseas Distribution Network Collaborative Promotion ▲Special Exhibition for Startup Overseas Expansion will be held. First, KOTRA will hold business consultation meetings by region and sector, such as the Korea Excellent Product Exhibition and World Class Product Show, through the B2B platform 'BuyKorea.'

Additionally, a Korean product promotion event will continue in collaboration with 110 major overseas online and offline distribution networks. In countries like Thailand and Indonesia, showrooms for Korean products will also be operated in popular shopping malls. An experiential exhibition method has been introduced where general visitors can try products and purchase them via smartphones. Eleven influencers will demonstrate 135 K-consumer goods products, actively utilizing live commerce to turn overseas Hallyu fans into consumers of Korean products.

Moreover, KOTRA has prepared programs to support the overseas expansion of domestic startups and prospective entrepreneurs. 'Global Open Innovation Korea' and 'Startup Technology Cooperation Online Consultation' will be held consecutively, inviting 300 global companies and investors for consultation meetings, webinars, and pitching sessions.

KOTRA President Kwon Pyung-oh emphasized, "This year's Hallyu Expo focused on enhancing the global competitiveness of our SMEs and mid-sized companies by leveraging the influence of K-Pop and K-Drama, which lead global cultural trends," adding, "In line with the new normal era, we will actively utilize Hallyu and new technologies in supporting the overseas expansion of K-consumer goods and services."

This content was produced with the assistance of AI translation services.