KOTRA-Lotte Hi-Mart Sign MOU to Support Domestic Small and Medium Innovative Companies

[Asia Economy Reporter Suyeon Woo] On the 19th, KOTRA signed a 'Memorandum of Understanding (MOU) for Mutual Cooperation Enhancement' with Lotte Hi-Mart at its headquarters in Yeomgok-dong, Seoul. This collaboration between KOTRA, a specialized export support organization, and Lotte Hi-Mart, which has the largest IT and home appliance distribution network in Korea, aims to support the domestic and international expansion of innovative small and startup companies.

This MOU was signed to support efficient market development for innovative companies participating in the integrated Korean pavilions at major global exhibitions such as the Consumer Electronics Show (CES) and Mobile World Congress (MWC), through the partnership between KOTRA and Lotte Hi-Mart.

In April, KOTRA and Lotte Hi-Mart held a 'CES Innovative Product Experience Center' for about two weeks at the Lotte Hi-Mart World Tower store in Songpa-gu, Seoul, where consumers could experience products from Korean small and startup companies showcased at the US CES.

Among the 24 products introduced at the experience center, six products have been confirmed for entry into online and offline channels after evaluation by Lotte Hi-Mart's merchandise planners (MDs). Additionally, eight other products are being positively considered for entry, showing visible results from the experience center. Participating companies cited product promotion effects and improved negotiation power with business partners as reasons for their satisfaction with participating in the experience center.

From the 7th to the 20th of this month, KOTRA and Lotte Hi-Mart are holding the 'MWC Innovative Product Experience Center' at the same location, showcasing 14 products exhibited at this year's MWC to consumers. These entries will also undergo evaluation for channel entry.

Building on this agreement, KOTRA and Lotte Hi-Mart plan to discover additional domestic small and startup companies with innovative technologies, support their market development not only overseas but also domestically, and expand the operation of experience centers to develop them into platforms for commercializing innovative products.

This will provide an excellent opportunity for Korean companies recognized at promising overseas exhibitions to showcase their superior technologies domestically. Furthermore, it is expected to create a virtuous cycle where Korean small and startup companies with limited transaction histories can easily enter the global market through participation in Lotte Hi-Mart’s experience centers and supply records in major domestic distribution networks.

Yoo Jung-yeol, President of KOTRA, said, "Through this agreement, the two organizations have established a cooperative system to support our innovative companies," adding, "We will support as many promising small and startup companies as possible to enter the experience centers in the future."

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