KOTRA Hosts 'Industrial Exchange Expo' in Tokyo with 400 Companies Participating for 'Hanil Relations Thaw'

SME-Buyer Matching Government Policy Support 'Export Plus' Project Part
Offline 'Korea-Japan Industrial Exchange Expo' After 3 Years... "About 500 Business Consultations Arranged"

Yoo Jung-yeol, President of KOTRA. (Photo by KOTRA)

[Asia Economy Reporter Moon Chaeseok] Amid a thawing mood in Korea-Japan relations, KOTRA announced on the 25th that it will hold the 'Korea-Japan Industrial Exchange Expo' in Tokyo, Japan, with participation from over 400 companies from both countries. The consultation event, held over two days starting the next day at the Grand Prince Hotel Shin Takanawa in Tokyo, is part of KOTRA's 'Export Plus' project supporting small and medium-sized enterprises' market expansion, which backs the government's 'Export Competitiveness Enhancement Strategy.'

The consultation event will feature 100 Korean companies and over 300 Japanese companies. Various items will be exhibited on-site, including globally popular 'Made in Korea' consumer goods, as well as products in the electrical and electronics, materials, parts, and equipment sectors. One-on-one export consultations between Korean companies and Japanese buyers will also be conducted. Additionally, various side events and attractions such as the Korea-Japan Cooperation Desk, Korea-Japan Cooperation Seminar, K-Style Experience Hall, and Korean Product Trend Hall will be provided.

KOTRA views the consultation event as a signal for the full-scale resumption of Korea-Japan economic exchanges. This is because the timing coincides with the lifting of Japan's entry restrictions that had been closed due to COVID-19 and the consultation event period. As the first large-scale offline consultation event held since the COVID-19 pandemic, there has been a strong response with domestic companies applying early, leading to an early closure of applications.

Based on this demand, KOTRA plans to arrange about 500 business consultations between domestic participating companies and Japanese buyers during the event. On-site, memorandums of understanding (MOUs) and export contracts will also be signed.

For example, domestic company B, which manufactures marshmallow snacks, is expected to sign an MOU worth $1 million (approximately 1.44 billion KRW) with large Japanese vendor company O. Utilizing the characteristics of the Japanese distribution market, which requires going through intermediaries, they plan to increase supply to famous Japanese distribution networks such as 'Don Quijote' and 'Tokyu Hands' by cooperating with the large vendor O.

Achievements are also expected in the materials, parts, and equipment sector. Small but strong company C plans to sign an MOU worth $5 million (approximately 7.19 billion KRW) with a Japanese buyer to supply special lubricants for automobile parts to the Japanese market over five years. Company C has succeeded in domestic production of special lubricants, which had previously relied on imports from Japan, the U.S., and Germany, marking a significant breakthrough in entering the Japanese market.

KOTRA will also actively support the entry of Korean SMEs into the Japanese distribution market by signing MOUs with three local companies, including Japan's number one vendor in the household goods sector.

At the 'Korea-Japan Cooperation Seminar' held that day, Satoru Okuda, Director of the Japan Asia Institute, stated, "The Regional Comprehensive Economic Partnership (RCEP), the first free trade agreement (FTA) between the two countries, came into effect last February, and visa-free entry to Japan resumed this month after 2 years and 7 months," emphasizing, "As global economic uncertainty increases, Korea-Japan private business exchanges must expand further."

KOTRA's Japan Regional Headquarters has designated the last week of this month as the 'Export Plus Week to Japan' to encourage face-to-face business expansion between the two countries. During this period, besides the 'Industrial Exchange Expo' in Tokyo, a Korea-Japan smart factory project will be held in Nagoya, and an IT and AI specialized exhibition will take place in Chiba.

Yoo Jung-yeol, President of KOTRA, said, "With borders reopening after being closed due to COVID-19, we are holding the Korea-Japan Industrial Exchange Expo offline for the first time in three years," adding, "KOTRA will be a reliable pillar to help companies from both countries cooperate and successfully enter the global market."

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