Ministry of Trade and KOTRA Host '2023 Boom-Up Korea'... "Expecting $100 Million Export Results"

Comprehensive Export Support Event for Two Days from the 12th
Largest Buyer Visit Since COVID-19

The Ministry of Trade, Industry and Energy and KOTRA are hosting the '2023 First Half Boom-up Korea' event on the 12th and 13th at COEX in Seoul to create a momentum for revitalizing exports. This event is the largest offline export consultation meeting held domestically since the COVID-19 pandemic.

At this export consultation, over 400 global buyers from six sectors including consumer goods, materials and components, services, ICT, bio, and public procurement will visit Korea and conduct more than 3,500 one-on-one business consultations over two days with 1,500 domestic companies. Among the participating buyers, about 90 companies plan to additionally visit regional companies in Busan, Daejeon, Cheongju, Jeonju, and other cities on the 14th.

Notably, many global companies and clients such as Japan's SoftBank, India's major future growth industry conglomerate Vedanta Group, and Germany's one of the largest distribution networks Chibo are participating to find competitive Korean products and services.

A total of 127 export contracts and MOUs worth approximately 83 million USD have already been confirmed, and including additional projects arising from on-site consultations, it is expected that this event will generate export results around 100 million USD. Some buyers have accelerated their import decision-making due to the easing of quarantine measures upon entry. Japan's major consumer goods company Iris Ohyama plans to import products worth 1.5 million USD after conducting factory inspections of two domestic companies during their visit.

The consultation includes product promotion through exhibitions of domestic companies' products alongside sector-specific consultation booths. The exhibition consultation halls are composed of a Premium Consumer Goods Showcase (consumer goods), Advanced Future Industry Exhibition Hall (materials, components, equipment), K-Culture & Service Hall (services), and ICT & Smart SOC Hall (ICT).

In conjunction with the consultation, seminars related to overseas expansion in public procurement, services, consumer goods, and ICT sectors are also prepared. On the 12th, seminars introducing overseas collaboration opportunities in public procurement and services sectors and methods for entering global online distribution channels for consumer goods will be held. On the 13th, a seminar introducing global trends and application cases of AI, which has gained interest through ChatGPT, will be conducted.

Consulting booths within the consultation venue provide on-site consulting for export support projects such as digital transformation export support, trade practice consulting, overseas M&A and domestic return, economic diplomacy, and Busan Expo promotion. Additionally, organizations such as the Korea Testing & Research Institute (KTR), Korea Trade Statistics Promotion Institute (KTSPI), and Korea Halal Export Association (KOHEA) are participating in the consulting hall to offer expert consultations on various difficulties Korean companies face during the export process.

Yoo Jung-yeol, President of KOTRA, stated, "Despite difficult external conditions, we will support the entry of key export items into new markets and actively assist domestic companies' overseas business by finding new export opportunities in the continuously changing trade environment."

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