KOTRA Expands Export Support for China's Reopening... Connecting 150 Korean Companies with Chinese Buyers

Shanghai Business Cooperation Plaza Held
First Large-Scale Local Support Event After China's Reopening
43 Chinese Buyers, 150 Korean Companies On- and Offline Consultations

KOTRA held its first local business support event after China's reopening (resumption of economic activities). It provided online and offline consultation opportunities between 150 Korean companies and 43 Chinese buyers.

On the 9th (local time), KOTRA announced that it held the 'Korea-China New Business Cooperation Plaza' at the Hilton Hongqiao Hotel in Shanghai, China. The event was held as part of the government's comprehensive '2023 Export Expansion Strategy for Export Plus Transition' announced in February.

China is expanding economic stimulus measures following its reopening and the launch of Xi Jinping's third term. Social, economic, and consumption activities are expected to gradually recover. Consumption is anticipated to expand due to changes in domestic trends such as Silver (aging population), Homeconomy (single-person households, pets, etc.), and Angel (infants).

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

The event was divided into a forum and consultation sessions. The first session of the forum was 'Economic Outlook of China after Reopening.' The second session was 'Proposals for New Cooperation Models between Korean and Chinese Companies.' In the second session, the China PB Association presented 'New Cooperation Models between Korean and Chinese Companies through PB Strategies,' and Alibaba introduced 'New Cooperation Models between Korean and Chinese Companies Utilizing Online Platforms.'

The consultation sessions were categorized into premium consumer goods, homeconomy, angel, and silver sectors. Forty-three major Chinese buyers and 150 representative Korean companies held online and offline consultations. Even after the event, video consultations will be promoted throughout May.

Wang Xuan, General Manager of MQ, a growing Chinese online beauty platform, said, "With the lifting of China's strict COVID-19 prevention measures, female consumers have started to take off their masks and resume outdoor activities." She added, "In addition to existing Korean beauty products, there is great interest in new products that fit new trends, as well as children's products and inner beauty (edible cosmetics)."

Yoo Jung-yeol, President of KOTRA, stated, "In the turbulent trade environment, China's reopening is an unmissable opportunity to expand exports." He added, "We will do our utmost to propose new cooperation models between the two countries that align with the changed Chinese trends of online and premium consumption after COVID-19 and to increase exports."

KOTRA simultaneously promoted the 2030 Busan Expo (World Expo) during this event. The following day, it plans to hold the 'China Regional Export Expansion Strategy Meeting,' focusing on reviewing export conditions by region in China and market trends of major export items.

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