KOTRA to Make 'Buy Korea'Korea's Brand-Name Trade Fair

About 1,000 foreign buyers participated in 'Buy Korea 2010'







"Buy Korea' fever prevailed for the second consecutive year as approximately 1,000 foreign buyers participated in "Buy Korea 2010" at KINTEX in Goyang, north of Seoul on March 4. The latest event was the third one since similar exhibitions took place in January and September 2009 to provoke the excitement among foreign buyers.
The participating foreign buyers consisted of 700 foreigners who visited the exhibition and 300 others who held on-line negotiations. The visiting foreign buyers included 100 officials from foreign exporting companies.
It was the first time the Korea Trade-Investment Promotion Agency (KOTRA) invited foreign exporting firms to "Buy Korea" exhibitions. KOTRA's inclusion of foreign exporting firms was apparently designed to help Korea, one of the G-20 countries, increase its purchases of foreign-made products and provide support for Korean companies' securing a supply of raw and subsidiary materials. In particular, exhibitors from Morocco and Vietnam set up their national pavilions. Also participating in the show were approximately 2,000 Korean exporters and 400 Korean companies wanting to purchase raw materials from foreign countries. As of March 4, the number of applications for trade negotiations has already surpassed the 10,000 mark, far higher than the exhibition's capacity to handle 4,000 import and export negotiations.
On the sidelines of the exhibition, two Korean firms signed an MOU with their respective foreign business partner.
Unison Managing Director Ahn Kyu-sang signed a $100 million MOU on the supply of 2MW-class wind power turbines with Majid Shalchian, technical advisor of Nimeh Hadi Emuad, an Iranian company specializing in the electronics industry, particularly in auto-electronics and microelectronics, in the presence of KOTRA President Cho Kwan-eik. Ahn and Shalchian gave thanks to KOTRA for arranging a potential partner and facilitating collaboration between both sides, while KOTRA President Cho noted that the MOU between Unison and Nimeh Hadi Emuad was a very meaningful start in the solar power sector.
Lee Dong-sung, chairman of PER Northamerica, signed a $15 million MOU with Alexander Kissin, associate director of Lewis & Peat, on the supply of an environmental plant, in the presence of the KOTRA president. Lee thanked KOTRA's business center in London for arranging the deal and expressed his hope for furthering business ties as a partner in Europe. Kissin said, "The MOU is a bright beginning for us."
Speaking about the trend of foreign buyers participating in Buy Korea 2010, KOTRA President Cho said, "Riding on the global recovery in the post-crisis period, the "Buy Korea" events contributed to publicizing the quality and excellence of Korean products, departing from the "Cheap Korea" image. One-third of the participating foreign buyers are from large, global companies and they are showing a keen interest in such fields as power plants, ports, shipbuilding and other equipment sectors."
Such large distribution firms as Alibaba.com, China's largest on-line B2B marketplace, and Japanet Takata participated in the exhibition with a keen interest in the purchase of Korean consumer products.
Cho said KOTRA was putting all of its energies and passion into making the "Buy Korea" exhibition Korea's representative trade fair brand with global recognition.
In reality, the participating foreign companies with more than $100 million in sales numbered over 200. They included Alibaba.com; French automaker, Peugeot S.A. (PSA); ABG Shipyard, a premier shipbuilding and repairing company in India; Ingram Micro, the biggest U.S. IT products distribution firm; and PAZ, one of Israel's biggest refinery companies. In particular, Korean exporters submitted a flood of applications for trade negotiations with Alibaba.com, which has a plan in mind to attract 5,000 Korean online shops.
Prior to the trade fair, KOTRA also hosted seven trade-related explanation sessions on March 3 including ones on the global entry of Korea's new growth engines and Korea's entry into large-size on-line distribution networks in North America, China and Japan. nw

(left) Vice Minister for Trade and Energy Kim Young-hak takes a look at ?uy Korea 2010?at KINTEX on March 4 which attracted about 1,000 foreign buyers. KOTRA President Cho Kwan-eik.

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