KITA News and Reports
  • Start-Up’s Innovative Products Open New Way to Export Korean Goods to Overseas
    2017-11-28

    Start-Up’s Innovative Products Open New Way to Export Korean Goods to Overseas

    - KITA held ‘10th Korea Grand Sourcing Fair 2017’ -

    - Held consultation meeting with 140 global big buyers from 26 countries including China -  

     

    The Korea International Trade Association (Chairman, Kim Young-joo) held the ‘10th Korea Grand Sourcing Fair 2017’, sponsored by the Ministry of Industry, Trade and Energy and the Ministry of SMEs and Startups, at COEX, Seoul for 2 says from November 28 to 29 by inviting 140 overseas companies, including Global Big Buyers.

     

    This event was held as a part of the "Trade Week" commemorating the 54th Trade Day and 180 big buyers from 140 companies in 26 countries, including large global retailers such as department stores, home shopping companies, online shopping malls and importers came to Korea to purchase Korean products. Global leading retail groups such as Staples, the largest office supplies distributor in the United States, Seven-Eleven, the largest convenience store chain in Japan, Reliance, the 3rd largest distributor in India, and Singapore’s Lazada, the largest B2C e-commerce in Southeast Asia and large manufacturers, including France’s L'oreal and P & G in the United States took part in the event.   

     

    Along with the ‘10th Korea Grand Sourcing Fair 2017,’ the Korea International Trade Association simultaneously held ‘Consultation Meeting with Retail Buyers from China’ and ‘Chinese Online Shopping Mall and Home Shopping Sourcing Strategy Seminar." With the influence of improved relations between Korea and China, 25 major Chinese online shopping malls, and TV home shopping buyers, including Alibaba, JD.COM, and VIPSHOP participated in the event.

     

    45 buyers from South East countries, including Indonesia, Thailand and Vietnam and India and 13 buyers from Russia and CIS participated in the event. Those countries are receiving much attention due to the government’s New Southern Policy as well as New Northern Policy. In addition, the local offices of Lotte Mart in Indonesia and GS Home Shopping partners in Southeast Asia also came to Korea to find domestic suppliers. The officials from the major hospital in Colombia visited Korea to import Korean medical equipment, and WTC Manila member companies participated in the event with the organized Philippine pavilion.

     

    By the type of distribution, 22 retailers, including department stores, large discount stores, and convenience stores, and 31 home shopping companies and online shopping malls and 44 professional importers, and 13 manufacturing companies participated in the event. 

     

    The Korea International Trade Association mainly focused on actively supporting start-ups to make inroads into overseas in order to diversify the export items. 24 start-ups participated in this event, exhibiting innovative products utilizing new technologies such as ICT IOT and had individual business consultations with overseas buyers. During the event, innovative items such as Wearable Braille Smart Watch (Dot) for the visually impaired, Smart Communication Device (analog plus) that enables to listen to Bluetooth music while wearing a helmet, Smart Baby Care Device (allb), which provides infants’ health information in real time, smart Neckband (YouFirst-K) for the hearing impaired, and Backpack (Ambitionem) that enables travelers to mark their travel destinations with special film were displayed.

     

    At the KWAVE-EXPO, K-Wave stars such as Han Chae-young, Lee Yo-won, Hwang Chi-yeol, and Hong Jong-hyun promoted products from small and medium-sized companies. Moreover, other various events such as ‘K-Fish Pavilion’ where unique seafood products were exhibited and ‘KITA’s Export and Job Consultation Pavilion’ took place at the same time.

     

    Kim Geuk-soo, head of International Affairs Group at KITA, stated, "Korea-China economic exchanges are becoming active ahead of the Korea-China summit at the APEC meeting. Also, due to the government's New Southern Policy and the New Northern Policy implementation, many global big buyers came to Korea to have consultation on purchasing products." He also stressed "The Korea International Trade Association will accelerate efforts to diversify the export market as well as export items by actively promoting start-ups’ innovative products and promising Korean products overseas."

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