Market Trends and Entry Strategies from India and ASEAN Experts

- KITA & Frost & Sullivan co-hosted 'Next China Strategic Market Conference' -

The Korea International Trade Association (Chairman, Kim Young-joo) held the 'Next China Strategic Market Conference' at COEX, Samseong-dong, Seoul on December, 18, Monday. The conference, which was attended by more than 400 people including industry representatives, was designed to seek ways to focus on cooperation in areas such as transportation, energy, and smart information communication, in line with the recently announced 'Korea-ASEAN Future Community Initiative', announced by the Moon Jae-in's government.

In this conference, Manoj Menon, Lee Sung-min, a researcher at the Korea Culture and Tourism Institute, Eom Eun-hee, a senior researcher at the Center for Social Science in Seoul National University, and Cho Yun-mi, Ph.D at the Institute of Cross-Cultural Studies in Seoul National University, participated as speakers and presented the trends and industrial structure changes in ASEAN market in the era of the 4th Industrial Revolution and countermeasures for them.  

Asia Pacific President Manoj Menon at Frost & Sullivan, the co-host of this conference, stated, "As the middle class of ASEAN has expanded, consumption demand and purchasing power have been grown." He added, “As various opportunities, such as the high-value-added service industry targeting the rapidly growing middle class, coexist, it is necessary to establish a well-tailored entry strategy by deeply analyzing their consumption pattern changes." 

The speakers particularly emphasized the potential power of the content industry in the digital age in Indian and ASEAN market. 

Lee Sung-min, a researcher at the Korea Culture and Tourism Institute, said, "With the expansion of mobile media, content consumption in India, Indonesia and other potential markets has started to explode." He also mentioned, "Digital innovation proliferating in Asia will provide new opportunities for Korea's entertainment industry.”

Eom Eun-hee, a senior researcher at the Center for Social Science in Seoul National University, said “The transition to a new digital age is happening very rapidly, and the sharing economy which is pursuing cooperative consumption of goods and services is growing rapidly in ASEAN." She also stressed, "For the desirable Korea-ASEAN cooperation, it is essential to build interactive and horizontal relationship as well as mutual understanding.” l

Kim Geuk-soo, head of International Affairs Group at the Korea International Trade Association, said, "Upon President Moon's visit to ASEAN, many expect stronger cooperation between Korea and ASEAN.” He added, “We hope that Korean companies will broaden their horizons and expand their businesses to global market by taking this conference as an opportunity.”