KOTRA Confirms 874 World-Class Products... 84 Products Newly Selected

[Asia Economy Reporter Kiho Sung] KOTRA, together with the Ministry of Trade, Industry and Energy, announced on the 8th that it has confirmed 874 World-Class Products in 2020 (an increase of 57 from 817 in 2019) and 983 manufacturing companies (an increase of 66 from 917 in 2019).

The World-Class Products program, which started in 2001, selects products and manufacturing companies leading the global market and provides comprehensive package services such as marketing, finance, and consulting. The proportion of small and medium-sized enterprises (SMEs) and mid-sized companies among World-Class Product manufacturers has significantly increased from 52 companies (37.1%) in 2001 to 750 companies (76.3%) in 2020.

This year, 84 products and 100 companies were newly selected. Among them, there are 20 current World-Class Products (33 companies) and 64 next-generation World-Class Products (67 companies).

The electrical and electronics sector had the highest number of products at 22 (26%). The healthcare industry, which includes K-quarantine products such as COVID-19 diagnostic kits and air sterilizers discovered through the newly introduced Fast Track system, followed with 17 products (20%). The Fast Track system recognizes the special circumstances of products experiencing rapid export growth in unique environments and supports their early selection as next-generation World-Class Products to actively utilize the national brand. Additionally, SMEs and mid-sized companies accounted for 82 products, representing 82% of the total.

Meanwhile, through qualification screening, 27 products and 34 companies were excluded due to reasons such as business suspension or closure, business sales, and undermining the soundness of the market economy order. Five products and five companies were promoted from next-generation to current status. With the secured additional budget, marketing and export support services will be expanded next year to foster more cases of promotion from next-generation to current status.

Furthermore, to establish the identity of World-Class Products as a national brand, a new logo was created based on the keywords ‘Taegeuk, Hallyu, Global.’ Opinions on 46 designs were collected, three candidates were selected, and a preference survey was conducted targeting World-Class Product manufacturing companies.

Kwon Pyung-oh, President of KOTRA, stated, “We are actively nurturing strong small and mid-sized companies to strengthen our export competitiveness and expanding the World-Class Products program to increase Korea’s global influence. We aim to discover 1,000 small and mid-sized companies producing World-Class Products by 2024 and will provide support accordingly.”