[Asia Economy Reporter Suyeon Woo] KOTRA announced that the Korea Pavilion at the 'Mobile World Congress (MWC) 2021,' held in Barcelona, Spain from the 28th of last month to the 1st of this month (local time), successfully concluded. A total of 23 Korean companies participated in the MWC, including 14 small and medium-sized enterprises (SMEs) and mid-sized companies, and 9 startups, operating the Korea Pavilion.
Due to COVID-19, companies participated in the Korea Pavilion through on-site business trips for the first time in a year and a half, conducting consultations with about 600 buyers and investors. Most participating companies agreed that more visitors than expected came, enabling meaningful on-site consultations. Notably, at this event, Mar?a Reyes Maroto, Spain’s Minister of Industry, Trade and Tourism, was the only official to visit the Korea Pavilion among the national pavilions, showing interest in the outstanding technology of the participating companies.
Reflecting the nature of MWC during COVID-19, where participant badges and business card exchanges were eliminated, there was significant interest in companies providing mobile services such as ▲Metaverse ▲Augmented Reality (AR) ▲Indoor Positioning Solutions ▲Artificial Intelligence (AI) Data Processing and Management Solutions ▲Mobile Devices ▲Driver Assistance Systems.
Company A, related to AI data processing and management solutions, stated, "We had 30 buyer consultations on the first day alone, and it was encouraging to meet potential buyers with high contract possibilities despite the COVID situation." Startup B, which provides augmented reality services, attracted potential investors’ attention by demonstrating a live streaming service featuring K-pop stars.
Company C, which offers coding education content, evaluated, "KOTRA arranged pre-scheduled video consultations with buyers, and we were able to have more concrete business discussions by meeting face-to-face on-site. The Korea Pavilion consultation support was a service well-suited for a hybrid exhibition format combining online and offline."
Jang Sang-hyun, CEO of KOTRA Invest Korea (left), is taking a commemorative photo with Javier Lopez, Global Director of Prosegur, after signing a business agreement on the 29th for startup investment attraction and open innovation cooperation. Photo by KOTRA
Meanwhile, prior to the MWC event, KOTRA Invest Korea held a startup investment attraction briefing (IR) on the 29th of last month as a side event, where 9 startups participating in the Korea Pavilion pitched to over 50 prominent investors from Western Europe.
Company E, which produces driver assistance devices, achieved a milestone by signing a memorandum of understanding (MOU) to collaborate on product development worth at least 21 billion KRW with partners from Spain and the Middle East. Jang Sang-hyun, CEO of Invest Korea, signed MOUs for startup investment attraction and open innovation cooperation with Spain’s largest security company and the largest Spanish-speaking media group.
KOTRA formed an integrated online and offline Korea Pavilion with a total of 64 companies, together with four organizations including the Korea Information and Communication Technology Industry Association, the National IT Industry Promotion Agency, Daegu Technopark, and Seoul Business Agency, conducting joint promotions targeting overseas buyers. To achieve tangible results, follow-up consultations between companies will continue to be supported during July and August.
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