Export Boom Up Korea at COEX on 15-16... Supporting Achievement of $700 Billion Export Target

Hosted by the Ministry of Trade, Industry and Energy, Co-organized by KOTRA and KITA
KOTRA and KITA Hold Export Consultation Fair Once This Year
Over 560 Global Leading Buyers Visit Korea

The '2024 First Half Export Boom-up Korea' event to support achieving $700 billion in exports this year will be held on the 15th and 16th at COEX in Gangnam-gu, Seoul.

Minister Oh Young-joo of the Ministry of SMEs and Startups, Minister Ahn Deok-geun of the Ministry of Trade, Industry and Energy, and Chairman Yoon Jin-sik of the Korea International Trade Association are touring the site of the '2024 Export Boom-up Korea (KITA X KOTRA Mega Biz Trade Show)'. Photo by Korea International Trade Association

Hosted by the Ministry of Trade, Industry and Energy and co-organized by the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea International Trade Association, this event was prepared to revitalize exports through a large-scale export consultation meeting.

Unlike previous years when KOTRA and the Trade Association held separate export consultation meetings, this year they have been combined into one larger event. According to the Ministry of Trade, Industry and Energy, during the event, over 560 global leading buyers will visit Korea, including Ørsted, the world's number one offshore wind power company from Denmark, Mitsubishi Motors from Japan, and Costco from the United States.

These buyers will meet individually with about 3,000 promising domestic export companies across various sectors such as services, information and communication technology (ICT), consumer goods, and materials, parts, and equipment (SoBuJang), conducting more than 7,000 export consultations. Through this, approximately 150 export contracts and memorandums of understanding (MOUs) are expected to be signed, resulting in an estimated export performance worth about $160 million.

Minister An Deok-geun of the Ministry of Trade, Industry and Energy and Minister Oh Young-joo of the Ministry of SMEs and Startups will pledge to strengthen inter-ministerial cooperation to support export small and medium-sized enterprises (SMEs) and mid-sized companies and will tour the consultation sites.

Minister An Deok-geun emphasized, "We have set a goal to achieve the highest-ever export amount of $700 billion this year so that exports, which are showing a clear rebound this year, can lead our economic growth. We will launch an all-out export campaign by investing the largest-ever trade finance of 360 trillion won and an export marketing budget of 1 trillion won this year." Minister Oh Young-joo promised, "To expand the global advancement and strengthen the competitiveness of SMEs and venture companies in various fields, we will establish a one-team consultative body for SME and venture company support with the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Energy, and overseas diplomatic missions."

Meanwhile, at this event, various consulting departments such as the one-stop export order support team, overseas certification support team, and the Trade Association will operate on-site, and a separate on-site visit program will be conducted for major buyers to directly observe the product manufacturing process. After the closing, the event will be linked to export consultation meetings held by local governments nationwide, and programs to enhance the image of domestic companies and products, such as Korean cultural experiences, will also be operated.