Global Network and 'KBE' Platform to Support Korean SMEs' Foray into Overseas Markets

World-OKTA (World Federation of Overseas Korean Traders Associations), the largest Korean diaspora economic organization representing 7.5 million overseas Koreans and led by Chairman Park Jong-beom, is set to host its 26th World Representatives Convention and the '2025 KOREA BUSINESS EXPO ANDONG' (KBEA) from April 28th to May 1st in Andong City, Gyeongsangbuk-do Province.

This significant event is co-hosted by World-OKTA, Gyeongsangbuk-do Province, and Andong City, with joint management by World-OKTA and the Gyeongsangbuk-do Economic Promotion Agency. It is further supported by the Ministry of Trade, Industry and Energy (MOTIE), the Korea Trade-Investment Promotion Agency (KOTRA), the Overseas Koreans Agency (OKA), the Korea Tourism Organization (KTO), the World Korean Economic Forum of the National Assembly, and the Overseas Korean Newspapers Association, underscoring its national importance and broad collaborative framework.

World-OKTA annually convenes this pivotal gathering in April, bringing together its members from 151 cities across 70 countries worldwide. The primary objective is to provide tangible support for Korean domestic enterprises seeking to expand their reach into global markets, leveraging the extensive network and expertise of overseas Korean business leaders.

Building upon the resounding success of the '2024 KOREA BUSINESS EXPO VIENNA,' this year's convention will strategically utilize the 'KOREA BUSINESS EXPO' brand to attract both local and Korean diaspora buyers. This initiative aims to create concrete opportunities for Korean small and medium-sized enterprises (SMEs) to establish and grow their presence in international markets, fostering economic growth and global competitiveness.

▶ 'KBEA': A Platform for Korean Enterprises' Global Market Entry

The KBEA is expected to draw participation from approximately 250 companies, including over 100 enterprises from within Gyeongsangbuk-do Province, alongside businesses from other regions of Korea and around 150 member companies of World-OKTA. Furthermore, the event anticipates the attendance of around 800 World-OKTA members and over 200 overseas buyers from across the globe. This robust participation underscores the event's potential to create meaningful connections and facilitate international business partnerships.

A key focus of the KBEA is to provide participating domestic companies with practical avenues for overseas market penetration through the well-established global network of Korean diaspora business leaders. By fostering organic linkages between this network, local governments, and relevant supporting organizations, the expo aims to translate potential into tangible international business opportunities for Korean SMEs.

The overarching objectives of the convention are multifaceted: to enhance the capabilities of overseas regional representatives, to cultivate robust networking opportunities between domestic and international representatives, to promote mutually beneficial development with local governments and related institutions, and, crucially, to pave the way for Korean SMEs to successfully venture into overseas markets. By achieving these aims, the event seeks to bolster the global business prowess of overseas Koreans and establish a solid foundation for the successful international expansion of Korean SMEs.

▶ Solidarity of Overseas Korean Business Leaders to Support Wildfire Relief and Local Economic Revitalization

Demonstrating a strong commitment to their homeland and embodying the spirit of mutual support, World-OKTA initiated an emergency fundraising campaign targeting its global membership to aid residents and bereaved families affected by the recent devastating wildfires in the Gyeongsang region. The funds raised through this collective effort will be formally presented to the affected areas during the convention in Andong, representing the heartfelt solidarity of World-OKTA members worldwide.

Furthermore, in a tangible effort to stimulate local consumption and contribute to the economic recovery of Andong, all convention participants will be provided with 'Andong Love Gift Certificates.' This initiative aims to directly inject capital into the local economy, supporting businesses and residents as they recover from the recent challenges.

Park Jong-beom, Chairman of World-OKTA, emphasized the broader significance of the event, stating, "This convention transcends a mere business gathering; it will serve as a pivotal opportunity to support the recovery of Andong, which has suffered significant damage from the recent wildfires, and to inject vitality into the local economy." He further underscored the collective spirit of overseas Korean business leaders, expressing his conviction that the event will be a meaningful platform for overcoming crises and contributing to regional co-prosperity.

Chairman Park also highlighted the strategic importance of the convention in the current global economic climate: "By bringing together overseas Korean business leaders and international buyers, we aim to actively support Korean SMEs in navigating the challenging international environment and discovering new avenues for overseas market entry."

The '2025 KOREA BUSINESS EXPO ANDONG' is poised to be a significant event, offering concrete opportunities for Korean SMEs to expand their global footprint while simultaneously contributing to the recovery and revitalization of the wildfire-affected Andong region. Leveraging World-OKTA's extensive global network and the 'KBE' platform, the expo aims to empower Korean enterprises to establish a strong and sustainable presence in the international marketplace.

Established in 1981 with the core mission of contributing to the Korean economy through the promotion of exports by Korean-owned enterprises abroad, World-OKTA has grown into the largest Korean diaspora economic organization. Since its inception, the association has spearheaded various initiatives to support the Korean economy, including campaigns to purchase Korean goods, facilitate overseas market entry for SMEs, cultivate the next generation of Korean traders, and promote overseas employment for Korean youth. Currently, World-OKTA boasts a network of 151 chapters across 70 countries, comprising over 7,000 CEOs and 32,000 next-generation business leaders, solidifying its position as a vital force in the global Korean business community.