Andong, South Korea – The World Federation of Korean Trade Associations (World-OKTA) has declared its commitment to becoming a pivotal platform for Korean small and medium-sized enterprises (SMEs) seeking to venture into international markets. This ambitious goal was underscored by Chairman Park Jong-beom during a press conference held at the Andong International Convention Center on April 28th, coinciding with the opening of their annual World Representatives Convention and the Korea Business Expo (KBE) Andong.
In a global economic landscape increasingly characterized by protectionist measures and escalating trade tensions, Park emphasized the unique advantage offered by World-OKTA's extensive network. "With 7,000 CEOs spanning 151 cities across 70 countries, our global network stands ready to serve as the international marketing arm and de facto overseas branches for Korean SMEs," he asserted. He urged domestic businesses to actively leverage this powerful resource to navigate the complexities of international trade.
World-OKTA, recognized as the preeminent organization for overseas Korean business leaders, has convened its global membership alongside domestic SME representatives and key stakeholders in Andong from April 28th to May 1st. The KBE Andong is anticipated to draw approximately 2,000 participants, including 240 Korean SMEs eager to showcase their products, 900 influential overseas Korean entrepreneurs, and around 100 international buyers seeking new business opportunities.
Since assuming leadership in November 2023, Chairman Park has articulated a clear vision for the Korea Business Expo. His aim is to elevate the biannual event, held in April and October, into a globally recognized 'Korean Products Expo' brand, synonymous with quality and innovation from South Korean SMEs. "Our focus extends beyond mere product showcases," Park explained. "We are committed to fostering tangible outcomes by strategically matching domestic enterprises with our experienced overseas members who possess deep local market knowledge and established business operations. This will ensure comprehensive post-deal support and facilitate sustainable international growth." He further proclaimed his ambition to establish 'K-BE' as the next wave of the Korean economic wave, building upon the global success of K-food and K-beauty.
World-OKTA's proactive approach has already yielded significant results. The inaugural 'KBE Vienna' held in October of the previous year facilitated the signing of 213 export Memorandums of Understanding (MOUs) and generated an impressive $178 million (approximately KRW 246 billion) in potential export value. The momentum continues in Andong, with 1,350 pre-arranged export consultations already scheduled, indicating strong interest from both domestic suppliers and international buyers.
Beyond its core mission of facilitating international trade, World-OKTA is also demonstrating its commitment to social responsibility. Recognizing the recent devastating wildfires that impacted the Yeongnam region, including Andong, the organization has incorporated initiatives to bolster the local economy. "Our member companies worldwide will act as overseas promoters, actively marketing products from Andong-based businesses affected by the fires in their respective international markets through a dedicated program," Chairman Park announced. In a gesture of solidarity and direct support, he added that the traditional closing banquet would be replaced by encouraging members to patronize local businesses in Andong's alleyway districts using Andong love gift certificates, thereby injecting capital directly into the recovering local economy.
Kwon Ki-chang, the Mayor of Andong, expressed his profound gratitude for World-OKTA's presence and support during this critical time. "For Andong, which faced a significant crisis due to the wildfires, the greatest act of generosity is simply to come and be present," Mayor Kwon stated during the press conference. "The gathering of business leaders from across the globe for the World-OKTA event provides immense encouragement and strength to the citizens of Andong."
The KBE Andong and the World Representatives Convention signify World-OKTA's proactive stance in empowering Korean SMEs to overcome global economic headwinds and achieve sustainable international growth. By leveraging its extensive global network and fostering meaningful connections between domestic businesses and overseas Korean entrepreneurs, World-OKTA is poised to play a crucial role in driving the next phase of South Korea's economic expansion on the world stage. The event in Andong serves as a testament to their commitment to not only facilitating trade but also contributing to the resilience and recovery of local communities within South Korea.
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