Andong, South Korea – The World Federation of Overseas Korean Traders Associations (World-OKTA), a prominent organization representing Korean business leaders across the globe, has announced a significant rebranding, changing its official name to the 'World Korean Economic and Trade Association'. The decision was formalized during a board of directors meeting held on April 30th at the Andong International Convention Center, coinciding with the '2025 KOREA BUSINESS EXPO ANDONG'.
The motion to amend the association's articles of incorporation and adopt the new name received overwhelming support from the approximately 200 standing directors in attendance. While the Korean abbreviation will be '(사)세경협', the widely recognized English acronym 'World-OKTA' will be retained.
The rationale behind the name change was further elaborated during an extraordinary general meeting that followed the board meeting. World-OKTA emphasized its evolution since its inception in 1981 as a network primarily focused on trade. Over the past four decades, the organization has witnessed a substantial diversification of its membership, encompassing professionals in burgeoning sectors such as Artificial Intelligence, semiconductors, and the broader Fourth Industrial Revolution. This expansion is reflected in the current operation of 15 specialized standing committees catering to various industries.
Adding to the impetus for the change was the recent renaming of the annual Hansang Convention, organized by the Overseas Koreans Agency, to the World Korean Business Convention. World-OKTA recognized the potential for confusion with its own established 'World Korean Business Leaders Convention' and deemed it necessary to adopt a name that more distinctly conveys its identity and broader scope.
In its official statement, World-OKTA articulated that terms like 'Korean economic figures' and 'business' align more accurately with its role as a Korean economic organization under the purview of the Ministry of Trade, Industry and Energy. The inclusion of 'economic' in the new name underscores the association's commitment to fostering connections and providing a central platform for Korean business leaders worldwide.
Chairman Park Jong-beom highlighted the critical juncture at which World-OKTA finds itself, facing both internal and external pressures to adapt to a changing environment. He stressed that the name change was not a unilateral decision but rather a necessary organizational shift following due process, including deliberation at the 18th Standing Executive Committee meeting before being presented to the board and general assembly.
In a recent interview, Chairman Park had previously underscored the need to move beyond a purely trade-centric image. He noted that while OKTA was initially established to facilitate the export of Korean SME products by traders, the organization's role and the diverse business portfolios of its members have expanded considerably over the past 40 years. The rebranding aims to reflect this broader economic landscape.
Furthermore, Chairman Park pointed to the strategic advantage of adopting the term 'economic' in positioning World-OKTA as a leading Korean economic organization on par with the top seven domestic economic bodies.
The decision to pursue the name change followed a largely favorable response during a Standing Executive Committee meeting held virtually on March 28th, where Chairman Park and the vice-chairmen discussed the proposal.
While the final ratification of the name change rests with the general meeting on April 30th, World-OKTA anticipates a smooth approval process from the Ministry of Trade, Industry and Energy. The association emphasized that preliminary discussions with the relevant ministry have been positive, and the rebranding aligns with the organization's evolving role while maintaining its core objectives.
Background of World-OKTA's Name Changes:
1981: Founded as the 'Overseas Korean Traders Association' (OKTA), with Jang Woo-sang as the first chairman.
October 1994: Renamed to the 'Overseas Korean Trade Association' (OKTA) under the 8th executive committee.
October 2000: Rebranded as the 'World Overseas Korean Traders Association' (World-OKTA) with the inauguration of the 11th executive committee, led by Chairman Chung Jin-cheol.
April 2011: Adopted the current name, the 'World Federation of Overseas Korean Traders Associations' (World-OKTA), under the 16th Chairman Kwon Byung-ha.
This latest name change to the 'World Korean Economic and Trade Association' signifies World-OKTA's commitment to representing the increasingly diverse and sophisticated network of Korean business leaders worldwide and solidifying its position as a key player in the global Korean economic community.
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