WTC Seoul Hosts Premium India & ASEAN 2014

SEOUL, KOREA - WTC Seoul (license held by Korea International Trade Association), and Chairman Duck-soo HAN, hosted Premium India & ASEAN 2014 from June 17-18 at COEX, Seoul, to provide support for Korean exporters in gaining market entry into India and ASEAN. For this occasion, buyers representing 32 companies in 8 countries were selected, and took part in meetings with diverse Korean businesses.

Participating Indian and ASEAN companies included Next Retail India (India’s largest electronics retailer), Videocon Industries (India’s no.1 retailer of household appliances, world’s third largest picture tube manufacturer), PT Hero Supermarket (Indonesia’s largest supermarket chain), Saigon Co-op (Vietnam’s biggest retailer), and PMI Department Stores (Malaysia’s top retailer). Over 260 purchasing meetings were conducted between visiting buyers and 160 Korean conglomerates and SMEs such as CJ, Pulmuone, Lotte, Lock & Lock, Kolmar and Dongsuh Food.

In conjunction with the business meetings, a seminar on Indian and ASEAN market entry strategies took place on the 17th with speakers from Central Marketing Group (Thailand’s top apparel retailer) and Aditya Birla Group (India’s 3rd largest conglomerate). The speakers shared up-to-date business information on their country’s current market status, as well as their respective company’s overseas sourcing strategies. After the business meetings on the 17th and 18th in Seoul, buyers headed to Daejon, where they engaged in more meetings with local firms.

With a population of 1.1 billion, India has a weak manufacturing base and rapidly growing middle-income class. As a result, its consumers are showing high interest in quality Korean products, making India an attractive market with immense potential for Korean businesses.

ASEAN has a population of 600 million, and although there are differences in economic capacity among ASEAN countries, the region overall has been showing steady economic growth. Thanks to the Korea-ASEAN FTA (implemented in June 2007) and the Korean wave, Korea’s exports to ASEAN recorded 11.1% annual growth over the last 5 years, and the share of Korean products in the ASEAN import market has increased from 5.3% in 2008 to 6.2% in 2012.

According to the Asian Development Bank, ASEAN’s middle-income class will expand from 24% of the total population in 2010 to 65% by 2030, which is expected to further boost demand for Korean products.

Ho-keun JANG, Executive Managing Director of the Korea International Trade Association said, “Consumption by the middle-income class in India and ASEAN is increasing at a rapid pace due to high economic growth. Also, many consumers in this region are very interested in Korean products as a result of the Korean Wave. FTAs have also allowed for the lowering of market barriers and tariffs. The Korea International Trade Association will make greater efforts going forward to support our Korean exporters in making entry into the Indian and ASEAN markets.”

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