As South Korea approaches its goal of achieving $1 trillion in annual exports, the government is accelerating efforts to diversify its export structure, which has been heavily reliant on semiconductors, by expanding into new industries and markets. The focus will be on attracting foreign buyers in sectors such as artificial intelligence (AI), bio, defense, and energy.
The Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) announced on October 20 that they will host 'Export Boom Korea' at KINTEX in Goyang from October 21 for two days. The event will feature participation from 530 foreign companies across 61 countries and over 1,400 domestic firms, facilitating approximately 4,800 one-on-one export consultations. The number of foreign buyers has increased beyond the official recruitment stage.
This year's event will center on themes of 'export diversification,' 'regional coexistence,' and 'youth growth.' Special emphasis will be placed on attracting buyers from emerging industries, referred to as 'ABCDE,' which includes AI convergence, bio, content, consumer goods, defense, and energy.
Notable participants include Walmart from the United States, JD.com from China, Lonza from Switzerland, CBC Defense from Brazil, and PetroGulf from the United Arab Emirates, all seeking to discover new supply chains with domestic companies.
From January to September this year, South Korea's exports reached $814.5 billion, surpassing last year's total. The government believes that if the current trend continues, annual exports could exceed $1 trillion for the first time.
Efforts to identify alternative markets in response to changing conditions in the Middle East are also underway. On the second day of the event, a briefing will be held to address changes in logistics and trade environments following the Middle East crisis, offering consulting and follow-up support for affected companies.
Participation from regional companies in exports will also be expanded. A separate showcase for small local businesses and first-time exporters will be organized, linking with 11 exhibitions nationwide, including the Korea Electronics Show, the International Security Industry Exhibition, the Osong Cosmetics and Beauty Industry Expo, and the Bitgaram International Power Technology Expo.
Before the opening, 103 export contracts and memorandums of understanding (MOUs) have already been scheduled, amounting to $69 million. Contracts are expected to be finalized in sectors such as automotive parts, semiconductor equipment, and pharmaceuticals.
KOTRA President Kang Kyung-seong stated, "Through Export Boom Korea, we will accelerate the diversification of export items, markets, and companies, striving not only to achieve the $1 trillion export goal but also to enhance the quality of our exports."
* This article has been translated by AI.
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