Global firms hunt for local products

Buyers from about 100 global firms are participating in a fair at the COEX in Seoul to purchase products made by local small and medium-sized enterprises.

The three-day "Export to China, Export to the World 2009-2010" fair is co-organized by the Korea International Trade Association and China`s Alibaba.com, the world`s biggest B2B (business to business) online marketplace.



"Korean SMEs` exports only made up 31 percent of total outbound shipments last year, which is far lower than that of the United States, Europe and China," KITA vice chairman Oh Young-ho said.

"We hope to open up a new marketing channel for local SMEs so they can do business with more diverse buyers."

Participating companies in the fair include 12 Fortune 500 companies on the buyer side, and more than a 1,000 local SMEs on the seller side.

Major buyers include Wal-Mart Stores, Inc., Best Buy., Inc., Procter & Gamble Co. Nestle S.A. and China`s biggest retailer Vanguard.

Alibbaba.com said it estimates Korean SMEs to sell about $440 million worth of goods through the event, citing a survey conducted prior to the event.

Dongwon F&B, a local food and beverage company, signed a letter of intent with Vanguard yesterday to sell canned food valued at $1 million, according to Kim In-keun, a general manager at KITA.

(cynthiak@herald.com)





By Cynthia J. Kim