Amid the prolonged slowdown of the manufacturing industry, the Korea International Trade Association has looked to the service industry for growth.

The association kicked off the Korea Grand Sourcing Fair 2013 on Tuesday at COEX in Samseong-dong, southern Seoul, and at Kin’s Tower in Bundang, Gyeonggi Province.

Some 56 potential purchasers from China, ASEAN member states and the European Union were invited to the event and to meet with local small and medium-sized companies involved in the service industry.

The detailed business sectors of the participating companies vary from gaming, information technology and broadcasting to medicine, food, cosmetics and many others, according to officials.

Among them are the France-based global distributor Carrefour, Hong Kong’s largest trading firm Li & Fung, and Thailand’s top distributor CP Lotus.

Broadcasting and game content manufacturers, such as the German online game enterprise Gameforge, are also participating.

Representing their Korean counterparts are some 430 frontrunners of the local distribution industry, such as Dongwon F&B, STX Solar, Ottogi, Nongshim, KBS Media, CJ E&M and Haessem.

“We expect some 850 cases of business consultation to take place during the three-day fair, which will then involve some $460 million,” said a KITA official.

KITA, apart from mediating the potential purchasers and the local companies, will also hold a strategic forum to offer a long-term vision as to the future direction of service industry players.

“This consulting fair is targeting capable local companies which wish to advance into the global market but find trouble in opening up their export paths,” said the official.

The overseas participants, too, expressed high hopes on the potentials of Korea’s service industry.

“Through this grand sourcing fair, we are expecting new insights into the Korean games market, upcoming trends as well as a general understanding of the business relationships,” said an official of Gameforge.

Getting hold of business in Korea is important not only to boost the company’s expansion there but also to boost its success in the European region, as the level of creativity and service offers inspiration, he added.

By Bae Hyun-jung (tellme@heraldcorp.com)