China’s gross national product reached $8.227 trillion in 2013. As it was half that of the U.S., this shows the Chinese economy soared to became the world’s second-largest. The global economy forecasts China will overtake the U.S. economy in 10 years. China’s rapid economic growth is largely attributable to not only its cheaper labor force but also aggressive investments from overseas Chinese around the world.

The number of Chinese living abroad is estimated at about 57 million. With the ethnic community’s extensive network on both sides of the Pacific Ocean, they annually generate $500 billion from thriving economic activities around the world. The strong economic power of overseas Chinese served as a core driving force of the mainland’s economic development.

Korean nationals abroad have been hugely devoted to the country’s striking development. A 2013 public opinion survey on overseas Koreans conducted by the Overseas Koreans Foundation indicated that 56.3 percent of Koreans surveyed felt that overseas Koreans contributed to the country’s growth. They responded that the greatest contribution was made when Korean companies entered foreign markets.

The World Korean Business Convention, founded in 2002, was designed to build up a global network in which businesspeople at home and abroad can help each other and to further enhance the global competitiveness of Korean economy. The Convention has served as a link between overseas Korean businessmen and their homeland.

The 13th World Korean Business Convention is being held in Busan between Sept. 24 and 26 under the slogan “Global New Market: Hansang Network.” This year, the convention is hosting the Leading CEOs Forum and Young Business Leaders Forum, business networking seminars, business exhibitions, one-on-one business meetings and business talks with overseas buyers.

We have arranged business talks among Koreans at home and abroad by making use of our accumulated network, and such efforts have borne fruit. This year’s event focuses on seeking out collaborative partnerships through more active investments in the homeland and Hansang network-based exports. We will offer customized programs aimed at realizing constant information exchanges, create new businesses and enable all participants to benefit from the convention.

Basically, overseas participants have shown a strong interest in the economic development of the homeland and also played remarkable roles in helping Korean companies and products make inroads into overseas markets. The 12th World Korean Business Convention, held in Gwangju last year, attracted approximately 4,300 participants including about 920 overseas businessmen from 45 countries and about 3,400 local counterparts. The number of business deals exceeded 5,500. Among them, a Korea-based company began to export its high-priced dog outfits to the U.S. market and signed a supply contract with a renowned department store. The convention has so far produced many successful export cases.

For example, Nuri Clean is a sanitation products manufacturer that has attended the convention since 2006. As the result of one-on-one business meetings at the seventh World Korean Business Convention 2008, the company landed a deal to export toilet seat covers worth 1 billion won to the Beijing Olympics Organizing Committee. The convention also gave a chance for Human Rice Food, a franchise company selling bibimbap and frozen rice, to export their products to Singapore and the U.S. and establish a joint factory in China to produce frozen rice served with toppings. After attending last year’s convention, Seed Global Eye, a beauty products company, signed a contract with a Canadian company and began exporting their products this year.

As a growing number of competitive local companies participate in the convention, the number of overseas Korean companies is sharply increasing. Notably, special attention is paid to the fact that about 1,000 Koreans living abroad visit their homeland to attend the convention every year. Park Jong-bum, chairman of Youngsan Group and host of this year’s convention, said the World Korean Business Convention played an important role in both stimulating the Korean economy and uniting Korean businesspeople all around the world. Chairman Park worked as head of Kia Motors’ Australian corporation before the 1998 Asian financial crisis. When the automaker went into bankruptcy, he sold his house in Korea and started his own business in Vienna with one employee. Becoming one of the most successful Korean entrepreneurs in Europe, Park attained prominence as a self-made man.

More importantly, although most participants came from the U.S. in the beginning, an increasing number of participants recently have been flying in from Central and South America, Asia, Europe and Africa. In addition, what is notable about the Young Business Leader Forum is that competent, next-generation Korean businesspeople are carrying out various activities based on the Young Business Leader Network.

The world is getting smaller as we can travel from one country to another within a day. However, it is not possible for Korean businesspeople all around the world to meet together due to physical limitations. That’s why we need to make constant efforts to promote exchanges and build up a network online. To this end, the Overseas Koreans Foundation runs a website (www.hansang.net) designed for online business exchanges among overseas Koreans. We hope it will be a big help for networking and business exchanges.

The World Korean Business Convention, with participants who speak the same language and have the same culture, is a good opportunity for all of us to show our united power to the world. I strongly believe business exchanges with overseas Koreans who have capital, passion, perseverance and wisdom will be a big help for their personal development and Korea’s economic growth. 

By Cho Kyu-hyung

Cho Kyu-hyung is the president and CEO of the Overseas Koreans Foundation. ― Ed.