Posco Daewoo, the trading unit of the country’s top steelmaker Posco, signed a memorandum of understanding with the Korea International Trade Association and Convention & Exhibition Center Coex to cooperate for the development of the country‘s MICE industry, the company said Sunday.

MICE is an acronym for meeting, incentives, conventions and exhibitions.

“We will strengthen professional capacity to lead the globalization of the MICE industry and work with related small and mid-size firms for mutual growth through the memorandum,” said Posco Daewoo CEO Kim Young-sang at the signing that took place at the Trade Tower in Gangnam, southern Seoul.

Posco Daewoo will jointly plan and manage exhibitions held in Korea and overseas with Coex, the company said.

It will also try to invite recognized foreign exhibitions to Korea and introduce exhibitions held in Korea overseas to globalize Korea’s MICE sector.

The company will support small and mid-size companies’ overseas marketing based on its global network and sales know-hows.

South Korea’s MICE industry was valued at some 5 trillion won ($4.4 billion) in 2015, out of which exhibitions made up 2 trillion won, according to data compiled by the state-run Korea Tourism Organization.

In June, Posco Daewoo opened an exhibit hall displaying some 600 Korean products made by 60 small and mid-size companies in Yiwu, eastern China.

By Kim Bo-gyung (lisakim425@heraldcorp.com)