Korean Economy News
- S. Korea bans minors, foreigners, financial institutions from trading bitcoins 2017-12-14
- S. Korea fines the country’s biggest bitcoin exchange operator in its first punitive action 2017-12-14
- Posco’s Suzhou automotive steel sheet sales tops 5 mn tons 2017-12-14
- Samsung to sell 25.1% stake in Hanwha General Chemical 2017-12-14
- Hyundai Motor to triple green car lineup by 2025 2017-12-14
- KOIMA Import Delegates' visit to Indonesia
- South Korean entrepreneurs who are the members of the Korea Importers Association (KOIMA) plan to visit Indonesia to see directly and buy the products of the country. On Monday (10/07/2017), the official statement of the Indonesian Embassy in South Korea stated that more than 100 Importers from South Korea are having a visit to the country for business reasons. From July 12-15, 2017, a series of activities, including business forums, one-on-one business matching and industrial visit. The delegation has been led by Vice-Ambassador of Indonesia, Cecep Herawan and Chairman of KOIMA, Myoung-Jin Shin. According to the Trade Attaché of the Indonesian Embassy (Seoul), Aksamil Khair, the number of delegates has reached 120 people, consisting of the company's Chairman and the officials of KOIMA. "Products of interest by members of the delegation are quite diverse, including rubber products, CPO, electronics, textiles, wood, coconut products, chemical products, building materials, cosmetic materials, glass products, handicrafts , food products and others, " - Aksamil Khair. In order for this mission to be successfully generating trade contracts before the departure, they have to facilitate communication with potential suppliers from the homeland. Thus, in the future, it would be finalized and enhanced the relationship. Ambassador of the Republic of Indonesia in Seoul, Umar Hadi, has conducted intense discussions with Chairman of KOIMA in an effort to increase Indonesia-South Korea trade. One of the efforts was sending the importers to the forum, with lots of possibilities. "I am confident that this visit will be able to pump back the bilateral trade performance that has decreased," said Ambassador Umar Hadi. Total Indonesia-Korea trade in 2016 was recorded at the US $ 14.8 billion, an 11% decrease compared to the previous year's trade. Nevertheless, there is a surplus on the side of Indonesia of the US $ 1.6 billion. Meanwhile, in January-May 2017, total trade amounted to US $ 7.3 billion, an increase of 22.6% against 2016. Korean imports from Indonesia are still dominated by raw materials and finished goods such as coal, rubber, plywood, other mining products and electronic components. However, other products like the garment, footwear, vegetable oil and other non-oil products have shown a tremendous increase in the last 2 years.
- KOIMA Chief calls for bold action to promote Korea’s buying power
- By using its “buying power” in the global market as leverage, South Korea has been able to secure new export partners more easily and it is time to be aggressive in promoting Korea as a big importer in the global market, said Shin Myoung-jin, chairman of Korea Importers Association (KOIMA). In a recent interview with Pulse, Shin, who was newly appointed as the 20th chairman in March, noted that Korea is well known as a major exporter in the world but little is known that the country is also the world’s tenth-largest importer. “The government and people are now well aware that a virtuous cycle of exports and imports is what promotes the industry growth in Korea and that imports help bolster exports,” Shin said. The chairman emphasized that Korea lacking natural resources depends more than 99 percent of natural resources on imports. More than 60 percent of the country’s total imports are raw materials. “Korea cannot send goods outside the country without importing raw materials,” Shin said. As part of efforts to make Korea more known as a major importing country and to secure stable suppliers, KOIMA has been sending delegates overseas. Representatives visited Myanmar in June and Malaysia in July, and they also plan to visit China, Canada, Cuba, and Taiwan in October and November. “By sending delegation to strategic export countries, we have been able to pioneer new export markets using the buying power of Korean companies and secure new customers,” Shin said. He added that KOIMA plans to continue with its efforts to promote the country’s buying power next year by sending delegations to emerging and developing countries including Mongol and Sri Lanka and those in Central Asia, Central and South America, and east Europe. KOIMA’s active role in trying to resolve trade imbalance has allowed the association to become one of the most popular organizations among foreign ambassadors and commercial attaches in Korea. In a survey conducted several years ago asking foreign embassies in Korea to pick a Korean organization that offers the most useful resources and assistance to their own respective countries, 58 percent of respondents responded it was KOIMA. Shin, who is also chief executive of Chunjin Chemtec Co., an importer of natural rubber, is a legendary businessman. He founded the company when he was only 27 years old by opening up the import market for natural rubber from Malaysia that had been dominated by Japanese trading companies. By Park Yong-beom
- Malaysia Fashion Week 2017
- Malaysia Fashion Week (MFW) will be held from October 18th to 22th 2017 in Kuala Lumpur, Malaysia. Conference for foreign buyers is scheduled to take place. So please consult any inquiries to the following the person in charge if you want to attend this event. Please also refer to the provided attachment about MFW. 1. Ms Sabesha - Project Head of MFW Mobile: +6012-2846530 Email: firstname.lastname@example.org 2. Ms Shannon Wong Mobile: +6016-3898666 Email:email@example.com If you have any other questions or concerns, please contact to the following contact number. Commercial department of Embassy of Malaysia in Korea Marketing Manager Min gwon Yoon Tel: (02) 739-6813/6814 Thank you for attention.
- Polish company (Wooden Bathtub)
- A notification from Trade, Investment Promotion Division, Embassy of the Republic of Poland in Korea. If you are interested or have any inquiries, please refer to the information below. Unique Wood Design Products: Wooden Bathtub Person In Charge: Mr. Maciej Górka Address: ul. Tęczowa 24, Gęsiniec, 57-100 Strzelin, POLAND Tel: +48 504 214 372 E-mail: firstname.lastname@example.org Website: www.uniquewood.pl For further information, please refer to the attachment provided. Thank you for your attention and consideration.
- Polish Company(Cosmetics)
- A notification from Trade, Investment Promotion Division, Embassy of the Republic of Poland in Korea "Euphora Grzegorz Wnęk Spółka Jawna" is wishing to get in touch with any business partners. If you are interested or have any inquiries, please refer to the information above. Euphora Grzegorz Wnęk Spółka Jawna Products: Cosmetic products(makeup) Person In Charge: Mr. Gabriel Skóra Address: ul. Orszańska 43, 30-698 Kraków, POLAND Tel: +48 516 142 188 Mobile: +48 790 354 111 Fax: +48 33 876 10 99 E-mail: email@example.com, firstname.lastname@example.org Website: www.paese.pl
- International Zoological Fair 2017 (Poland)
- On 15-17 September 2017 in Lodz will be held XVI International Zoological Fair. This is the related imformation about the exhibitation which will be open in September this year. XVI International Zoological Fair Date: 15/09/17~17/09/17 Location: EXPO Hall Lodz, al. Politechniki 4 A contact adress of the person in charge is as follows.: Host: Lodz International Fair Ltd. Tel: +48 42 674 15 00 Fax. +48 42 674 15 01 E-mail: email@example.com Website: www.targi.lodz.pl Please refer that participants in exhibition can buy products at a 50% discount from relevant business suppliers. If you have any enquiries or any requests, please contact the following department or the person in charge directly.
- 2017 Turkey Delegation
- ***Information: 2017 Turkey Delegation *** -Programme: Briefing, B2B Meeting, Exhibition tour, Visit to local production facilities -Participants: All the countries in the world -Supportive contents: Accommodation fees including breakfast provided by Turkish Ministry of Economic Affairs -Conditions: 1) Applicants have to have purchase rights. 2) Any applicants that are currently in contact with local distributors or have a record of being in the delegation are not included. 3) Applicants must provide detailed information about their interest of imported products until the given period of time. 4) Fluent in English, French, German and other languages. Application information: Applicants must contact the Office of Commercial Counsellor, Embassy of the Republic of Turkey in Korea before the deadline for each given programmes. Türkiye Cumhuriyeti,Seul Büyükelçiliği,Ticaret Müşavirliği Turkish Embassy in Seoul,Office of the Commercial Counsellor Address: Vivien Building, 4th Floor, 52, Seobinggoro 51 gil, Yongsan-gu, Seoul Tel:+82 2 7941382 E-mail:firstname.lastname@example.org Fax:+82 2 7962177 Web:www.economy.gov.tr
New Members from Overseas
- Main Activities of Korea Importers Association in 2016
- - Import Mission to Foreign Countries - Visits from Foreign Ambassadors