Visit by the Ambassador of Rumania to the Republic of Korea Chairman Shin met with Mihai CIOM...
Visit by the Ambassador of Philippines to the Republic of Korea Chairman Shin met with...
The 47th General Meeting The Association held its...
Presidential Meeting The Association held the February...
The 171st Board Meeting The Association held its 171st Board Meeting at The Riverside Hot...
Korean Economy News
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- NPS agrees to accept govt-led rescue plan for DSME 2017-04-17
- 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
- The 29th KOIMA CEO Summer Seminar and Import Delegation Sent to Malaysia
- KOIMA held the 29th CEO Summer Seminar from July 20 to 24 for five days and sent its import delegation (led by chairman Shin Myoung-jin) to Kuala Lumpur, Malaysia. Under the slogan "KOIMA that promises, executes, and prospers" KOIMA invited 150 people that are the members and their family and successfully managed the schedule with the Malaysian government's welcome. The first official schedule commenced on the second day with the Korea-Malaysia Business Forum and one on one business meetings sessions that accommodated over 200 Malaysian exporters. Minister of International Trade and Industry, Dato' Seri Ong Ka Chuan, mentioned that KOIMA is one of the most important organizations in trade cooperation between the two countries and asked for continuous support and interest. MATRADE's Deputy Chief Executive Officer Madam Susila Devi and Korean Ambassador to Malaysia, Yu Hyun-seok, attended the business forum and graced the event. Chairman Shin said that the demand for Korean products has increased in Malaysia thanks to Korean wave (or hallyu) along with an increase in exporting Malaysian products to Korea during the press conference. He also emphasized on the role of KOIMA as a bridge for the two countries' trade cooperation and asked to take advantage of KOIMA members as a way to export Korean products. An opening ceremony for the seminar was held with opening speeches of Chairman Shin, welcoming remarks of Park Sung-seo, chief of the KOIMA training institute, and awarding members that have brought harmony to the KOIMA community by attending the seminar every year. "I have been trying my best to increase the number of members, have balanced finance, and improve the status of the association to create the member-focused community since my inauguration. I appreciate your attendance to the seminar and the support you have given to KOIMA," said Chairman Shin during the opening speeches. Park Sung-seo, chief of the KOIMA training institute said that he hopes the association promises, executes, and prospers just like the slogan created for the 20th seminar during his welcoming remarks. He also congratulated the increased number of attendants to the seminar and wished success of KOIMA. Hong Kwang-hee, the vice chairman received an award for the most frequent participation by attending the seminar fifteen times while members Kang Young-joo, Kim Deok-yong, Kim Young-shin, and Park Sung-seo received the award by attending the seminar for ten times. The one on one business meetings session followed the opening ceremony at 11 a.m. Around 65 Korean companies and 200 Malaysian companies participated in the session and discussed trade opportunities, across a wide range of products, mostly Malaysian products for export, such as food, computer hardware, construction materials, industrial electronic components, agricultural products, nonferrous metal, and fine chemical products. The session followed a dinner reception hosted by MATRADE that included a Malaysian traditional performance. On the third day, the members were separated into two groups: a golfing group and a tour group. The tour group visited Malacca City, a UNESCO World Heritage that used to be an important trading city back in the medieval times located on the route between the Indian and Pacific Oceans. Datuk Seri IR. HJ, Governor of Malacca specially welcomed the group himself. On the same day, KOIMA held a dinner reception and invited Malaysian government officials that provided KOIMA with support in preparing the seminar and affiliated events. On the fourth day, Seo Eui-suk, CEO of Standard Engineering (director of KOIMA) presented an address on "Innovative Engine, CEO Master!" and Jhon Kwang-jae, chairman of the Kuala Lumpur branch of the World Federation of Overseas Korean Traders Association conducted a lecture on "Business in Malaysia". In the afternoon the schedule continued with a downtown tour that included visits to Batu Caves, and KLCC Petronas Twin Towers, the landmark of Kuala Lumpur and was wrapped up with a dinner reception. Chairman Shin thanked the members for their attendance to the seminar and their trust and support to the 20th KOIMA executives during his closing remarks. He also thanked the members of the KOIMA training institute including chief Park Sung-seo for their efforts in successfully hosting the seminar. He emphasized that he will strive to repay the support given by the members of the association. Park Sung-seo, chief of the KOIMA training institute said that he saw improvements could be made as it was the first seminar he prepared since he became the chief during his speech. He thanked the members and the chairman of the association for providing him with warm support and that he will make the next year's event more fruitful. The last official schedule was a lucky draw and members Lee Chang-ho and Yoon Tae-ho won the prize of round trip tickets to the UK.
- KOIMA’s English-language website to get a facelift
- Korea Importers Association (KOIMA), a private organization that aims to facilitate imports into the country to help boost overall economy, is set to fully revamp its English-language website and invite new overseas companies as members. According to KOIMA on Monday, the new English-language website (www.import.or.kr/) will be available from Tuesday. The biggest change in the renewed website will be the service matching overseas companies wishing to export goods to South Korea and local companies opting to import them. If an offshore company visits the KOIMA website, for example, and registers corporate and trade-related information, the data will be sent to the KOIMA portal where up to 8,000 Korean buyers are actively engaged in. To register corporate information, the overseas company should press the “Join” button located on the top of the website. The newly refurbished website will also have a new section dedicated to Korean Economy News where visitors including overseas companies will be able to receive updated information on the Korean economy and companies. The website will also offer news on Korea’s import market trends, trade information such as tariffs under free trade agreements, and news on foreign embassies in Korea. By Lee Yu-sup
- “MAKING BUSINESS WITH THE PLURINATIONAL STATE OF BOLIVIA”
- “MAKING BUSINESS WITH THE PLURINATIONAL STATE OF BOLIVIA”</span> By Guadalupe Palomeque de Taboada Ambassador of The Plurinational State of Bolivia Since President Evo Morales took office more than ten years ago, the Plurinational State of Bolivia has shown a strong political and social stability. The Bolivian President maintains a favorable public opinion regarding the state administration in an economic context that was unimaginable a decade ago. In October 2015, the Financial Times organized an event in New York, called: “Investing in the New Bolivia Summit”. In such occasion, President Morales said that: “the economic stability guarantees investments in Bolivia”. Bolivian economy has achieved the longest period of growth in history, by accumulating 10 years of uninterrupted growth of its GDP – an annual average expansion of 5.1 between 2006 and 2015 and the size of its economy has tripled to about $ 30 Billion. It was possible because the Government of Bolivia recovered the owner-ship of hydrocarbons, mainly the most exported product, which is gas. They did the same with some mines and other sectors, such as an important communication enterprise, named ENTEL, allowing it to recover an economic surplus in benefit of all Bolivians. Also, the active participation of the State in the economy allowed it to reduce poverty significantly and to close the gap between rich and poor. Nowadays, due to the policy of strengthening the national currency, and the fragility of international finances, investments in Bolivianos are the norm. Actually, talking about foreign investments, the Government promotes them, like Minister Luis Arce said, in the occasion of an investment promotion event in London in June 9, 2016: "After a process of reform, the country (Bolivia) now has a modern regulatory framework, establishing favorable conditions for investors in all sectors". He further affirmed: “Bolivia is not asking for money, but for business”. In this framework, it is worth taking into account that the State participation in the economy has prevented an income flow from being lost through a flight of capital. The Government has also implemented some mega projects in infrastructure and transport, as well as in several social programs, through what it is known as “bonuses” or conditional cash grants that Bolivian government gives to seniors, pregnant women and some groups of students, that in total cover about 33% of the population, which is about, 3.3 million people. Bolivia has never had before, such a high amount of international reserves. They are more than $14 billion, about 60% of its GDP. With the flight of capital under control, capital has remained in the country and stimulated a strong growth in demand, which explains the growth in production, even in a world economic crisis that has affected some of its neighboring countries. Moreover, Bolivia has a long National Development Plan to 2020 which includes the goal to promote demand by the expansion in public investment to more than $us 54 billion. For this period, in some mega projects like energy and electricity. It is also expected that the private sector, including specially the direct foreign investments, would also make an important contribution in achieving a rapid sustainable growth and a development in harmony with Mother Earth. Another major source of demand is expected to come with the rise of domestic incomes, mainly as a result of the construction sector, which has been expanded at a rate of 10% yearly. It should be also noted that a smart new city in Santa Cruz, Bolivia will be built with Korean companies, under the framework of Korea Land & Housing Corporation to develop a project of about 6.000 ha. And it is envisaged as a model city built in the heart of South America. Another example of the increased Bolivian demand, is the construction of a petrochemical plant by the Korean company: “Samsung Engineering”, in Cochabamba, that will cost around $ 1 billion, and which is about to be finished by the end of this year. Indeed, there are now many opportunities to export to markets abroad, such as Korea. There are high quality and organic products, such as quinoa, amaranth, chia, soya, among others. Also coffee as well as the highest altitude wines and spirits. This is the New Bolivia that aims to enhance the relations and bilateral trade between the peoples of Bolivia and The Republic of Korea. June 16, 2016
- International Marketing Consultants for TDAP
- International Marketing Consultants for TDAP Trade Development Authority of Pakistan (TDAP), the successor organization to the former Export Promotion Bureau (EPB) is mandated to become a dedicated, effective and empowered organization that is professionally managed. TDAP, as part of its proactive trade 'development' mandate, as opposed to 'export promotion' only, is dedicated to the 'holistic' development and aggressive promotion of Pakistan's goods and services for exports globally. TDAP in this enhanced responsibility and role is creating direct linkages with stakeholders, local and abroad, aiming for a 'Quantum leap' in Pakistan's export. Amongst our many initiatives and plans, geared at strengthening exporters' capabilities and capacities, our primary focus is presently on hiring of 'International Marketing Consultants' for the following sectors. - Engineering sector - Leather sector - Gem & Jewellery sector - Carpets sector - Pharmaceutical sector - Fisheries sector - Fruits & Vegetables sector - Meat & Poultry sector - Sports Goods sector - Rice sector - Surgical instrument's sector Their objective would be to establish and strengthen the marketing of the above mentioned sectors through Brand building, Marketing and Promotional activities in the international arena, integrating them with the world market to make these sectors the driving force of Pakistan's economic growth, developing an image of quality, trust, reliability, credibility and performance. The focus would be to reposition the sector for long term competitiveness in the world markets with quantifiable benefits for the industry and its contribution to the economy overall. In-depth details of the relevant TOR's, is also available on the website. www.tdap.gov.pk.
New Members from Overseas
- Main Activities of Korea Importers Association in 2016
- - Import Mission to Foreign Countries - Visits from Foreign Ambassadors