World Korean Business Convention does $6 million in deals on first day

Korean company officials and foreign buyers meet at a booth during the World Korean Business Convention held at Jeonbuk National University in Jeonju, North Jeolla, on Tuesday. [YONHAP] Export contracts worth around $6 million were secured for businesses in North Jeolla on the first day of the 2024 World Korean Business Convention, which began Tuesday. Related ArticleJeonbuk National University prepares for 2024 World Korean Business ConventionDrone Soccer World Cup will transform Jeonju into 'one-of-a-kind' destination, says mayor Around 3,000 businesspeople, including 2,000 from Korea and another 1,000 from abroad, are expected to visit the three-day business convention at Jeonbuk National University in Jeonju, North Jeolla. The World Korean Business Convention, an annual event launched in 2002, brings businesses together to promote products, network and form partnerships. This year’s event is hosted by the Overseas Koreans Agency (OKA) and organized by multiple institutions and companies, including the North Jeolla provincial government and the Jeonju city government. This year's event, the 22nd edition, marks the first time it is being held in North Jeolla. A banner in front of Jeonbuk National University's main gate welcomes visitors to the 2024 World Korean Business Convention. [JEONBUK NATIONAL UNIVERSITY] According to the North Jeolla provincial government, the participation rate of companies based in the area hit 47.2 percent this year, higher than previous host cities like South Jeolla's Yeosu in 2019, 32 percent, and Ulsan in 2022, 39 percent. Some 400 companies have requested one-on-one business meetings for international expansion during the convention, with 120 of them based in North Jeolla. According to the OKA, the event helped secure export deals worth $6 million on the first day alone. Four companies from North Jeolla made deals with overseas buyers, including PSBBIO, a biotechnology-based cosmetics manufacturer. The company signed a $1 million deal with Taeyang de Mexico S.A. de C.V., a Mexico-based company, on exports over the next three years. To accommodate businesses and visitors, the university built an 8,200-square-meter (86,100-square-foot) dome in its main stadium area, where 240 companies have set up 326 booths to showcase their technologies. The event is expected to boost the local economy by attracting around 1,000 foreign buyers to view the booths. Companies like Hyundai Motor and KGM Commercial will exhibit their electric and hydrogen vehicles, while LS Mtron, a Korean industrial machinery manufacturer, will showcase self-driving tractors and small agricultural machinery. Lee Sang-deok, commissioner of the Overseas Koreans Agency, speaks at a press conference for the World Korean Business Convention at Jeonbuk National University in Jeonju, North Jeolla, on Tuesday. [YONHAP] Through the business convention, North Jeolla hopes to showcase its economic potential, aiming to overcome the negative impact of last year's Jamboree fiasco in Saemangeum, North Jeolla. “The OKA will ensure that the event does not just remain a formality but leads to tangible results that contribute to the region’s economic growth,” said Lee Sang-deok, commissioner of the OKA, during a press conference on Tuesday at Jinsudang Hall, Jeonbuk National University. Given that the event is being held on a university campus for the first time, several activities for students will also take place. The University Student Startup Competition was held at Jinsudang Hall on Tuesday, where aspiring entrepreneurs pitched their ideas and attended lectures from professionals. On Thursday, business leaders will give special lectures to students interested in working abroad, including Dennis Hong, founding director of Robotics & Mechanisms Laboratory (RoMeLa), and Michael K. Lee, CEO of New York-based 3S Consulting. Other related events, such as the Jeonju International Drone Industry Expo and the International Fermented Food Expo, will also be held as part of the convention. BY CHO JUNG-WOO [[email protected]]

World Korean Business Convention does $6 million in deals on first day Published: 22 Oct. 2024, 16:52 CHO JUNG-WOO cho.jungwoo1@joongang.

co.kr Audio report: written by reporters, read by AI Korean company officials and foreign buyers meet at a booth during the World Korean Business Convention held at Jeonbuk National University in Jeonju, North Jeolla, on Tuesday. [YONHAP] Export contracts worth around $6 million were secured for businesses in North Jeolla on the first day of the 2024 World Korean Business Convention, which began Tuesday.

Related Article Jeonbuk National University prepares for 2024 World Korean Business Convention Drone Soccer World Cup will transform Jeonju into 'one-of-a-kind' destination, says mayor Around 3,000 businesspeople, including 2,000 from Korea and another 1,000 from abroad, are expected to visit the three-day business convention at Jeonbuk National University in Jeonju, North Jeolla. The World Korean Business Convention, an annual event launched in 2002, brings businesses together to promote products, network and form partnerships. This year’s event is hosted by the Overseas Koreans Agency (OKA) and organized by multiple institutions and companies, including the North Jeolla provincial government and the Jeonju city government.

This year's event, the 22nd edition, marks the first time it is being held in North Jeolla. A banner in front of Jeonbuk National University's main gate welcomes visitors to the 2024 World Korean Business Convention. [JEONBUK NATIONAL UNIVERSITY] According to the North Jeolla provincial government, the participation rate of companies based in the area hit 47.

2 percent this year, higher than previous host cities like South Jeolla's Yeosu in 2019, 32 percent, and Ulsan in 2022, 39 percent. Some 400 companies have requested one-on-one business meetings for international expansion during the convention, with 120 of them based in North Jeolla. According to the OKA, the event helped secure export deals worth $6 million on the first day alone.

Four companies from North Jeolla made deals with overseas buyers, including PSBBIO, a biotechnology-based cosmetics manufacturer. The company signed a $1 million deal with Taeyang de Mexico S.A.

de C.V., a Mexico-based company, on exports over the next three years.

To accommodate businesses and visitors, the university built an 8,200-square-meter (86,100-square-foot) dome in its main stadium area, where 240 companies have set up 326 booths to showcase their technologies. The event is expected to boost the local economy by attracting around 1,000 foreign buyers to view the booths. Companies like Hyundai Motor and KGM Commercial will exhibit their electric and hydrogen vehicles, while LS Mtron, a Korean industrial machinery manufacturer, will showcase self-driving tractors and small agricultural machinery.

Lee Sang-deok, commissioner of the Overseas Koreans Agency, speaks at a press conference for the World Korean Business Convention at Jeonbuk National University in Jeonju, North Jeolla, on Tuesday. [YONHAP] Through the business convention, North Jeolla hopes to showcase its economic potential, aiming to overcome the negative impact of last year's Jamboree fiasco in Saemangeum, North Jeolla. “The OKA will ensure that the event does not just remain a formality but leads to tangible results that contribute to the region’s economic growth,” said Lee Sang-deok, commissioner of the OKA, during a press conference on Tuesday at Jinsudang Hall, Jeonbuk National University.

Given that the event is being held on a university campus for the first time, several activities for students will also take place. The University Student Startup Competition was held at Jinsudang Hall on Tuesday, where aspiring entrepreneurs pitched their ideas and attended lectures from professionals. On Thursday, business leaders will give special lectures to students interested in working abroad, including Dennis Hong, founding director of Robotics & Mechanisms Laboratory (RoMeLa), and Michael K.

Lee, CEO of New York-based 3S Consulting. Other related events, such as the Jeonju International Drone Industry Expo and the International Fermented Food Expo, will also be held as part of the convention. BY CHO JUNG-WOO [cho.

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