To Aim at Chinese Domestic Markets upon the Korea-China FTA
-KITA held “2014 Shanghai Korean Products Fair”-
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The Korea International Trade Association (Chairman, Han Duck-soo) and the World Federation of Overseas Korean Traders Associations (Chairman, Park Ki-chul) jointly hosted “2014 Shanghai Korean Products Fair”at Shanghai Marriott Hotel Changfeng on November 27th, Thursday, in order to support Korean companies to do business with China.
This year marks the 6th anniversary of the fair which offers business meetings with the representative Korean companies in Shanghai. In the fair, one on one business matching services were provided directly targeting the rapidly growing Chinese consumer market and focusing on consumer goods such as cosmetics, food, clothes, household care products, electronics, IT, services, etc.
Approximately seventy Korean companies which are located in Korea and China participated in the fair. In order to promote a variety of companies’ participation, this fair expanded the range of participants from the companies in Shanghai and East China region to the firms sited in Korea. Particularly, the fair sought both quantitative and qualitative changes through including software and IT service items such as ERP (Enterprise Resource Planning) system and mobile applications. Meanwhile, the fair pursued the diversification of channels for Korean products to enter into China by expanding the Chinese buyers to retailers, vendors and so on along with importers.
In the fair, 190 kinds of items, such as cosmetics, food, clothes, daily suppliers, electronics, IT and so on including famous Korean brands like Pulmuone, Dongbu Farm Gaya, Genic, Clean Wrap, Bekseju, etc., were introduced. About two hundred buyers, including Shanghai Bailian Group Co., Ltd., The first Daiso shop, CITY SHOP, CJ Olive Young and so on took part in the fair and had business meetings. In particular, twenty Korean companies who produce home appliances, such as Paseco, participated in the event and their various products with unique ideas attracted the buyers’ attention.
The participants had high expectations as it was the first fair after the Korea and China free trade agreement has been signed. Korean companies’ consultations gained momentum by securing price competitiveness due to the elimination of tariff. The meetings went very actively as the buyers asked detailed questions about the different price conditions in accordance with the effect of FTA.
Kim Moo-han, the senior executive managing director of KITA, said “China has boundless potential as a consumer market. However, since it is the arena of the world’s major players’ competition, it is necessary Korea Korean companies to exert efforts for the continuous quality improvement as well as the marketing.” He also added “KITA will provide constant supports for Korean companies to enter into Chinese domestic market which has been widely opened by this Korea- China free trade agreement.”
