Ministry of Trade Industry and Energy's GP Business Significantly Expands KOTRA's Overseas Trade Offices (32→40) Centered on Emerging Markets

The Ministry of Trade, Industry and Energy (Minister Ju Hyung-hwan) has confirmed the 2016 Global Partnering (GP) business implementation plan and launched support for small and medium-sized materials and components companies' entry into overseas markets.

The GP business, which has been implemented since 2010, discovers the needs of renowned foreign companies through KOTRA's overseas trade offices, introduces our materials and components companies, and provides support for technology advancement and quality management to meet the requirements of foreign companies.

Over the past three years ('13~'15), 274 GP export consultation meetings were held with approximately 1,800 overseas companies and approximately 3,400 domestic materials and components companies in attendance, recording approximately $22 billion in export consultation results.

In particular, Company A, a small automotive components manufacturer that participated in the 2013 GP consultation meeting, discovered demand from Japanese automaker Company B and others, received training on quality management techniques to meet Company B's requirements, and secured a $4 million order in 2015.

This year's GP business has significantly reinforced its budget, product lines, markets, and support methods to assist small and medium-sized materials and components companies experiencing difficulties in overseas expansion, with a policy to make all-out efforts to ensure that over $10 billion in export consultations can be conducted this year.

To this end, the GP business budget was increased from 2 billion won last year to 3 billion won, and the materials and components company database was expanded centered on new industries. GP hub trade offices were expanded centered on emerging markets, and comprehensive consultation meetings were also held centered on emerging markets.

The support method moved away from simple product sales to support the entire product cycle from product development to financing, quality management, and sales. Fourteen public institutions including KOTRA, government-funded research institutes, research and development management agencies, and financial institutions signed a business agreement in November of last year to support small and medium-sized enterprises participating in the GP business.

KOTRA provides overseas demand discovery and marketing; research and development management organizations such as the Industrial Technology Advancement Institute and research institutions provide technology transfer and research and development support; financial institutions such as the Korea Technology Finance Corporation and Korea Export Insurance Corporation provide technology financing and export guarantees and commercialization funds.

Meanwhile, for the first time this year, an aviation sector GP consultation meeting will be held in Sacheon, Gyeongnam Province on February 11 (Thursday) to 12 (Friday). At this event, seven aviation demand companies including Bombardier and Triumph will visit Korea to conduct purchasing policy briefings and purchasing consultations with 45 domestic aviation components companies.

For detailed information regarding the GP business schedule and other matters, please contact KOTRA's Materials and Components Industry Team at 02-3460-7632.