IFEMA WILL MARKET EVENTS IN SOUTH KOREA AND ADVICE SPANISH AND PORTUGUESE FIRMS ON PARTICIPATING IN THEM
The agreement with South Korea's leading fair operator is part of IFEMA's internationalisation strategy, and will open up business opportunities in one of Asia's most promising markets
After reaching the agreement with COEX, South Korea's leading fair operator, which also owns the country's top convention centre and has a portfolio of 30 fairs within various industrial sectors, IFEMA has been appointed to act as its commercial representative for the Iberian Peninsula region, helping and advising Spanish exhibitors wishing to participate in fairs organised by COEX.
This means that, through IFEMA, Spanish and Portuguese companies wishing to bring their products and services to the Asian market will have the opportunity from now on to access any of the fairs organised by COEX, the South Korea Convention & Exhibition Centre, which has over thirty years' experience in this field. This agreement confirms IFEMA's position as the representative of the South Korean fair operator, and its strategic partner in carrying out commercial initiatives, as well as providing support and advice to Spanish companies keen to internationalise and that want to leverage business opportunities in key sectors in South Korea.
South Korea is currently the world's 11th largest economy, and is forecast to grow at around 4% in 2012. The country is a world leader in sectors such as consumer electronics, telecommunications, and the automotive and shipbuilding sectors. It is also experiencing rapid growth in high technological content sectors, and offers significant business opportunities for Spanish and Portuguese business owners that can be leveraged still further through the country's business links with China and Japan. With regard to exports of Spanish products, South Korea buys raw materials, industrial products and machinery, followed by consumer goods, with particular focus on the fashion, food and interior design sectors.
In this regard, IFEMA will encourage the businesses to take part in fairs organised by COEX in various fields, such as consumer goods (SIPREMIUM); design (Seoul Living Design Fair); industrial goods (Automation World); medicine, health and beauty (International Aesthetic Expo); franchising (Franchise Seoul Spring/Fall); food (Korea Food Expo); education (English & World Language Education Expo); energy and sustainability (Green City Week and World Smart Grid Expo), and other investment asset shows, such as Photo & Imaging and Led@show & Design.
IFEMA will thus be helping Spanish companies to internationalise and to increase their trading opportunities in emerging, high potential markets. The World Bank publication Doing Business 2012 ranks South Korea in eighth place out of 183 countries in terms of “Ease of doing business”, while Spain is in 44th place. Other advantages include its Free Trade Agreement (FTA) with the European Union, which translates into a reduction in trade barriers, especially in terms of tariffs on electrical equipment, telecommunications, pharmaceutical and chemical industry products, while there is also a mutual administrative cooperation and assistance agreement in place with regard to customs matters.
COEX, the biggest convention centre
COEX, which is owned by the Korea International Trade Association (KITA), is the leading fair organiser and convention centre in South Korea, and has been operational for more than 30 years. Situated in the heart of Seoul, it is the leading venue for exhibitions, seminars and international conferences, such as the G-20 Summit, the World Civic Forum, the Media Center World Cup, and the ASEM Summit, and others, as well as over 20 international fairs.
Fairs marketed by IFEMA
SIPREMIUM (Consumer goods)
SEOUL LIVING DESIGN FAIR (Design)
AUTOMATION WORLD (Industrial goods)
INTERNATIONAL AESTHETIC EXPO (Medicine, Health and Beauty)
FRANCHISE SEOUL SPRING/FALL (Franchising)
KOREA FOOD EXPO (Food)
ENGLISH & WORLD LANGUAGE EDUCATION EXPO (Education and Languages)
GREEN CITY WEEK (Energy and Sustainability)
WORLD SMART GRID EXPO (Energy and Sustainability)
PHOTO & IMAGING (Photography)
LED@SHOW & DESIGN (Investment goods)
KOGOLF, KOREA GOLF SHOW (Leisure)
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