World Federation of Overseas Korean Traders Associations (World-OKTA) Chairman Park Jong-beom described the value of World-OKTA this way in an interview with ChosunBiz held on the 8th in the office at the Korea Federation of Small and Medium Enterprises building in Yeouido, Yeongdeungpo District, Seoul.
World-OKTA is a global businessperson network made up of 156 chapters in 75 countries. This year marks its 45th anniversary. It has about 7,000 full members. Its previous name was "World Federation of Overseas Korean Traders," but last year it added the word "economy."
Park said it was "a move to expand the scope of business," adding that "we expanded the pool of eligible members with the name change." Park said, "Previously, only corporations' CEOs could join, but now we have opened the door to overseas branch heads of large corporations and professionals."
World-OKTA's founding purposes can be summarized as follows: ▲ contributing to the home country's economic development ▲ building a member network and promoting friendship ▲ realizing a global Korean economic community. In particular, it actively supports expanding exports by domestic small and midsize companies based on the on-the-ground experience and local information of members operating in overseas markets.
At export consultation events held with local governments in Korea, large orders are being signed one after another. At the Korea Business Expo Vienna held in 2024 in Vienna, Austria, the eco-friendly auto parts startup GNT signed a supply contract worth 460 billion won with Germany's Prettl Group. Prettl Group is an automotive electronics company and a first-tier vendor to "Bosch." Chungcheongnam-do took part in this expo.
Park said, "At the Korea Business Expo held in Andong, a contract related to semiconductor equipment worth 140 billion won was signed," adding, "At the event held in Gangseo District, Seoul, on the last month, consultations worth $600 million and a memorandum of understanding (MOU) worth $150 million were concluded." Park emphasized, "Members working on the ground overseas feel market changes the fastest," and "World-OKTA's strength is consolidating this kind of information across countries."
Park stressed the importance of network-based responses amid growing global trade uncertainty caused by the recent Middle East war, the Russia-Ukraine war, and tariff barriers from the United States. Park said, "As the predictability of the global economy has dropped significantly, responses should be network-centered rather than by individual corporations," adding, "We are responding to uncertainty by consolidation of the information and experience of members active around the world." Park added, "In each major country, members have built broad human networks, and their ties with policymakers are strong," and "the government should actively make use of World-OKTA."
Park also noted that the Korean Wave's worldwide spread is helping expand exports by Korea's companies. However, Park raised concerns about copycat products that could damage K-brand value. As Korean food and K-beauty products gain popularity, similar trade names and low-quality products are increasing.
Park said, "I often see Korean restaurants overseas that use names like 'Jindallae' serve terrible food," adding, "If these experiences pile up, foreigners may turn away from Korean food." Park suggested, "The Ministry of Culture, Sports and Tourism, the Ministry of Agriculture, Food and Rural Affairs, local embassies, or Korean Cultural Centers need to introduce a 'authentic Korean cuisine venue' certification system."
Meanwhile, World-OKTA plans to hold the Korea Business Expo in Shenzhen, China, in Oct. It is expected to serve as an opportunity to explore new market entry for overseas Korean businesspeople and domestic small and midsize companies ahead of the Asia-Pacific Economic Cooperation (APEC) summit to be held in Shenzhen in Nov.
☞Park Jong-beom, World-OKTA chairman
Born in 1957 in Gwangju; Salesian High School in Gwangju; bachelor's in business administration, Chosun University; master's in public administration, Yonsei University
1996 head of Austria branch, Kia Motors Trading
1999 founded Youngsan Group (intermediary trade and auto parts manufacturing and assembly)
Head of the Korean Association in Austria (2010–2015), president of the Federation of Korean Associations in Europe (2011–2016), honorary consul of Niger (2016–present), 22nd chairman of World-OKTA (2023–present)