"Over two days at the trade exhibition in Madrid, Spain, a total of 575 B2B (business-to-business) export consultations were conducted, producing 47 outcomes. Cumulative consultations reached €22.14 million, about 39 billion won. We were able to confirm strong interest in Korean food and beauty products in the European market."
Ko Gwang-hee, president of the Federation of Korean Business Associations in Europe (FKBAE), said on the 15th (local time) in Madrid, Spain, regarding the results of the "K-Expo." K-Expo is an exhibition consultation event first held in Southern Europe by the federation, which encompasses Korean business groups across Europe. It was organized to consolidate the network of Korean businesspeople active in Europe with local buyers to help domestic corporations enter Europe.
Spain is considered a bridgehead for domestic corporations to enter Europe. Ko said, "Spain is the gateway to Southern Europe and the Iberian Peninsula and a strategic hub that connects to Latin America and North Africa," adding, "Madrid, at its center, is a base for logistics and distribution within Europe."
The goal of this year's consultation event was "business-centered." The aim was to move beyond simple exhibition to achieve results that lead to export consultations and distribution contracts. To that end, about 100 domestic corporations took part in the exhibition. Most participating corporations were in K-food and K-beauty, including food and beverages and cosmetics. They are corporations recognized for their potential to enter Europe by local governments such as Incheon City, North Gyeongsang Province, South Jeolla Province, and Geumsan County in South Chungcheong Province, as well as the Ministry of SMEs and Startups.
Collaboration with overseas Korean business networks was also carried out to boost results. Ko explained, "We worked with World-OKTA (World Federation of Overseas Korean Traders Associations) and others to secure a vetted pool of global buyers and distribution channels," adding, "In fact, about 70 World-OKTA members in Europe participated as buyers, significantly widening the breadth and quality of consultations."
These efforts were also borne out in the numbers. Ko said, "Not only buyers but also many general visitors came to the venue, confirming strong European market interest in Korean food and beauty products." The largest single export consultation was €3 million, about 5.3 billion won. This was a case in which Spanish distributor PRIMOR signed a letter of intent (LOI) for distribution with a domestic corporation.
Based on these results, the federation plans to pursue both expansion in scale and qualitative growth of the exhibition. It will expand participation by domestic local governments and corporations and seek ways to strengthen matching with local distribution networks. Ko said, "We will establish K-Expo as a standing business platform for Korean corporations in Europe," adding, "We will create a venue for 'real business' that goes beyond simple exhibition to actual transactions and contracts."