The World Federation of Overseas Korean Traders Associations (World-OKTA), made up of Korean businesspeople, is a global business network that supports the overseas expansion of domestic small and midsize corporations. Members not only facilitate consolidation between domestic corporations and overseas buyers but also step in directly as buyers and investors to help Korean corporations pioneer overseas markets. ChosunBiz highlights the challenges and success stories of those expanding Korea's economic footprint around the world. [Editor's note]
You need patience to do business with Europe. Spain, with its "siesta" (a midday nap to escape the heat) culture, is said to be even slower. Even an attractive business proposal draws a sluggish response. You send an email, and there is radio silence. Trading company veterans say this is a common experience when doing business with Europe, especially Spain.
Lee Jin-woo, the head of Dangun and a former trading company employee now in his 23rd year of entrepreneurship in Spain, said, "I struggled early on because communication in Spain was slow," adding, "I later learned Spain also has a culture similar to China's 'guanxi (关系).'" Lee said, "I heard that if a trusted friend introduces you, a business partner will trust you and move quickly," and added, "Once I communicated through someone I knew, everything proceeded smoothly at lightning speed."
Lee currently serves as the head of World-OKTA's Madrid chapter. Just as he grew his own company early on with help from people rooted in the local community, he has stepped up to help the next generation of businesspeople grow. He said, "Over the long term, I plan to focus on nurturing young businesspeople," adding, "We will start with 50 people and aim to increase that to 100. We will build a virtuous cycle in which the experience of young businesspeople is handed down to the next generation."
Lee is also a central figure in YBLN (Young Business Leaders Network), a group of young Korean entrepreneurs that includes second- and third-generation overseas Koreans. ChosunBiz met Lee for an interview during the 2026 Europe-Eurasia Regional Business Leaders Convention hosted by World-OKTA in Madrid, Spain. The following is a Q&A with Lee.
—What led you to settle in Spain?
"I went backpacking in Europe in college. Before the trip, the country I most wanted to visit was Switzerland, and the country I wanted to live in was Spain. After graduation, I joined Daewoo International and was given a chance to go abroad as an expatriate. Back then, being an expatriate was the pinnacle in a trading company. When the opportunity came, I had to take it. The countries offered were the Philippines and Spain. I was secretly thrilled.
But then I thought that if I went out as an expatriate, it might be hard to live in Spain later. I told the company I would think about it for a day. I went home and discussed it with my wife, and she said she would support whatever decision I made. The next day I went to the company and resigned. If I was going abroad anyway, I thought it would be better to run my own business."
—You resigned when told to go abroad as an expatriate. How did people react?
"People around me said I was crazy for quitting a hard-won job and going to Spain. Of course, some also said it was impressive."
—Were you confident enough to resign?
"As someone from a trading company, I had experience pioneering overseas product lines. Looking back, I had reckless confidence that I could do anything."
—Did you face difficulties?
"I selected competitive products from Korea and reached out to local companies. There were times I pushed 10 items in a week. But there was no response for six months. Above all, replies were far too slow. I later learned that Spain also has a culture similar to China's guanxi (关系). If a trusted friend introduces you, they trust you and handle business quickly. Fortunately, I had someone who could introduce me, and once that happened, everything moved forward at lightning speed."
—What was the first product you took?
"A fingerprint recognition solution. At the time, biometrics were gaining attention in Korea. I visited 10 manufacturers in Korea and tested each product with my own fingerprints. Because my fingerprints are quite worn, I thought if it recognized mine, it would recognize most fingerprints. As a result, I chose a product from a company called Suprema with six employees. All the employees were from the same university, and I later found out they were my seniors. The local response was good. After that, we expanded our lineup by supplying banknote counters to major Spanish banks and MP3 players to department stores."
—What is Dangun's main business now?
"There are two main areas: trade and distribution, and consulting. In trade and distribution, we basically discover technologically strong products in Korea and supply them to Spain and elsewhere. In consulting, we conduct market analysis for corporations hoping to enter Spain. We research for about a year and even handle consolidation with buyers. Our main clients are corporations preparing to go overseas through government support programs."
—Your company name is unusual.
"Our people, who began with Grandfather Dangun, have spread across the world and are thriving. Our company also started with one person, but the name reflects our aim to perform on the global stage. It also carries the ambition to realize the Hongik Ingan ideal—to found a good company and broadly benefit people."
—How did you get involved with World-OKTA?
"At the end of 2009, I was introduced to members of World-OKTA by an acquaintance and learned about the organization for the first time. World-OKTA said it was looking for a candidate to lead the Madrid chapter and asked me to recommend someone. So I recommended a suitable person. After that, I naturally joined World-OKTA, served as secretary-general and vice chair, and recently became head of the Madrid chapter."
—How big is the Madrid chapter?
"We have around 30 members. Not many. But I believe quality matters more than quantity."
—What are your priorities as head of the Madrid chapter?
"Over the long term, I plan to focus on nurturing young businesspeople and producing the next generation of business leaders. We will first cultivate a group of about 50 and then expand to 100. I believe the experience and know-how they accumulate will naturally be passed down to the second and third generations, creating a virtuous cycle."
—Do you have support programs for next-generation business leaders?
"Through World-OKTA, we run a local startup trade school. Thirty next-generation leaders attended a recent event. There, we share ideas about startups and business and also run mock trade games. In the second half of this year, we plan to hold a job and startup briefing because some prefer employment over starting a business."
—Any final points to emphasize?
"I am continually looking for ways to help young Korean businesspeople. Alongside World-OKTA, I am also active in YBLN, a group of young Korean entrepreneurs composed of second- and third-generation overseas Koreans. YBLN is an organization to identify those to whom the first-generation Korean entrepreneurs can pass the baton. Members who were in their 30s when we formed the group are now 45 to 50. Still, they are among the younger cohort of Korean entrepreneurs. In our meetings, we share the challenges we face in overseas business and seek solutions together."