The World Federation of Overseas Korean Traders Associations (World-OKTA), composed of Korean businesspeople, is a global business network that supports Korean small and midsize corporations expanding overseas. Members do more than just consolidation between domestic corporations and overseas buyers; they step in directly as buyers and investors to help Korean corporations pioneer foreign markets. ChosunBiz highlights the challenges and success stories of those who are expanding Korea's economic territory around the world. [Editor's note]
You need patience to do business with Europe. Spain, which has a "siesta" (a nap to escape the midday heat) culture, is said to be even slower. Even an attractive business proposal draws a slow response. You send an email and then "radio silence." Trading company workers say this is a common experience in business with Europe as we know it, especially Spain.
Lee Jin-woo, CEO of Dangun and a former trading company worker who founded his business in Spain 23 years ago, said, "I struggled early on because of Spain's slow communication," adding, "I later learned that Spain also has a culture like China's 'guanxi (关系).'" Lee said, "I heard that if a trusted friend introduces you, your counterpart will trust you and handle business quickly," and added, "In fact, once I communicated through an introduction from someone I knew, everything proceeded without a hitch."
Lee currently serves as head of the World-OKTA Madrid chapter. Just as he grew his own company early on with help from people with local ties, he has stepped up to help the next generation of businesspeople grow. He said, "In the long term, I plan to focus on nurturing young businesspeople," adding, "We will start with 50 people and then expand to 100. We will create a virtuous cycle in which the experience of young businesspeople is passed on to the next generation."
Lee is also a focal point in YBLN (Young Business Leaders Network), a group of young Korean merchants that includes second- and third-generation compatriots. ChosunBiz interviewed Lee during the "2026 Europe-Eurasia Regional Businesspeople Conference" 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 graduating, I got a job at Daewoo International and was given a chance to go overseas as a resident employee. Back then, being a resident employee was considered the pinnacle at 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 a resident employee, 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 any decision. The next day I went to the company and resigned. I figured if I was going abroad anyway, it would be better to run my own business."
— Resigning when you were offered a resident post—how did people around you react?
"People around me said I was 'crazy' for quitting a hard-won job and heading to Spain. Of course, some also said it was 'impressive.'"
— Were you confident enough to resign?
"As a former trading company worker, I had experience developing overseas product lines. Looking back, I had a reckless confidence that I could do anything."
— Did you face difficulties?
"I selected competitive products from Korea and reached out to local firms. There were times I pitched 10 items a week. But there was no response for six months. Above all, replies were far too slow. I later learned there is a culture in Spain similar to China's guanxi (关系). If a trusted friend introduces you, they trust you and process business quickly. Fortunately, I knew someone who introduced me, and then everything moved swiftly."
— What was the first product you brought?
"A fingerprint recognition solution. At the time, biometrics were drawing attention in Korea. I went around to 10 manufacturers in Korea and pressed my fingerprint on each product. My fingerprints are quite worn, so I figured if it recognized mine, it would recognize most others. 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 university seniors. The local response was good. After that, we expanded our lineup by supplying banknote counters to a major Spanish bank and MP3 players to a department store."
— What is Dangun's main business now?
"Broadly, two things: trade/distribution and consulting. For trade/distribution, we basically discover technologically strong products in Korea and supply them to Spain and elsewhere. For consulting, we conduct market analysis for corporations hoping to enter Spain. We research for about a year and even handle consolidation to buyers. Our main clients are corporations preparing to expand overseas through government-supported programs."
— Your company name is unusual.
"Our people, who began with Grandfather Dangun, have spread around the world and are thriving. Our company also started with one person, but the name carries the idea of playing an active role on the global stage. It also reflects our ambition to practice the Hongik Ingan spirit—establishing a good company to broadly benefit people."
— How did you get involved with World-OKTA?
"At the end of 2009, I first learned about the organization when I met World-OKTA members through an introduction from an acquaintance. At the 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. I then 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. It's not many. But I think quality matters more than quantity."
— As head of the Madrid chapter, what are you focusing on?
"In the long term, I plan to focus on nurturing young business leaders. The goal is to produce next-generation economic leaders. We will first develop a group of about 50 and then expand to 100. I believe the experience and know-how they accumulate will naturally create a virtuous cycle that passes on to the second and third generations."
— Do you have support programs for next-generation business leaders?
"Through World-OKTA, we run a local startup trade school. Thirty next-generation leaders recently attended an 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. That's because some want jobs, not startups."
— Any final points to emphasize?
"I am continually considering ways to help young Korean merchants. Along with World-OKTA, I am active as a member of YBLN, a group of young Korean merchants made up of second- and third-generation compatriots. YBLN is an organization to identify those to whom the first-generation Korean merchants 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 Korean merchants. In the group, we share difficulties we face while doing overseas business and look for solutions together."