World-OKTA, the World Federation of Overseas Korean Traders, is a global network of businesspeople that supports Korean small and midsize corporations expanding overseas. Members do more than just consolidation between domestic corporations and overseas buyers; they step up as buyers and investors themselves to help Korean corporations pioneer foreign markets. ChosunBiz highlights the challenges and success stories of those expanding Korea's economic reach around the world. [Editor's note]
"Exchanges between Korea and China are not as smooth as they used to be. All the more reason for private-sector businesspeople to meet and create new channels."
Senior Vice Chairman Cheon Ju-hwan of World-OKTA met with ChosunBiz at the World-OKTA Seoul office in Yeouido, Seoul, on the 7th and described the significance of the World Korean Business Convention to be held in Shenzhen, China, in Oct.
◇ Opening the way for Korea-China exchanges… Record 6,000 to gather in Shenzhen
Cheon, who is serving as organizing committee chair of this year's Korea-China Economic and Trade Exchange Expo, said, "By holding the largest event ever, we aim to expand export channels to China for domestic small and midsize corporations and serve as a bridge for Korea-China exchanges at the private level."
World-OKTA holds the World Korean Business Convention every year at home and abroad, with overseas Korean businesspeople active in more than 70 countries and domestic small and midsize corporations participating. The overseas host city for the second half of this year is Shenzhen, China's representative innovation city.
Explaining why he chose Shenzhen, Cheon said, "Amid a situation where exchanges with China are not as smooth as in the past due to various external factors, the idea was to create a convention that more members could attend," adding, "After reviewing several candidate locations, we chose China."
This year's event is expected to draw a total of 600 corporations, including 400 from Korea and 200 corporations based in China. Including World-OKTA members and corporate officials, the number of participants is expected to be about 6,000. It will be the largest ever.
◇ Not stopping at consultations… "We put the most effort into sealing transactions"
The event will proceed along three main tracks: a convention program including conferences, internal meetings, and lectures for World-OKTA members; the Korea Business Expo that consolidations domestic small and midsize corporations with Chinese corporations; and cultural programs linking Korean and Chinese cultures.
Cheon said he is putting the most effort into drawing out practical transactions between corporations. The plan is to include not only domestic small and midsize corporations but also World-OKTA's Chinese member companies and the local corporations they transact with, consolidating them to export consultations and business cooperation.
Shenzhen, the host city, represents China's information technology (IT), artificial intelligence (AI), and electric vehicle industries. China's leading corporations such as Tencent, Huawei, and BYD are headquartered in Shenzhen. In Nov., the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting will also be held in Shenzhen.
Cheon said, "Shenzhen is a city that symbolizes China's high-tech industries," adding, "As a private economic federation, World-OKTA aims to play a bridging role here to make exchanges between Korea and China smooth again."
To broaden contact points with local corporations, World-OKTA also signed a memorandum of understanding (MOU) with the Shenzhen General Chamber of Commerce to jointly promote the expo. The chamber counts as member companies China's leading corporations such as Tencent, Huawei, BYD, TCL, Ping An, and Vanke.
Cheon said, "We are working to invite as keynote speakers the heads or CEOs of Shenzhen corporations whose names everyone would recognize," adding, "We are also preparing programs for World-OKTA members and domestic small and midsize corporation officials to tour these corporations' industrial sites firsthand."
◇ Chinese local governments to hold investment briefings too… "Consolidated with the Korean business network"
Chinese local governments are also showing interest. The Guangdong Committee of the China Council for the Promotion of International Trade (CCPIT) told World-OKTA it intends to hold an investment briefing during the convention.
World-OKTA expects to be able to consolidation the investment-attraction needs of Chinese local governments with the business networks of overseas Korean businesspeople active around the world.
Cheon said, "For World-OKTA members, it will be an opportunity to enter new markets, and for Chinese local governments, it can be a chance to attract corporations," adding, "It is a structure where both sides can 'win-win.'"