KITA Participated in “The 3rd China International Import Expo” Despite COVID-19

- 72 Korean companies that can be represented by local branches, agents and KITA participated -

The Korea International Trade Association (Chairman: Kim Young-ju) announced that he participated in the 3^rd China International Import Expo held at the National Exhibition and Convention Center (NECC) in Shanghai, China from November 5^th to 10^th with 72 Korean companies.

China International Import Expo is President Xi Jinping’s major business and more than 3,900 companies from 180 countries and regions participated last year and it had a constant stream of around 500,000 Chinese visitors.

In the participation demand survey conducted earlier this year, Korean companies also had high expectations for this year's fair as 300 companies expressed their intention to participate. However, as China reinforced its quarantine guidelines due to the volatile spread of COVID-19, it had become impossible for Korean companies to participate in person. Accordingly, the Korea International Trade Association participated in the expo with 72 companies that have branches and agents in China and the companies that the association can represent.

The Korea International Trade Association provided Wanghong (influencer) marketing and online buyer consultation support for the participating companies. At the same time, the organization collaborated with Sandbox, a leading company in the multi-channel network (MCN) industry, to promote local ptomotional activities and video production through creators in China and increased synergy effect. In addition, the Korea International Trade Association had signed a business agreement (MOU) with the China Economic Network, one of the top three major Chinese government-run media upon its participation in the very first exhibition in 2018. The association supported interviews and on-site coverage with the China Economic Network and made efforts to facilitate local PR activities in China.

Meanwhile, although the expo was somewhat smaller than in previous years, it was a large-scale event held offline and various business opportunities were being captured. Company D, which handles processed foods, said, “A large buyer in Beijing has requested to sign an MOU worth 3 million dollars, and expressed his expectation by adding, “Feedback from the buyers who visited the site was better than expected and I think we will be able to find a clue to overcome the difficult business situation in COVID-19 crisis.”

NUC Electronics signed an MOU worth 100 million yuan with Suning Group, a large online and offline distribution company in China, at the first exhibition and the company has kept participating in the fair every year since then. An official at NUC Electronics said, “There were great difficulties in business activities this year, but we cannot give up Chinese market. So, we expanded our participation scale compared to last year,” and added, “The sales will recover naturally when COVID-19 pandemic slows down.”

Cho Hak-hee, head of the International Affairs Group at the Korea International Trade Association, said, “Since the outbreak of COVID-19, e-commerce has become more active in China, and the incorporating between the 4^th industrial technologies such as artificial intelligence (AI), robots, big data, and Internet of Things (IoT) and consumer market has become active,” and added, “Not only the existing manufacturing industry, but also the new businesses created by the convergence between sectors as well as industries are the opportunities that Korean companies should not miss.”