With a trade volume of $ 1 trillion by 3 consecutive years, Republic of Korea is now one of the world’s largest international trade countries. Trade Volume rose ten-thousand-fold from $100 million in 1951 to $1 trillion in just 60 years. The main fields in which Korea producers proved successful and competitive on the global market are: automotive, electronics, heavy industry, ship building, oil and gas, textile. The most powerful Korean companies, with strong international presence, also included in the Fortune Global 500 are: SAMSUNG, LG, SK, HYUNDAI, GS HOLDINGS, POSCO, DOOSAN, KOGAS and HANWHA.
KOTRA (Korean Trade-Investment Promotion Agency) was established in 1962 by the Ministry of Trade, Industry and Energy and its main purpose is supporting the globalization of Korean companies so they can become reliable partners for businesses overseas. In the 1960s and 70s, KOTRA developed overseas markets and in doing so, served as a driving force in increasing Korea’s International Trade.
As of Feb, 2015, KOTRA has 124 Korea Business Centers (KBCs), in 84 countries worldwide. KOTRA systematically collects and analyzes global market information through its Korea Business Centers around the world and provides it to Korean businesses and organizations. The governmental organizations targets mainly SMEs who is willing to develop their businesses abroad.
The main activities conducted by KBCs worldwide are:
Export Support for SMEs – KOTRA operates as an overseas branch office for export companies via KBCs and provides one-on-one support for SMEs by finding customers,
running joint logistics centers, helping in terms of exhibition participation and
assisting with international business trips.
Global business partnership – KOTRA helps Korean SMEs and overseas global companies establish partnerships through international marketing support linked to R&D and opens the door to a future market for Korean technologies.
Potential Businesses – The services and cultural markets will lead the future. In order to promote the Korean Wave, cultural contents industries and service-leading companies, KOTRA will develop new business tools and strengthen the international cooperation system.
Trade & Investment Information – KOTRA systematically gathers, arranges and analyzes information on overseas markets via KBCs and provides practical assistance for Korean companies
Support for Overseas Expansion – Based on overseas investment information gathered from KBCs around the world, KOTRA supports Korean companies by making their advancement overseas easier and more convenient.
Investment Promotion – KOTRA plays a central role in making Republic of Korea the center of global business. By creating an attractive investment environment and supporting domestic investments by foreign companies, we will raise the value of Republic of Korea as a successful global business partner.
Sustainable Growth Business – KOTRA conducts various activities so our society can grow together, in harmony. We create jobs, give hope to youth and lead the effort to create a friendly global village through global CSR activities.
KOTRA Bucharest was founded in 1990 having the main purpose to strengthen the commercial relations between Romania and Republic of Korea. In Romania, KOTRA Bucharest Office is playing a role as the Commercial Section of The Embassy of The Republic of Korea in Bucharest.
The main sectors in which KOTRA Bucharest provides support for Korean companies are: environmental projects, renewable energy projects, automotive industry, medical devices sector, textile industry and heavy industry, engineering, procurement, construction, agricultural machinery.
KOTRA Bucharest handles both delegations from Republic of Korea, enabling the overseas companies to get in contact with the Romanian market and organizes Romanian delegations that go to Republic of Korea in order to identify potential business partners.
In 2014, KOTRA Bucharest organized 5 business delegations in Bucharest. The events were consisted of seminar presentations and one-on-one meetings tailored to bring together Korean companies with Romanian potential partners, in order to identify potential business opportunities.
In 2014, we took a regional role in cooperating environment technology and solutions between Romania and Korea. KOTRA Bucharest organized together with Korea Environmental Industry & Technology Institute (KEITI) and Korean Environment Corporation (KECO) , with the support of the Korean Ministry of Environment, “Eastern Europe Environment Project Partnership 2014”. It was an excellent opportunity for Korean companies from environmental industry to exchange information and experience on the regional environment market with representatives of Romanian companies and Eastern European companies as well– companies from Bulgaria, Slovenia and Hungary joined the event.
KOTRA is developing continuous activities, constantly adapting to the ever-changing international business environment, representing the most important business and communication global platform, supporting Korean companies that want to develop overseas business worldwide.