Korean-Products.com

A Vital Agency Promoting Korea’s Economic Development

Korea’s remarkable economic growth over the past several decades has been accompanied by an equally stunning expansion of its exports to global markets, which has been the major growth engine driving the nation’s prosperity. At the vanguard of Korea’s export economy is the Korea Trade-Investment Promotion Agency (KOTRA), charged with promoting the country’s trade, attracting foreign investment, and forming cooperative technological and industrial partnerships with leading global corporations and organizations.

Founded in 1962 as the Korea Trade Promotion Corporation, the establishment of the national trade promotion organization coincided with the birth of Korea’s industrialization and economic expansion. Exports led the development of the national economy, aided by a variety of trade promotion initiatives overseen by KOTRA. The organization helps Korean firms analyze foreign markets, provides administrative support, and links potential overseas buyers with Korean companies seeking markets for their products. In 1995, the name of the organization was changed to the Korea Trade-Investment Promotion Agency in order to reflect the role of KOTRA in a new global age, as foreign companies increasingly sought to invest directly in Korea.

KOTRA’s main responsibilities include the facilitation of international trade, promoting foreign investment in Korea, providing information and data to both Korean companies and foreign buyers, and operating a network of branch offices called Korea Business Centers around the world to gather and disseminate information, establish contracts, and assist Korean companies operating in foreign markets. KOTRA’s overseas network includes 129 overseas trade centers in 84 countries.

The organization supports the export activities of Korean companies through business matchmaking that aims to link foreign buyers with the right products made by Korean companies. KOTRA holds trade shows, exhibitions, seminars and business meetings to help foreign companies seeking new products or partners in Korea. As part of these efforts, KOTRA also provides support for Korean companies participating in international exhibitions and conferences by setting up “Korea Pavilions” designed to promote Korean industries and increase awareness of Korean products.

As one of Korea’s most prominent government organizations, KOTRA has assisted the nation’s economic development. The organization has adapted to changing market conditions, by creating new support systems for investment in Korea – as well as responding to new demand for Korean cultural contents, such as movies, TV dramas, and computer games, in markets around the world.