[BUTECH 2027] RECRUITING OVERSEAS AGENTS

RECRUITING OVERSEAS AGENTS   BUTECH 2027 – The 13th Busan International Machinery FairMay 18–21, 2027 | BEXCO, Busan, Republic of Korea   Join Us as an Official Overseas Agent of BUTECH 2027!   BUTECH 2027, the 13th Busan International Machinery Fair, is one of Korea's leading exhibitions dedicated to the machinery and manufacturing industries.   We are seeking qualified overseas agents with strong local business networks and industry expertise to promote the exhibition, recruit international exhibitors, and attract overseas buyers.   We welcome professional agencies and business partners who wish to expand their global network and develop new business opportunities through BUTECH 2027.   1. Exhibition OverviewExhibition : BUTECH 2027 – The 13th Busan International Machinery FairDate : May 18–21, 2027Venue : BEXCO, Busan, Republic of KoreaExhibition CategoriesMachine Tools, Industrial Machinery, Automation & Robotics & AI,Parts & Components, Molds & Dies, Welding, Logistics, Materials and Related Industrial Technologies   2. QualificationsWe are looking for:Overseas agencies specializing in machinery and manufacturing industries.Companies with experience in international trade fairs and exhibition marketing.Organizations with strong networks of manufacturers, distributors, importers, and industry associations.Business partners capable of recruiting international exhibitors and buyers.Companies interested in promoting Korean manufacturing technologies and establishing business partnerships.   3. Main ResponsibilitiesSelected agents will be responsible for:Promoting BUTECH 2027 and recruiting international exhibitors.Identifying and inviting overseas buyers, importers, and distributors.Promoting the exhibition through local companies and industry associations.Expanding international visitor and buyer participation.Developing local business networks and strategic partnerships.Providing on-site assistance and support during the exhibition, if required.   4. Agent Benefits & CooperationOfficial overseas agent partnership opportunities.Provision of exhibition brochures, promotional materials, and relevant information.Cooperation with the BUTECH 2027 Organizing Secretariat.Commission and payment terms to be discussed separately based on the scope of work and recruitment performance.Opportunities to develop long-term business partnerships with the Korean machinery and manufacturing industries.   5. How to ApplyInterested applicants are invited to submit the following documents:Completed Overseas Agent Application FormCompany ProfileRelevant business experience and performance records (if available)Application Method : Submit the completed documents via email to the BUTECH 2027 Secretariat.Recruitment Period : November 20, 2026Contact : BUTECH 2027 SecretariatEmail : butechman@naver.comTel : +82-2-588-2526Website : www.butech.or.kr   Become Our Global Partner!Join BUTECH 2027 and connect your local manufacturing industry with Korea's machinery and manufacturing market.  We look forward to building successful global business partnerships with you.

BUTECH 2027 - Brochure (Eng)

The English brochure for BUTECH 2027 is available for download below. For inquiries about exhibiting at BUTECH 2027, please contact us at butechman@naver.com. Thank you for your interest in BUTECH.

BUTECH2025 - Post-Event Report (Eng)

Greetings from the Secretariat of the Busan International Machinery Fair (BUTECH 2025). We are pleased to announce the successful conclusion of BUTECH 2025, Korea’s premier machinery industry exhibition, which was held on a grand scale with 1,845 booths from 536 companies across 31 countries (374 domestic and 162 overseas companies). We would like to extend our sincere gratitude to all the exhibitors and visitors for your interest and support. We kindly ask for your continued attention and encouragement, and we look forward to welcoming you again at BUTECH 2027, which will return with an even greater presence. Please find attached the post-show report summarizing the key achievements and statistics of this year’s exhibition. We hope it serves as a useful reference for your future business activities. Thank you once again.​ 

South Korea's $15 Billion AI Budget Offers a Chance to Stren

South Korea's $15 Billion AI Budget Offers a Chance to Strengthen Manufacturing Korea IT Times Editorial Team 승인 2026.11.03 16:28Advanced industry investment to rise 97% in 2027, with productivity, operating costs and private-sector investment determining long-term returns 현대자동차그룹이 공개한 차세대 제조 자동화 기술. AI와 로봇 기술의 결합이 생산 공정의 효율성과 유연성을 높이는 핵심 요소로 부상하고 있다. / 사진=현대자동차그룹South Korea is preparing a major expansion of investment in artificial intelligence and advanced industries after President Lee Jae-myung asked the National Assembly on November 2 to approve a proposed 2027 budget of 820.9 trillion won ($575 billion). The government plans to allocate 21.3 trillion won (approximately $15 billion) to AI and three major industrial initiatives covering semiconductors, physical AI and AI data centers, an increase of 97.2% from this year. The investment presents an opportunity to strengthen South Korea's manufacturing capabilities and improve productivity across its industrial base.In his budget address, Lee outlined a fiscal principle of investing boldly while avoiding waste and inefficiency. Translating that principle into industrial policy will require support for research and infrastructure alongside measurable improvements in productivity and operating costs. The longer-term value of public AI investment will depend on whether technological development and factory deployment lead to sustained private-sector investment.Where the $15 Billion Will GoThe proposed 21.3 trillion won allocation extends beyond AI software development to semiconductor manufacturing infrastructure, data centers and physical AI demonstration projects. It is designed to connect research and development with industrial infrastructure and practical deployment, making sector-specific performance measures essential.The government plans to establish a special account to strengthen semiconductor competitiveness and invest in production hubs and supporting infrastructure. It has earmarked 500 billion won for physical AI demonstration projects across eight sectors, including manufacturing, smart factories and defense, while allocating 4.7 trillion won to frontier AI development aimed at strengthening the global competitiveness of domestic AI models.Semiconductor infrastructure investment can be assessed through production capacity and supply chain resilience, while data center projects require measures of computing capacity and energy efficiency. Manufacturing AI programs, meanwhile, should be judged by productivity improvements and cost reductions. Evaluating each program according to its industrial purpose would provide a clearer picture of the returns on public spending.Technology Must Prove Itself on the Factory FloorThe economic value of AI in manufacturing becomes visible after systems are deployed in production. AI-powered quality inspection can reduce defects and reinspection costs, while predictive maintenance can limit equipment failures and production downtime. AI can also support production scheduling and energy management.However, implementation brings continuing expenses for data collection and processing, model updates, integration with existing manufacturing systems, cybersecurity and maintenance. Smaller manufacturers, in particular, may receive assistance with initial installation costs but still face the challenge of financing specialized personnel and long-term system operations.This makes it important to distinguish between companies that have installed AI systems and those that operate them effectively. Utilization rates, defect reductions, shorter production cycles, energy consumption and maintenance costs can help determine whether technology adoption translates into better business performance.For example, higher accuracy in AI-based quality inspection may have limited economic value if overall reinspection expenses or production costs remain largely unchanged. Conversely, sustained reductions in downtime and improvements in product quality can encourage companies to expand AI deployment using their own capital after public support ends.The Real Test Comes After SubsidiesOne important measure of an AI support program's long-term value is its investment payback period. Comparing the initial investment and continuing expenses—including software subscriptions, data management, equipment replacement and maintenance—with productivity gains and cost savings can help establish whether a project is economically sustainable.Calculating payback periods both with and without government subsidies would distinguish the contribution of public support from the underlying economics of the technology. Monitoring whether companies continue operating AI systems one or two years after a support program ends would provide further evidence of sustained adoption.Other countries have pursued policies that combine digital technology adoption with stronger implementation capabilities among smaller businesses. Germany's Mittelstand-Digital Zentren help companies understand and apply digital technologies, while Singapore's industry-specific digital transformation programs assist businesses in selecting solutions suited to their operations.South Korea could similarly tailor technology deployment and operational support to different industries and company sizes. For smaller manufacturers operating diverse production equipment and data systems, training, data management and ongoing maintenance may be as important as assistance with initial installation.The Role of the $114 Billion FundAlongside its proposed 2027 budget, the government has outlined a 162.3 trillion won (approximately $114 billion) Future Response Fund, drawing in part on additional tax revenue associated with the semiconductor industry's strong performance. The fund is intended to support future growth while helping stabilize public finances against fluctuations in tax revenue.Under the government's plan, 45.4 trillion won would be allocated to programs covering young people, growth industries, regional development, education and talent. Another 12.5 trillion won would be used to reduce new government bond issuance, while the remaining 104.4 trillion won would be managed as reserve funds.The fund's total size should therefore be distinguished from the amount directly invested in industrial development. Policymakers will also need to identify any overlap between the fund's programs and the separate 21.3 trillion won allocation for AI and advanced industries.Using additional semiconductor-related tax revenue to strengthen long-term industrial competitiveness offers potential benefits. However, semiconductor demand and prices are highly cyclical. Maintaining AI and industrial infrastructure through a downturn will require a financing structure that can sustain operations even when tax receipts weaken.Private Investment Will Decide the OutcomeThe impact of public AI investment can extend beyond government-funded projects when companies make follow-on investments and achieve measurable market results. If AI systems lower production costs and improve product quality, manufacturers may have stronger incentives to expand deployment with their own resources.Private-sector investment should be measured separately from public subsidies, with attention to whether companies continue investing after initial support ends. Investments already planned before a government program should also be distinguished from additional spending prompted by that program.Manufacturing AI could also strengthen export competitiveness. Lower production costs, more consistent quality and improved delivery performance can help South Korean companies compete in international markets. However, export growth is also influenced by exchange rates, global demand and industry cycles, making it important to isolate the contribution of AI adoption where possible.Tracking productivity, cost reductions, actual system utilization, private investment and export performance over time would provide a stronger basis for evaluating policy results. Such evidence could help the government direct resources toward effective programs while enabling businesses to invest in technologies with demonstrated economic value.Turning Public Spending Into CompetitivenessSouth Korea's proposed 21.3 trillion won investment in AI and advanced industries represents an effort to extend its existing strengths in semiconductors and manufacturing into the AI economy. By combining research, infrastructure development and real-world demonstration projects, the government has an opportunity to expand technological capabilities across the industrial sector.As the National Assembly reviews the budget and government agencies design implementation programs, performance standards should be developed alongside funding commitments. Smaller manufacturers, in particular, will need support structures that account for operational costs, workforce capabilities and data management after initial subsidies expire.The true return on public AI investment will emerge after government support ends. When manufacturers can operate new technologies with their own resources, convert productivity gains into profits and further investment, and compete more effectively in global markets, public spending will have helped establish a durable foundation for industrial growth. The value of South Korea's 21 trillion won commitment will ultimately be measured by the productivity and economic value its manufacturers can generate independently, rather than by how much of the budget is spent.Read the Korean versionSource= Korea IT Times

BUTECH 2025 - Brochure (Eng)

The English brochure for BUTECH 2025 is available for download below. For inquiries about exhibiting at BUTECH 2025, please contact us at butechman@naver.com. Thank you for your interest in BUTECH.

Q3 GDP growth was surprisingly robust...

Korea reported better-than-expected growth in the third quarter largely on the back of recovery in exports and facilities investment.    The Bank of Korea (BOK) said Tuesday that the country’s GDP increased by 2.1 percent during the July-September period compared to the previous quarter, up from a preliminary forecast of 1.9 percent announced in October.   Exports, retail sales and services did better than expected, explained the central bank.   In fact, this was the sharpest growth in more than a decade — since the third quarter of 2009, when the country registered 3 percent growth quarter-on-quarter.   Compared to the same period last year, growth was negative 1.1 percent.​    from : Korea JoongAng Daily See Original News (☜Click)

Report predicts economic recovery in ...

Korea's economy is predicted to recover from the downturn caused by the Covid-19 pandemic in the second half of next year unless the pandemic resurges, a report said Sunday.    But the report by Hyundai Research Institute said the Korean economy is expected to face another downturn in the first quarter of next year if coronavirus infections increase.   A resurgence of the pandemic next year would cause the economic recovery of the country to be delayed until the first half of 2022, the report said.​  See Original News (☜ Click)

[Butech2019] Newsletter Vol.1

[BUTECH 2027] RECRUITING OVERSEAS AGENTS

RECRUITING OVERSEAS AGENTS   BUTECH 2027 – The 13th Busan International Machinery FairMay 18–21, 2027 | BEXCO, Busan, Republic of Korea   Join Us as an Official Overseas Agent of BUTECH 2027!   BUTECH 2027, the 13th Busan International Machinery Fair, is one of Korea's leading exhibitions dedicated to the machinery and manufacturing industries.   We are seeking qualified overseas agents with strong local business networks and industry expertise to promote the exhibition, recruit international exhibitors, and attract overseas buyers.   We welcome professional agencies and business partners who wish to expand their global network and develop new business opportunities through BUTECH 2027.   1. Exhibition OverviewExhibition : BUTECH 2027 – The 13th Busan International Machinery FairDate : May 18–21, 2027Venue : BEXCO, Busan, Republic of KoreaExhibition CategoriesMachine Tools, Industrial Machinery, Automation & Robotics & AI,Parts & Components, Molds & Dies, Welding, Logistics, Materials and Related Industrial Technologies   2. QualificationsWe are looking for:Overseas agencies specializing in machinery and manufacturing industries.Companies with experience in international trade fairs and exhibition marketing.Organizations with strong networks of manufacturers, distributors, importers, and industry associations.Business partners capable of recruiting international exhibitors and buyers.Companies interested in promoting Korean manufacturing technologies and establishing business partnerships.   3. Main ResponsibilitiesSelected agents will be responsible for:Promoting BUTECH 2027 and recruiting international exhibitors.Identifying and inviting overseas buyers, importers, and distributors.Promoting the exhibition through local companies and industry associations.Expanding international visitor and buyer participation.Developing local business networks and strategic partnerships.Providing on-site assistance and support during the exhibition, if required.   4. Agent Benefits & CooperationOfficial overseas agent partnership opportunities.Provision of exhibition brochures, promotional materials, and relevant information.Cooperation with the BUTECH 2027 Organizing Secretariat.Commission and payment terms to be discussed separately based on the scope of work and recruitment performance.Opportunities to develop long-term business partnerships with the Korean machinery and manufacturing industries.   5. How to ApplyInterested applicants are invited to submit the following documents:Completed Overseas Agent Application FormCompany ProfileRelevant business experience and performance records (if available)Application Method : Submit the completed documents via email to the BUTECH 2027 Secretariat.Recruitment Period : November 20, 2026Contact : BUTECH 2027 SecretariatEmail : butechman@naver.comTel : +82-2-588-2526Website : www.butech.or.kr   Become Our Global Partner!Join BUTECH 2027 and connect your local manufacturing industry with Korea's machinery and manufacturing market.  We look forward to building successful global business partnerships with you.

BUTECH 2027 - Brochure (Eng)

The English brochure for BUTECH 2027 is available for download below. For inquiries about exhibiting at BUTECH 2027, please contact us at butechman@naver.com. Thank you for your interest in BUTECH.

BUTECH2025 - Post-Event Report (Eng)

Greetings from the Secretariat of the Busan International Machinery Fair (BUTECH 2025). We are pleased to announce the successful conclusion of BUTECH 2025, Korea’s premier machinery industry exhibition, which was held on a grand scale with 1,845 booths from 536 companies across 31 countries (374 domestic and 162 overseas companies). We would like to extend our sincere gratitude to all the exhibitors and visitors for your interest and support. We kindly ask for your continued attention and encouragement, and we look forward to welcoming you again at BUTECH 2027, which will return with an even greater presence. Please find attached the post-show report summarizing the key achievements and statistics of this year’s exhibition. We hope it serves as a useful reference for your future business activities. Thank you once again.​ 

BUTECH 2025 - Brochure (Eng)

The English brochure for BUTECH 2025 is available for download below. For inquiries about exhibiting at BUTECH 2025, please contact us at butechman@naver.com. Thank you for your interest in BUTECH.

[Butech2019] Newsletter Vol.1

[BUTECH2017] NEWSLETTER Vol.2

BUTECH2017, NEWS LETTER. Vol.1

[BUTECH2017] NEWSLETTER Vol.1

BUTECH2017, NEWS LETTER. Vol.1

[BUTECH2017] E-Brochure (Japanese)

This is the E-Brochure(Japanese version) of BUTECH2017. Please find the attachment.  Thank you.

South Korea's $15 Billion AI Budget Offers a Chance to Stren

South Korea's $15 Billion AI Budget Offers a Chance to Strengthen Manufacturing Korea IT Times Editorial Team 승인 2026.11.03 16:28Advanced industry investment to rise 97% in 2027, with productivity, operating costs and private-sector investment determining long-term returns 현대자동차그룹이 공개한 차세대 제조 자동화 기술. AI와 로봇 기술의 결합이 생산 공정의 효율성과 유연성을 높이는 핵심 요소로 부상하고 있다. / 사진=현대자동차그룹South Korea is preparing a major expansion of investment in artificial intelligence and advanced industries after President Lee Jae-myung asked the National Assembly on November 2 to approve a proposed 2027 budget of 820.9 trillion won ($575 billion). The government plans to allocate 21.3 trillion won (approximately $15 billion) to AI and three major industrial initiatives covering semiconductors, physical AI and AI data centers, an increase of 97.2% from this year. The investment presents an opportunity to strengthen South Korea's manufacturing capabilities and improve productivity across its industrial base.In his budget address, Lee outlined a fiscal principle of investing boldly while avoiding waste and inefficiency. Translating that principle into industrial policy will require support for research and infrastructure alongside measurable improvements in productivity and operating costs. The longer-term value of public AI investment will depend on whether technological development and factory deployment lead to sustained private-sector investment.Where the $15 Billion Will GoThe proposed 21.3 trillion won allocation extends beyond AI software development to semiconductor manufacturing infrastructure, data centers and physical AI demonstration projects. It is designed to connect research and development with industrial infrastructure and practical deployment, making sector-specific performance measures essential.The government plans to establish a special account to strengthen semiconductor competitiveness and invest in production hubs and supporting infrastructure. It has earmarked 500 billion won for physical AI demonstration projects across eight sectors, including manufacturing, smart factories and defense, while allocating 4.7 trillion won to frontier AI development aimed at strengthening the global competitiveness of domestic AI models.Semiconductor infrastructure investment can be assessed through production capacity and supply chain resilience, while data center projects require measures of computing capacity and energy efficiency. Manufacturing AI programs, meanwhile, should be judged by productivity improvements and cost reductions. Evaluating each program according to its industrial purpose would provide a clearer picture of the returns on public spending.Technology Must Prove Itself on the Factory FloorThe economic value of AI in manufacturing becomes visible after systems are deployed in production. AI-powered quality inspection can reduce defects and reinspection costs, while predictive maintenance can limit equipment failures and production downtime. AI can also support production scheduling and energy management.However, implementation brings continuing expenses for data collection and processing, model updates, integration with existing manufacturing systems, cybersecurity and maintenance. Smaller manufacturers, in particular, may receive assistance with initial installation costs but still face the challenge of financing specialized personnel and long-term system operations.This makes it important to distinguish between companies that have installed AI systems and those that operate them effectively. Utilization rates, defect reductions, shorter production cycles, energy consumption and maintenance costs can help determine whether technology adoption translates into better business performance.For example, higher accuracy in AI-based quality inspection may have limited economic value if overall reinspection expenses or production costs remain largely unchanged. Conversely, sustained reductions in downtime and improvements in product quality can encourage companies to expand AI deployment using their own capital after public support ends.The Real Test Comes After SubsidiesOne important measure of an AI support program's long-term value is its investment payback period. Comparing the initial investment and continuing expenses—including software subscriptions, data management, equipment replacement and maintenance—with productivity gains and cost savings can help establish whether a project is economically sustainable.Calculating payback periods both with and without government subsidies would distinguish the contribution of public support from the underlying economics of the technology. Monitoring whether companies continue operating AI systems one or two years after a support program ends would provide further evidence of sustained adoption.Other countries have pursued policies that combine digital technology adoption with stronger implementation capabilities among smaller businesses. Germany's Mittelstand-Digital Zentren help companies understand and apply digital technologies, while Singapore's industry-specific digital transformation programs assist businesses in selecting solutions suited to their operations.South Korea could similarly tailor technology deployment and operational support to different industries and company sizes. For smaller manufacturers operating diverse production equipment and data systems, training, data management and ongoing maintenance may be as important as assistance with initial installation.The Role of the $114 Billion FundAlongside its proposed 2027 budget, the government has outlined a 162.3 trillion won (approximately $114 billion) Future Response Fund, drawing in part on additional tax revenue associated with the semiconductor industry's strong performance. The fund is intended to support future growth while helping stabilize public finances against fluctuations in tax revenue.Under the government's plan, 45.4 trillion won would be allocated to programs covering young people, growth industries, regional development, education and talent. Another 12.5 trillion won would be used to reduce new government bond issuance, while the remaining 104.4 trillion won would be managed as reserve funds.The fund's total size should therefore be distinguished from the amount directly invested in industrial development. Policymakers will also need to identify any overlap between the fund's programs and the separate 21.3 trillion won allocation for AI and advanced industries.Using additional semiconductor-related tax revenue to strengthen long-term industrial competitiveness offers potential benefits. However, semiconductor demand and prices are highly cyclical. Maintaining AI and industrial infrastructure through a downturn will require a financing structure that can sustain operations even when tax receipts weaken.Private Investment Will Decide the OutcomeThe impact of public AI investment can extend beyond government-funded projects when companies make follow-on investments and achieve measurable market results. If AI systems lower production costs and improve product quality, manufacturers may have stronger incentives to expand deployment with their own resources.Private-sector investment should be measured separately from public subsidies, with attention to whether companies continue investing after initial support ends. Investments already planned before a government program should also be distinguished from additional spending prompted by that program.Manufacturing AI could also strengthen export competitiveness. Lower production costs, more consistent quality and improved delivery performance can help South Korean companies compete in international markets. However, export growth is also influenced by exchange rates, global demand and industry cycles, making it important to isolate the contribution of AI adoption where possible.Tracking productivity, cost reductions, actual system utilization, private investment and export performance over time would provide a stronger basis for evaluating policy results. Such evidence could help the government direct resources toward effective programs while enabling businesses to invest in technologies with demonstrated economic value.Turning Public Spending Into CompetitivenessSouth Korea's proposed 21.3 trillion won investment in AI and advanced industries represents an effort to extend its existing strengths in semiconductors and manufacturing into the AI economy. By combining research, infrastructure development and real-world demonstration projects, the government has an opportunity to expand technological capabilities across the industrial sector.As the National Assembly reviews the budget and government agencies design implementation programs, performance standards should be developed alongside funding commitments. Smaller manufacturers, in particular, will need support structures that account for operational costs, workforce capabilities and data management after initial subsidies expire.The true return on public AI investment will emerge after government support ends. When manufacturers can operate new technologies with their own resources, convert productivity gains into profits and further investment, and compete more effectively in global markets, public spending will have helped establish a durable foundation for industrial growth. The value of South Korea's 21 trillion won commitment will ultimately be measured by the productivity and economic value its manufacturers can generate independently, rather than by how much of the budget is spent.Read the Korean versionSource= Korea IT Times

Q3 GDP growth was surprisingly robust...

Korea reported better-than-expected growth in the third quarter largely on the back of recovery in exports and facilities investment.    The Bank of Korea (BOK) said Tuesday that the country’s GDP increased by 2.1 percent during the July-September period compared to the previous quarter, up from a preliminary forecast of 1.9 percent announced in October.   Exports, retail sales and services did better than expected, explained the central bank.   In fact, this was the sharpest growth in more than a decade — since the third quarter of 2009, when the country registered 3 percent growth quarter-on-quarter.   Compared to the same period last year, growth was negative 1.1 percent.​    from : Korea JoongAng Daily See Original News (☜Click)

Report predicts economic recovery in ...

Korea's economy is predicted to recover from the downturn caused by the Covid-19 pandemic in the second half of next year unless the pandemic resurges, a report said Sunday.    But the report by Hyundai Research Institute said the Korean economy is expected to face another downturn in the first quarter of next year if coronavirus infections increase.   A resurgence of the pandemic next year would cause the economic recovery of the country to be delayed until the first half of 2022, the report said.​  See Original News (☜ Click)

South Korea industrial output up 3%

SEOUL: South Korean industrial output rose 3.0 per cent in December from a month earlier for a second consecutive monthly increase, state data showed Friday (Jan 30).   \"Thanks to increases in automobiles, semiconductor memory chips and their parts and components, the industrial output grew for the second straight month\", Statistics Korea said.   From a year earlier, industrial output in December was up 0.4 per cent. The increase in production in the mining, manufacturing, gas and electricity industries followed a 1.3 per cent on-month rise in November.   For the whole of 2014, industrial output was flat from a year earlier, as growth in auto and metals was offset by cuts in transport machinery and video, audio and telecom equipment. The service sector remained flat on-month but expanded three per cent from a year earlier.   - AFP/rw   from Channel News Asia (☜ Click ) 

Trade reaches a record high

  Last year was a success for trade in Korea after the nation reached the so-called “triple crown” - a record high in annual trade volume, exports and trade surplus. It was the second consecutive year that Korea achieved a triple crown. According to data released by the Ministry of Trade, Industry and Energy on Thursday, the nation’s trade volume for last year posted a record high of $1.99 trillion - surpassing $1 trillion for the fourth straight year - thanks to low oil prices and successful sales of Korea’s flagship export items like semiconductors, steel, ships and handheld devices. In 2014, exports posted $573 billion, up 2.4 percent compared to 2013, while imports increased 2 percent to $525.6 billion. The country’s annual trade surplus was $47.4 billion.The government said the expanded exports to Korea’s major buyers - the United States, European Union and Asean - due to free trade agreements (FTAs) contributed to boosting the overall performance of exports. But Korean exports to Japan shrank 6.9 percent year-on-year due to a weak yen and the sluggish economy there. Semiconductors, steel and mobile devices were the three export items that saw the most growth.Semiconductor exports amounted to $62.7 billion in 2014, making it the first Korean product to ship more than $60 billion. Korean semiconductor exports marked $50 billion in 2010. The export volume of locally produced oil and petrochemical products surged in 2014 after oil production and refineries built by Korean companies opened last year. However, the recent plunge in oil prices resulted in 3 percent year-on-year drop in the value of petrochemicals.Memory chips, petrochemicals, automobiles, machinery and petrochemical products were Korea’s top five most exported items for the past two years.Korea will see exports rise further in all three trade categories in 2015, according to the Trade Ministry and the Korea International Trade Association, as the global economy improves and more FTAs come into effect.The Trade Ministry on Thursday estimated that Korean exports this year will be worth $594 billion, up 3.7 percent year-on-year, while imports will reach $542 billion, up 3.2 percent. Trade surplus is also expected to rise to $52 billion.But the ministry said it is worried that oil and petrochemical exports may shrink, though other flagship items like machinery, vessels and semiconductors will continue to lead the expansion of exports.   By Kim Ji-yoon (jiyoon.kim@joongang.co.kr)   from Korea Joongang Daily (☜ Click ) 

Busan-Jinhae revs up as key business

Experts advise nation’s second-biggest city to bolster its soft power and to invest more in city branding to become an attractive global city   Citizens in Busan Metropolitan City, the nation’s second-largest city, with a population of 3.56 million, were shocked in 2012 when the city came behind Incheon in a global survey to measure its competiveness. Incheon was ranked 56th, while the survey put Busan at 64th. The Economist Intelligence Unit conducted the survey on 120 cities in the world to address emerging city power. “City policymakers took the survey results seriously and started considering how to boost the city’s competitiveness and turn it into a destination for companies and travelers,” Kim Kyung-soo, a researcher at Busan Development Institute, said. More precisely, the wind of change arrived in Busan, once an isolated city located on the southeastern-most tip of the Korean Peninsula, in 2010. At the time, the central government lifted a development ban on 33 square kilometers of greenbelt area, located in the western part of the city.  An aerial view of BusanThe deregulation measure stepped up the development of the Busan-Jinhae Free Economic Zone, or the BJFEZ, partially located in the greenbelt. Despite the distance from the capital, the BJFEZ that began construction after its designation in 2004 has been attracting global export-driven high tech companies with its logistics advantage. The business zone is close to Busan’s New Port, the nation’s largest seaport and Gimhae International Airport.“The inflow of companies overtook the outflow of enterprises in 2010,’’ Kim said. Busan is becoming a destination for travelers. The city was the second most favored Korean city to visit for Chinese travelers after Seoul last year. Haeundae-gu, an eastern district of Busan, is flooded with Chinese visitors year round. Haeundae beach, sitting against the backdrop of high-rise buildings, and Shinsegae Centum City, a mega shopping complex that includes the world’s largest department store, are located within the district. The Busan Exhibition and Convention Center is emerging as a hub for a variety of business meetings and trade shows.Continued updates of the city in terms of infrastructure and soft power are attracting not only companies but also people. “The population in Busan and its satellite cities like Gimhae and Yangsan is growing, beating the outflow of people,” a city official said. Growing demand for city branding Busan’s competitiveness has improved, but it takes some time to gain the status of an international city, experts said. “It is time for the city government to bolster the city’s soft power rather than update hard power like infrastructure,” Kim said. “A growing number of people in the world care about a city’s quality of living the most rather than hard power when they choose a destination for jobs or even for temporary stays.” Secondly, more investment in city branding activities is advised to raise awareness of the city internationally. “Busan has created a couple of globally competitive festivals, including Busan International Film Festival and Busan Fireworks Festival, but the international awareness of these festivals is quite low due to the lack of a strategic approach to promotion,” Kim said. Cultural openness was stressed as another key factor for becoming an international city.“Citizens of Busan, where conservative Confucianism is deep-rooted, need to learn more about different culture and to increase global connections, in an effort to become a part of the global network,” Kim added. By Seo Jee-yeon (jyseo@heraldcorp.com)   from The Korea Herald (☜ Click )

Busan-Jinhae FEZ marks 10th year...

Busan-Jinhae FEZ marks 10th year since dedication     The Busan-Jinhae Free Economic Zone on Wednesday marked its 10th anniversary and looked back on a decade of dedication and innovation geared toward creating a truly investor-friendly area. Located at the southern end of the peninsula, the Busan-Jinhae FEZ is one of the country’s several free economic zones established with the aim of attracting overseas investment.Currently, seven out of the 20 districts in Busan-Jinhae’s five areas ― New Port, Myeongji, Jisa, Dudong and Ungdong ― have been completed, and another six are currently under construction. The remaining seven will start being developed once plans are finalized in August this year.   Busan New Port in Busan-Jinhae Free Economic Zone. (Busan-Jinhae Free Economic Zone)     “This is quite a feat when considering that the economy has not been at the top of its game during the past 10 years,” said Moon Gu-kyung, a spokesman for the FEZ. In particular, Busan-Jinhae is known for its work in developing the New Busan Port, an area that used to be a tranquil fishing town. Today, it houses a facility capable of processing more than an annual 10 million containers. The port is aiming to become one of the world’s top five by 2020.But it’s not just the port, as the 20 districts within the FEZ will be cultivated into hubs for shipbuilding, auto manufacturing, machinery, value-added logistics and more. In terms of investment, the FEZ has also come a long way, as it has successfully attracted more than $1.6 billion worth of foreign direct investment from more than 100 foreign companies and around 820 local firms. The FEZ authorities are currently attempting to attract more, especially high-tech companies. Several top manufacturers such as Bosch Rexroth and Wilo SE have already settled in. In other areas such as Myeongji, prestigious schools such as Brighton College have signed up to make a home there.“We will work to make sure that investors get their money’s worth, and let them know that we are dedicated to their operations here and will continue to be over the next 10 years,” Moon said.     By Seo Ji-yeon (jseo@heraldcorp.com) from The Korea Herald (☜ Click )