Korea’s smaller IT firms join forces to penetrate global markets

South Korea launched an IT consortium for global exports of IT technologies, said the Korea Trade-Investment Promotion Agency (KOTRA), a governmental agency designed to promote international trade. This consortium will consist mostly of outstanding firms and firms recommended by relevant institutions in the field, and KOTRA will be offering various support to aid overseas expansion of the consortium.

The consortium will include companies specializing in: IT convergence related to energy conservation, mining, network equipments, display equipments and parts, trade information system, corporate solutions, rail management system, RFID (radio frequency identification), and medical IT solutions. A total of 86 small and mid-sized businesses (SMBs) based in Korea will be part of the consortium. The targeted export markets include the US, China, Indonesia, Peru, the Czech Republic, and DR Congo.

“The convergence of IT with other industrial sectors is occurring at a swifter pace than ever, while demand for such packaged products are growing faster than for any products with single specialization. By forming this consortium, we are opening new doors for Korea’s IT exports and establishing an ideal model for win-win cooperation,” explained KOTRA President Oh Young-ho.

Source: Maeil Business.