TenderSearch at Technomart - Korea 2002
Korea lies in the northeastern part of the Asian continent, adjacent to China, Russia and Japan. Seoul is both the capital and the heart of the Republic of Korea. The Hangang River separates the entire length of Seoul into two distinct areas of north and south. The Hanbuk Mountain Range, which branches off from the Baekdu-daegan Range, the geological backbone of the Korean peninsula along the east coast, forms the northern contour of Seoul. The city lies in a natural basin, surrounded by a series of mountains and hills making it one of the most attractive major cities of the world.
Upon the National Liberation in 1945, Gyeongseong was renamed Seoul, a pure Korean word which means "national capital". The Korean War, which started in 1950, destroyed the early development efforts of Seoul. By 1963, the population grew to some 3 million and the jurisdictional territory expanded to over 600 square metres three times larger than before.
Today, Seoul has a population of approximately 10 million. Since 1394, when Seoul became the capital city of Korea, the population has increased 110-fold, making it one of the most densely populated cities in the world.
The 1980's set another spur on the growth of Seoul as an international city when it was chosen to host the 1988 Summer Olympic and the Asian Games.
Korea has a continental climate which is characterised by four distinct seasons. Except for the monsoon season, Seoul enjoys mostly fair, sunny days throughout the year and is known for its clear, deep blue autumn skies.
Since the economic crisis of 1997, the Korean government has been pursuing a strategy of encouraging exports and inducing foreign investment in the belief such a two-fold approach is the only way to return the country to prosperity and sustainable growth. The economy rebounded in 1999 growing by a spectacular 10.9 percent and 9.3 percent in 2000. Central to the resilience of the Korean economy over the past 4 years is the country's 48 million strong domestic consumer market.
Geographically, Korea is at the centre of Northeast Asia, which along with the European Union and the US is one of the world's three major foci of economic activity. It's overall business environment, plus its competitiveness over other developing nations in parts manufacture, has been a strong lure in attracting foreign companies.
It also has competitiveness in bricks and mortar industries such as automobiles, shipbuilding, electronics, steel and petrochemicals and information technology.
KOTRA was established in 1962 as the Korea Trade promotion Corporation, a non-profit government organisation designed to pursue the national policy goals of maintaining the trade balance and building a self-reliant economy. For almost four decades, KOTRA has contributed to the development of the Korean economy through various trade promotion activities, such as trade information, market research services and business matchmaking.
Korea has demonstrated outstanding performance in foreign trade. Korea's export partners now number 238 nations and exports accounted for 35.6 percent of GDP as of late 2001.
TenderSearch, with the assistance of both the Victorian and Korean governments, exhibited at the Korean Technomart Exhibition 2002 held in Seoul at the Seoul Trade Exhibition Centre at the end of 2002.
TenderSearch was just one of five companies from Victoria to attend the event which attracted over 150 exhibitors from around the world.
TenderSearch Marketing Manager, Matthew Whitehouse, believes the event was an excellent opportunity to expand the organisation's knowledge of business within the region. "TenderSearch attended to gain an understanding and explore the opportunities of reporting information on Korean tenders to our extensive client base," he said.
The trip to Seoul was of enormous benefit to TenderSearch with a MOU signed with Samil Accounting Corporation, the largest accounting firm in South Korea and SinaiMart Inc., both of which will provide TenderSearch clients with assistance when examining Korea as a potential market.
Through this relationship, TenderSearch will also be able to offer information on Korean tenders/business opportunities.
TenderSearch also visited the Korean Chamber of Commerce, Seoul Metropolitan Council and Austrade and met with Mr Colin Heseltine, Australian Ambassador in Seoul to gain an insight into the Korean business/tender market.
MORE INFORMATION
Contact TenderSearch
Matthew Whitehouse, Marketing Manager
Tel: +61 3 9428 4422
Email: mwhitehouse@tendersearch.com.au
