Korean Smart ICT Technology to Expand into the ASEAN Market (December 5)
- Supporting the entry of ICT companies into overseas markets and partnerships between Korea and Thailand
- MSIT to host a ‘Smart ICT Solution Road Show’ including technology demonstration and consultation meetings in Bangkok, Thailand
□ The Ministry of Science and ICT (MSIT) together with the National IT Industry Promotion Agency (NIPA, President Kim Chang-yeong) will host a road show on December 6th in Bangkok, Thailand in an effort to support Korea’s smart ICT SMEs in making inroads into the overseas market.
※ A road show for overseas market entry holds exhibitions, business matching sessions, and company seminars to support the expansion and advancement of Korean small and medium ICT-SW companies into overseas markets.
ㅇ Given that Thailand is the second largest economy in the ASEAN region, the size of trade between Korea and Thailand is merely 8% in exports and 10% in imports compared to other ASEAN countries, requiring us to enter into the Thailand market.
ㅇ In recent years, the Thailand government is pushing ahead with the economic policies including the establishment of smart government, attracting foreigner’s investments, thereby, increasing the public demand. In this regard, MSIT plans to help domestic ICT companies advance into the Thailand market.
* Thailand 4.0 is a mid-and long-term national development plan from 2017 to 2021 with the aim of realizing smart industry, smart city, and smart people by applying ICT technology to the overall economy and society.
□ It is worth noting that the exhibition is held in collaboration with the Digital Government Development Agency (DGA) under the Prime Minister’s office which is in charge of overall ICT policy in Thailand in order to establish strategic partnerships between ICT companies from the two nations.
□ The event, named as Korea-Thailand Smart ICT Solution Road Show 2018, will be attended by 11 excellent Korean SMEs pursuing advancement into the Thailand market in 10 key areas of Thailand 4.0 including smart farm, smart factory, ed tech, and information security.
ㅇ The event held a tech presentation that introduces Korean companies’ products, services, and solutions for Thailand government officers and local companies. In addition, networking and export consultation meetings were held for relevant 50 companies and 150 participants including local buyers and venture investors.
□ Director General Song Kyung Hee of International Cooperation at MSIT said that “the spread of protectionism and sluggish global economic growth in recent years are hindering the internal and external conditions of Korean companies”, and added that “we will strive to diversify ICT exports for South Asian countries including Thailand.”