Kotra- Korea Trade-Investment Promotion Agency is a state funded trade and investment promotion company operated by the South Korea government. The company came into existence in the year 1962. In the year 1998, a company recognized center for foreign investment. Currently, in the year 2016, the company attended global business research center (GBRC) opening ceremony. The report throws light on the working of the Korea Trade-Investment Promotion Agency. It shows how a company is attracting the foreign investment into their countries. It also provides attractive additional services to the multinational firms. The report includes the nations or regions where a company like to focus to attract FDI. Each and every organization is formed for a specific purpose over here the goal of the company is to attract the foreign investment. The report includes the description related to the benefits of the IPA and IPA actions.
Organization set up to add to the improvement of the national economy by performing work, for example, exchange advancement, speculation amongst residential and outside organizations and support of mechanical innovation collaboration and so on (Kotra, 2017). KOTRA operates more than 111 Korean business centers in 74 countries across the world, and consist of approximately 13 offices in Korea. The company works for the well-being of the Korea.
The mission of the company: – The mission of the company is to contribute to the well-being of the Korean people and to enhance the development opportunities within the country.
The vision of the company: – The vision of the company is to open up the future opportunities of Korea through a global business platform.
Core values of the company: – Customers value and cooperation kept the company on the top priority. The company believes in creating a sustainable management system (Kotra, 2017).
The company is a specialist in the fields in which it works. In other words, a company specializes in the main activities of the company. Below given is a brief description of the activities that company is operating.
The company always try to create new opportunities that are required to enhance the growth of overseas expansion in leading company who are engaged in a service industry. The Korean wave Hallyu marketing strategies were classified by the KOTRA itself. In the year 2011, the company took a step to classified Hallyu industries into broadcast media, movies, music, animation and character products. KOTRA discovered that character item, 45% of the whole business, included the biggest offer of traded items among all Hallyu fields, worth USD 276.32 million. That same year, the gaming business, which incorporates diversions, kid’s shows, and productions, was worth USD 1.25 billion and contained half of all Hallyu items; it expanded by 30% from 2010 (MCST). The company also support business for cultural contents that helps the business that helps in the introduction to the foreign markets (Kim, 2017).
KOTRA embraces far reaching abroad statistical surveying exercises and screens the world monetary condition as it impacts on exchange and speculation patterns. KOTRA additionally contemplates world exchange issues, business patterns, and new administration methodologies. This encourages KOTRA to react quickly to the quick changing world exchange condition and help firms to work successfully in universal markets (Kotra, 2017).
To help Korean organizations and the legislature get nitty gritty data on singular nations, KOTRA works divisions that represent considerable authority in particular geographic districts. Likewise, every office has some expertise in following current market issues, exchange controls, and the other related themes relevant to the nations it covers. The company also keep eye on the foreign market so that they will be able to collect the information which is required for the expansion of the business (Sekaran, and Bougie, 2016).
The company performs the activity of global partnering project that increases the partnership of the Korea with other countries. Korea ICT Roadshow EU 2011 is an initiative of the Korea Trade-Investment Promotion Agency (KOTRA). The aim of the company is to promote the trade relationship of Korean companies that are operating in ICT field in a European market (H.B.C.B, 2011).
KOTRA’s 99 KBCs located globally which is used by the Korean SMEs. With KBCs SMEs can get bolster in far reaching ranges touching abroad showcasing, from statistical surveying to recognizable proof of fare accomplices (Kotra, 2017). The company also supports for overseas investments. KOTRA guide the small and medium firms for the investment.
KOTRA supports Korean businesses improvement access to raw materials, components, and parts. This is possible because of the arrangement of the supply deal across the world (Oshri, Kotlarsky, and Willcocks, 2015). Activities carried by the company consist of the growth strategies for promoting global sourcing. In other words, it can be said that company collects the details related to the raw material and other required components. Later the company accomplishes the dispatching buying mission.
KOTRA company specialty is becoming a focal point for the nations and regions. Their specialty is becoming investment attraction. Many of the companies like to invest in the KOTRA to get the benefit of the services that company provides.
Services that are provided by KOTRA include finding investors and managing investment projects (Kotra, 2017). Currently, Samsung is one of the leading companies across the world. The company is South Korean multinational, having headquarters in Seoul. As per the recent update Samsung biologics which is contract drug production arm of the South Korea’s Samsung group. The company is planning to facilitate the service to the small firms. The company is willing to expand the business. Generally, in the development projects company need amount to experiment the production (Kotra, 2017). The experimented conducted by the company cost high amount. There will be a need of the investor who can invest the amount so that company will be able to perform the required activities. IPA service includes finding investors and managing investment projects. Every project needs investment so a company needs to manage their investments.
Samsung group should facilitate the services of invest Korea plaza which is a first international business that is available in Korea. The services are provided by the company KOTRA. This service offers business consultation, investment, administration support, and efficient one-stop service to foreign investors. Currently, the Samsung is targeting small size drug makers that consist of the 20-30 employees. Though, the company is engaged in talks with the multiple companies. With the help of the IPA services, Samsung might get the best business consultation. This helps the company in deciding target companies and where they should crack the deal. Development takes place with the help of technology and KOTRA knows how to utilize technology in work. Samsung can get the help in selecting the methods which help in new drug development. In the near future company will also try to expand the same services and product in the foreign market. Over here, Company can take the benefit of IPA services which help the company to identify the foreign markets and foreign investors.
The actions taken by the IPA generated the awareness and transparency for investments in the promotion activities. Action taken by the IPA includes the monitoring and review of the mechanism for the investments. It also tries to attract the foreign investment that helps in enhancing the growth of the company.
These actions of IPA provide some benefit to the firm. The more and more companies try to invest in the promotion activities. Promotion helps the company in enhancing the sales of the company. The company takes advantage of these actions to get success. The company can easily analyze where they have to invest and where not. Investment at the correct place will result in the success of the company. The business generally tries to expand the business in the foreign countries. Successful expansion in the foreign countries will result in the huge opportunities. Successful expansion may also create a good brand value of the company in the market. Opportunities for growth and profitability for the firm will enhance due to IPA (Lu, Liu, Wright, and Filatotchev, 2014). Firms who like to invest in the technology can easily access the world. The new ways for the firm will get open.
The actions of the IPA are also beneficial for the country/regions. IPA actions in Korea showed a rapid growth in the image of the country. After the financial crises, the position of the country was in decline mode. Due to the actions of KOTRA, the country regains the position. Improvement in the position of the country will lead to the increase in the FDI (foreign direct investment). FDI will bring the opportunities of employment in the country. Employment is directly related to the GDP of the country (Sauvant, Economou, Gal, Lim, and Wilinski, 2014). Ultimately investment attraction in the country will lead to the growth of the country.
Development of the country takes place once the investors decide to invest. Development of the country can also be evaluated through the development of the regions. Development of the country also opens different ways for the government. The government further can take a step to increase the monetary value of the company. That can provide the benefit to the country in foreign direct investment (Gruesser, 2012).
Conclusion:
The report throws light on Kotra- Korea Trade-Investment Promotion Agency. It consists of the main activities that are regulated by the company. In other words, it consists of the speciality of the company that provides benefits to the company. Due to these specialties, Nation’s/regions primary areas of focus around investment attraction is KOTRA. KOTRA provides its services to many small and medium industries. IPA benefits can be utilized by Samsung new projects. The investment decisions of the company need to be based on the research. IPA actions can also provide benefits to firms and country/regions. These actions can bring many opportunities for the country and firms.
References:
FINPRO, 2012, Finpro Benchmark / National Investment Strategy South Korea, viewed on 4th August 2017, https://www.exportfinland.fi/c/document_library/get_file?uuid=b2110beb-d73f-467e-aadf-fec43da348de&groupId=10304
Gruesser, J.C., 2012. The empire abroad and the empire at home: African American literature and the era of overseas expansion. University of Georgia Press.
H.B.C.B, 2011, Member News, viewed on 4th August 2017, https://www.hbcbg.com/en/news/member-news/korea-ict-roadshow-eu-2011-opens-new-doors-for-unique-led-products-maker-megatex-1606.html
https://english.kotra.or.kr/foreign/kotra/KHENKT030M.html
Kim, S., 2017. The New Korean Wave in the Middle East and Its Role in the Strategic Approach to Medical Tourism in Korea. Kritika Kultura, (29), pp.258-271.
Kotra, 2017, History, viewed on 4th August 2017, https://english.kotra.or.kr/foreign/kotra/KHENKT160M.html
Kotra, 2017, Intro to Invest in Korea, viewed on 4th August 2017, https://www.kotra.or.kr/foreign/biz/KHENKO040M.html
Kotra, 2017, Korea Economic News, viewed on 4th August 2017, https://www.kotra.it/board.do?method=getFrontBoardView&tb_no=156&brd_no=330&vew_cnt=1&iMNum=1&qna_yn=N&file_yn=Y&sub_ans_yn=N&hidden_yn=N&gubun_cd=VEW
Kotra, 2017, Main Activities, viewed on 4th August 2017,
Kotra, 2017, Main Activities, viewed on 4th August 2017, https://www.kotra.or.kr/foreign/kotra/KHENKT040M.html?TOP_MENU_CD=KOTRA
Kotra, 2017, Mission, viewed on 4th August 2017, https://english.kotra.or.kr/foreign/kotra/KHENKT150M.html
Lee, K. and Jung, M., 2015. Overseas factories, domestic employment, and technological hollowing out: a case study of Samsung’s mobile phone business. Review of World Economics, 151(3), pp.461-475.
Lu, J., Liu, X., Wright, M. and Filatotchev, I., 2014. International experience and FDI location choices of Chinese firms: The moderating effects of home country government support and host country institutions. Journal of International Business Studies, 45(4), pp.428-449.
Oshri, I., Kotlarsky, J. and Willcocks, L.P., 2015. The Handbook of Global Outsourcing and Offshoring 3rd Edition. Springer.
Sauvant, K.P., Economou, P., Gal, K., Lim, S. and Wilinski, W., 2014. Trends in FDI, home country measures and competitive neutrality.
Sekaran, U. and Bougie, R., 2016. Research methods for business: A skill building approach. John Wiley & Sons.
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