Korea organized its first consumer product fair in Africa to promote the sales of made-in-Korea goods among increasingly wealthy consumers in the rapidly-growing continent, the Korea Trade-Investment Promotion Agency (KOTRA) said Tuesday.
The state-run export promoter said it held the Korea Premium Consumer Goods Showcase 2016 in Cape Town, South Africa, on Monday and Tuesday, drawing hundreds of buyers from across the continent.
Nearly 50 domestic companies producing cosmetics and other consumer goods took part in the event, KOTRA said, adding that hundreds of people from more than 100 African retailers visited the venue to explore business opportunities.
“KOTRA held the first consumer goods fair in Africa as part of its efforts to enable small local enterprises to find new business opportunities in Africa, which has been expanding at an explosive pace,” said Lee Seung-hee, the head of KOTRA’s Africa operations. “Korean companies should capitalize on the increasing number of Africa’s middle-class households who are willing to pay more for the latest, high-quality consumer products.”
Lee said Africa could become Korea’s second-largest export destination, after China, in the coming years, calling on the government and the business circle to pay more attention to the region.
KOTRA also held several sideline events to showcase Korea’s traditional music performances, as well as offering African businessmen and spectators a chance to taste a range of Korean dishes.