April 20, 2024
Economy
Trade agency taps into big data for business advice
[THE INVESTOR] The Korea Trade-Investment Promotion Agency is planning to launch an online service that runs on big data to assist local companies with their business overseas.
During a press conference to celebrate its 55th anniversary on June 14, President Kim Jae-hong of the state-funded agency unveiled a plan to launch a website dubbed “Overseas Markets Big Bot,” which he said will offer practical advice to businesses.
“We have accumulated data on companies’ business expansion overseas for a long time,” Kim said at the conference in Seoul. “Now it’s time to analyze and make use of patterns from the data.”
The service has gone through a yearlong preparation period that included the compilation of data based on staff members’ knowledge and experience, according to the agency.
The website will offer suggestions for improvements curated to the needs of each business entity. Using accumulated data, the website will assess the overseas business capacity of an entity and provide it with direct marketing strategies or ways to improve its business capacity. In addition, it will recommend the best export destination for goods.
Alongside the website, the agency said it will improve its app, which sends answers in response to users’ questions about overseas expansion.
The new online service will “buck the trend of unilateral provision of content” for local businesses, said Jung Oi-young, a senior official at KOTRA, at the press briefing.
KOTRA told reporters it has organized various events this week on the occasion of the anniversary, such as a business forum for small and medium-sized exporters on June 14 and expos for overseas buyers from June 15 to June 16.
Kim said during the press event that the agency will stay affiliated with the Ministry of Trade, Industry and Energy, instead of the newly established Ministry of Small and Medium Venture Business.
By Son Ji-hyoung/The Korea Herald (consnow@heraldcorp.com)
During a press conference to celebrate its 55th anniversary on June 14, President Kim Jae-hong of the state-funded agency unveiled a plan to launch a website dubbed “Overseas Markets Big Bot,” which he said will offer practical advice to businesses.
“We have accumulated data on companies’ business expansion overseas for a long time,” Kim said at the conference in Seoul. “Now it’s time to analyze and make use of patterns from the data.”
The service has gone through a yearlong preparation period that included the compilation of data based on staff members’ knowledge and experience, according to the agency.
The website will offer suggestions for improvements curated to the needs of each business entity. Using accumulated data, the website will assess the overseas business capacity of an entity and provide it with direct marketing strategies or ways to improve its business capacity. In addition, it will recommend the best export destination for goods.
Alongside the website, the agency said it will improve its app, which sends answers in response to users’ questions about overseas expansion.
The new online service will “buck the trend of unilateral provision of content” for local businesses, said Jung Oi-young, a senior official at KOTRA, at the press briefing.
KOTRA told reporters it has organized various events this week on the occasion of the anniversary, such as a business forum for small and medium-sized exporters on June 14 and expos for overseas buyers from June 15 to June 16.
Kim said during the press event that the agency will stay affiliated with the Ministry of Trade, Industry and Energy, instead of the newly established Ministry of Small and Medium Venture Business.
By Son Ji-hyoung/The Korea Herald (consnow@heraldcorp.com)
