Overseas Expansion
Korea Minting, Security Printing & ID Card Operating Corp (KOMSCO) has signed a memorandum of understanding (MOU) with KOTRA at the KOTRA headquarters in Seocho-gu, Seoul, on May 17 to support overseas expansion of e-Government.
Under the agreement, the two companies will expand the partnership in overseas marketing activities, including ICT project consortium projects, relevant exhibitions and seminars, in order to help e-Government system, including electronic passport, electronic identity card and smart car, go global.
The ICT project consortium project helps the related agencies and the Government 3.0 jointly enter the global e-government market and promising IT area, which are discovered by KOTRA’s overseas network. As part of the project, KOMSCO and KOTRA are cooperating to enter the Filipino smart card market worth 6.5 billion won (US$5.52 million). They will also invite major orders in the electronic identity card and electronic passport sector to the Global Business Forum 2016 to be held on June 23 in Pangyo.
The Korean e-government has ranked first by the United Nations e-government development index since 2010. Its export reached 630 billion won (US$534 million) in 2015, up 12 percent from the previous year. Based on such competitiveness, the e-government sector, such as electronic passport and electronic identity card, is considered a new growth engine of export. The worldwide electronic passport market will dramatically expand from US$1 billion (1.18 trillion won) in 2010 to US$2 billion (2.36 trillion won) in 2019, while the global electronic identity card will grow from US$3.6 billion (4.24 trillion) in 2010 to US$6.5 billion (7.65 trillion won) in 2019.
KOMSCO holds 60 years of experience in manufacturing currencies and knowhow to prevent fakes and falsifications of bills, gaining recognition of the highest level of security and stability by developing the Chip Operating System, a core component of smart cards, for electronic passport, electronic identity card and electronic driving license. All of such capabilities possess enough qualification for inroads into overseas ICT sector.
“KOMSCO will make a big stride in inroads into the overseas ICT market with a close cooperation with KOTRA down the road,” said CEO Kim Hwa-dong of COMSCO.