The Ministry of Knowledge Economy (MKE) reported that at the recent National Competitiveness Reinforcement Committee presided by the President of Korea, Lee Myung-bak, it was noted that the committee was inspired by G20 Seoul Summit 2010 to level up the quality of convention and exhibition (COEX). With the promotion of COEX, the government aims to maximize the positive ripple effect brought about by the G20 Summit, such by increasing trade, boosting the domestic markets, creating jobs and improving tourism income and expenditure. From these effects, Korea expects to create US$ 60 billion dollar and increase the number of international convention participants in Korea to one million by 2015.
An official of the MKE said, “Conventions and exhibitions accomplish large-scale deals and propose mutual information regarding future development directions within the relevant field of the business. Therefore, promoting COEX will be an opportunity to improve Korea’s national brand and arrange a strategic development plan for COEX businesses based around Korea being the most suitable geographic location.”
The main areas selected to develop COEX businesses are Coex, Kintex and Sondo Convensia. The Coex center will foster future COEX connecting with the Jamsil Redevelopment Business in order to promote sports and cultural complexes. Furthermore, Coex plans to enlarge its exhibition facilities to 54,000 square meters from the previous 36,000 square meters and convention facilities from 11,000 to 22,000 square meters. Kintex will manage large and middle-sized COEXs and push ahead to construct a second exhibition area as well as various business hotels. Finally, the Songdo Convensia concept is to be created as a complex area for exhibitions and entertainment.
Due to this expansion, the Korean government is considering combining COEX related legislation such as the law of “Exhibition Business Development Act” and “International Convention Business Promotion Act.” They will also review relaxing conditions regarding remodeling expenses when an officetel converts to a business hotel in order to expand the low and middle priced accommodations.
Furthermore, in order to promote Korea’s national brands and international conventions, the Korean government will provide 300 million won to three selected global top exhibition and star convention. In addition, they will engage with integrated marketing to reinforce foreign buyers and the hosting of international conventions.
To fulfill the Korean government’s movement of COEX, the Korea International Trade Association (KITA) organized a special “Service Business Committee” on June 30 at the Coex International Hotel. With the newly organized committee, KITA will promote in a wide area of exporting business service and enter overseas markets such as MICE (Meeting, Incentive, Convention and Exhibition), medical, educational, contents and tourism business. In other words, KITA is playing a heavy role with the Korean government to nurture an all-star global COEX business.