G-Fair Korea, Thailand’s first Korean sourcing fair, promotes Thailand- South Korea trade relations
Press Release
Korea’s largest sourcing fair, G-Fair Korea, displays state-of-the-art products from Korea right in the heart of Bangkok at Centara Grand & Bangkok Convention Center at CentralWorld. Centring on the theme “Smart Life, Smart Business, Smart Future”, the exhibition offers an incredible opportunity for attendees to connect with and enjoy exclusive offers from 100 trusted Korean suppliers offering diverse products- consumer, industrial, beauty, health, medical and smart products.
The exhibitors are from the Gyeonggi Province, South Korea’s manufacturing hub housing 40% of the country’s manufacturers. Ranked 5th on the Global Innovation Index 2021, South Korea is well-known for its cutting-edge technological advancement and recent effort to support SMEs to foster innovation. The exhibition showcases the latest technology and innovations from the manufacturing hub of Korea. The Korean Wave (the popularity of Korean culture from Korean pop music and dramas) also heightens the demand for Korean beauty, health, medical and consumer products.
The event is organised by GBC (Gyeonggido Business Center) with the objective of connecting Thai buyers with Korean SMEs. The GBC operates under a government-subsidised organisation, GBSA (Gyeonggido Business & Science Accelerator). Having established its headquarters in Bangkok in 2020, the agency acts as a facilitator between Korean enterprises and Thai buyers, eventually opening doors to better trade relations between South Korea and Thailand.
According to the World Trade Organization, South Korea was the world’s seventh largest exporter and the ninth largest importer of goods in 2021. However, much of the country’s trading is focused on the four major powers around the Korean Peninsula. The new initiative, “New Southern Policy”, aims to advance ties with India and ASEAN nations. Beyond just commercial interactions, exchanges are encouraged in the fields of technology, culture, the arts, and personnel. Southeast Asia is a primary strategic market for South Korea due to its market size and potential. Thailand is the main gateway to the ASEAN market due to its advantageous position, business-friendly policies, technological development, good infrastructure and cultural diversity.
To create a bridgehead for economic and trade exchange between Korea and ASEAN, GBC Bangkok was established in 2020 with a continued mission of strengthening economic ties with Thailand. The GBC organises G-Fair Korea to grow further trade relations by offering a platform for B2B interaction between Thai and Korean businesses. In addition, GBC Bangkok hopes to increase awareness of its services in facilitating trading with Korean enterprises.
“We don’t want to only export from Korea to Thailand, but vice versa as well. GBC in Bangkok wants to give opportunities to Thai entrepreneurs to export items to Korea and create better trade relations.,” Mr. Sang Jun Lee, the Centre Manager of GBC Bangkok said about GBC’s objectives.
“This is the first time G-Fair has been held in Thailand. From this year onwards, we aim to host G-Fair Korea in Bangkok every year. We would like to invite companies in Thailand to join us and take a look at Korean startups and SMEs. We are also looking to create opportunities for companies in Thailand to learn from and collaborate with Korean startups and SMEs. In the near future, we hope to generate programs that will allow entrepreneurs from Thailand to visit Korea and explore our potential to facilitate more trade.,” Mr. Jun added about GBC and GBSA’s future plans.
Commemorating the trade relation between Thailand and Gyeonggi Province of South Korea, a Memorandum of Understanding (MOU) Signing Ceremony was also held at the event between the Department of International Trade Promotion (DITP), Ministry of Commerce, Royal Thai Government and the Gyeonggi Business and Science Accelerator (GBSA), Gyeonggi Provincial Government, Republic of Korea.
