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The 12th World-OKTA Leaders Convention
Mr. Choi arrived in Hungary in 1992 when the nation was in a state of disorder due to rapid changes in the social and economic systems. He decided to start his own business there, with a vision that the potentially huge market would provide him great business opportunities. He started his trading business with practically nothing. At first, he began importing and selling Korean products. Once he solidified his business foundation with stationery importing business, he expanded the business items into importing used cars, car parts and others.
Can you tell us about what was behind your decision to come to Hungary to start your business?
Hungary was the first Eastern European nation that opened its domestic market after getting out of the communist system. When I came to Hungary, the nation had just established diplomatic relations with South Korea. I thought that Hungary had a potentially huge market; furthermore, I was very confident about the vision I had for my business in Hungary. Therefore, as soon as I came to Hungary, I set up Samma International, and jumped into trading business in the nation.
Please talk about your main business?
Last year, I founded a new corporation called ‘Arcz-werkoop’ and provide consulting service targeting multinational corporations and international companies making inroads into Hungary. I saw many international companies doing business in Hungary suffering big losses, just because they didn’t understand Hungary’s legal and taxation systems. Our company now provides customers legal consulting as well as integrated service of accounting and auditing. Feedback from our customers is excellent.
I heard that you have established a company in South Korea. Can you talk more about it?
I set up ACT R&D in South Korea, which buys and applies outstanding technology developed in Hungary to the Korean market. Innovative technologies emerge in Hungary where basic science has a robust foundation every year. Unfortunately, though, many of them fail to be commercialized. I had confidence that Korean market would be able to accommodate those advanced technologies. That’s why I decided to start the business in Korea.
I guess you have a lot of business contact with Korean companies. Any advice for the Korean companies that hope to make inroads into Hungary?
Some Korean companies want to sell one item in large volumes in the European market, but it doesn’t always work there. Rather, they prefer to take the approach of ‘various items with small quantities’ like Taiwanese companies do. Moreover, Korean companies need to focus more on building a long-term partnership with local companies over the time.
1. Overview
Name of the event: The 12th World-OKTA Leaders Convention
Theme: “Growth and Future Strategy of World Federation of Overseas Korean Traders Association”
Agenda for cooperation with host city: “OKTA’s Role for Invigoration of Export of SMBs”
Participants: 650 leaders from World-OKTA and 200 small & medium-sized enterprises (SMEs) of Korea
Period: April 13 - April 16, 2010
Venue: Daejeon Convention Center, Daejeon, Korea
Organizers: World Federation of Overseas Korean Traders Association (World-OKTA),
Daejeon Metropolitan City
Sponsors: Ministry of Knowledge and Economy, KOTRA, Ministry of Justice, Korea Foundation, Korea International Trade Association
Media sponsors: Donponews.com, Yonhap News Agency
2. Objectives
- To boost exports of Korean products to global markets by combining the competence of Korean businessmen abroad as well as taking advantage of the global network of the businessmen
- To increase international competitiveness of the host city, to establish a global network for the Korean economy, to support SMEs in Korea, and to enhance cooperation among Korean buyers abroad
- To strengthen continuous cooperation with Dajeon, the host city, by attracting the attention of Korea businessmen worldwide by holding the OKTA Leaders Convention in the city
3. Major Events
Extensive board meeting of World-OKTA
OKTA International Council
Export Consultation Session
Investment promotion by Daejeon City
Business Presentation Session
Symposium and Forum
- Symposium of International Trading Institute
- Next-Generation Forum
- Others conferences on cooperation with local governments in Korea
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