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The Ministry of Knowledge Economy has added 58 items to the list of “Korea’s World-Class Products” as of 2011.
The ‘World-Class Product’ project has marked its 10th anniversary since it was launched in 2001 while the number of certified companies has steadily increased from 120 in 2001 to 553 in 2010.
In addition to Korea’s World-Class Products, the Ministry of Knowledge Economy selects a separate group of products labeled “Korea’s Next Generation World-Class Products” from among goods and services that have the potential of fulfilling World-Class product requirements within the next three years.
Korea’s best-quality products top the list in a number of different global markets, including memory semiconductors, seawater desalination equipment, merchant vessels, polyester LM fiber, cycling shoes, refrigerators, electric equipment for ships and half-submerging drilling ships, just to name a few.
For instance, as many as 119 goods manufactured by Korean companies enjoyed the biggest market share in the global market as of the end of 2010.
In addition to the products manufactured by top-notch companies, a lot of Korea’s quality goods are made and supplied by small- and medium-sized enterprises (SMEs), establishing a growing presence in the fiercely competitive world market.
Aiming to further promote these highly rated products and services to buyers and marketers around the world, Korea’s Ministry of Knowledge Economy has since 2001 been awarding them the certification of ‘World-Class Product’ after rigorous screening processes.
The Ministry of Knowledge Economy recently awarded the certification of ‘World-Class Product’ to 58 items in December 2010. They include 32 World-Class Products, which rank in the top five in the global market and 26 Next- Generation World-Class Products, which have the potential of fulfilling World-Class product requirements within the next three years.
So far, a total of 553 products have been selected as World-Class Products or Next- Generation World-Class Products among candidate goods that meet the requirements as of 2011. Korea’s Buyers Guide, in conjunction with the Korean government and KOTRA, describes and recommends these Korean World-Class Products to buyers and marketers, encouraging them to identify Korean products with superior quality.
World Class Products Guarantee Top Quality
World-Class Products are selected from among goods and services whose total global market size is greater than US$50 million, with exports of over US$5 million. The candidate must also be ranked in the top five in the global market, and undergo a strict screening process led by the World-Class Product Review Committee (chaired by the Vice Minister of Knowledge Economy) based on the marketability and technological strengths of the candidate products.
In addition to Korea’s World-Class Products, the Ministry of Knowledge Economy selects a separate group of products labeled “Korea’s Next Generation World-Class Products” from among goods and services that have the potential of fulfilling World-Class product requirements within the next three years.
The selection process is overseen by the World-Class product Review Committee, headed by the Vice Minister of Knowledge Economy, under the same careful and rigorous screening process.
Additionally, the Next Generation World-Class Products include those with proven technological potential in future growth industries, recipients of various new technology and product awards and certifications, and goods and services selected from among those recommended by industry associations and agencies with proven commercial and technological advantages. Next Generation World-Class Products showcase items that promise future market dominance with the same high level of quality and reliability exhibited by Korea’s World-Class Products.
Strict and Objective Selection and Management
The selection process for Korea’s World-Class Products is wide-ranging and extensive, and is conducted with strict objectivity and fairness. The selection committee, chaired by the Vice Minister of Knowledge Economy, is supported by a large number of relevant agencies and organizations that provide professional and technical advice for the selection process.
These agencies and organizations include practically every relevant industry association and agency in Korea, with the number of organizations participating in the selection process increasing each year.
In addition, products previously selected as World-Class products may have their status revoked if found in subsequent reviews to be failing to meet the rigorous selection standards, as part of continuing efforts to create an even more meticulous screening process.
The quality and reliability of Korea’s World-Class Products are thus guaranteed by the Korean government, in addition to having already proven their high acceptance in global markets. They represent the pinnacle of Korean technology, engineering and production, and any buyers purchasing Korea’s World-Class products can be confident of their quality, reliability, technological capabilities and marketability.
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