Twenty US-based companies including Alcatel-Lucent, Hewlett Packard, Motorola, and Johnson & Johnson will come to Seoul, Korea. The Korea US Materials and Components Global Partnering event is held in Coex Intercontinental Hotel for two days starting on Nov. 3. The Ministry of Knowledge Economy and KOTRA will participate in the event to explore the possibility of partnership between American companies and Korean manufacturers and research centers. The event is sponsored by the Korea Core Industrial Technology Investment Association (KITRA) and Korea Evaluation Institute of Industrial Technology (KEIT).
On Nov. 3, about 200 Korean industry representatives will participate in a conference on the first morning, and business meeting sessions between Korean and American companies will be held on Nov. 3 and 4. About 100 companies will participate and 120 meetings will be held as one-to-one consulting for 2 days.
Two MOUs will be concluded at 10:20 A.M. on Nov. 3. The biggest global telecom company, Alcatel-Lucent, will sign an MOU with OE Solution, a Korean company, for research collaboration and purchase agreements for telecom-related parts and materials. OE Solutions will co-develop a transceiver, the main component of Fiber to The Home, with Alcatel-Lucent and supply the parts. From 2012, US$30 million worth of annual part supply is expected. Also, Applied Micro, who is a supplier of telecom semiconductors to CISCO and Hughes, will sign an MOU with Mtekvision for satellite set-top box core chip development and marketing. Mtekvision is expected to have sales of US$30 billion and US$130 billion in 2012 and 2013, respectively.
Also, Silver Spring, the biggest smart grid manufacturer, is looking for Korean suppliers for smart grid telecom modules and smart meters. Motorola is seeking mobile devices, IPTVs, smart homes, and the fiber optic network, while Texas Instruments will search for a security system board supplier.
Among companies who are participating in the event there are 6 in the telecoms industry, 5 in semiconductors, 4 in reusable energy, 2 in medical devices, and 3 others. The total gross sales of all 20 companies is estimated at US$52.46 billion which exceeds the total amount of Korean exports.
KOTRA Market Development Department Manager Jon Mi-ho said, "This is not for making export contracts with American companies. This is to create a strategic alliance with American companies for research development and outsourcing." American companies can utilize Korean companies' research skills and cost effective parts and materials while Korean companies can get opportunities for development collaboration, investment, and the use of the global sales network.
"This is the first time that this many global companies are visiting Korea for one event," KOTRA President Cho Hwan-ik said. "During the economic recession, Korean companies have shown their advanced skills and competitiveness and more global companies are looking to collaborate with Korean companies." He also emphasized that Korean companies should use this opportunity to step forward to expand their market.
