Hansang on the Global Stage

Hansang on the Global Stage
In 2023, the World Korean Business Convention will be held in Orange County, CA

The World Korean Business Convention is dubbed “Hansang Fair” in Korean, and Hansang means Korean businessmen overseas. The World Korean Business Convention started in 2002, and it has served as a global hub for companies in South Korea and overseas with approximately 4,000 attendees from all around the world. After 20 years of success and achievements, the World Korean Business Convention is preparing for a big leap next year. Starting with the U.S. event in 2023, the World Korean Business Convention will be staged overseas. Let’s take a look at the convention’s future plan.

Mr. Byung G Hwang, the Convention Committee Chair Elect, makes a speech at the closing ceremony of the 20th World Korean Business Convention. ©Overseas Koreans Foundation

 

The World Korean Business Convention: the biggest stage for Korean business in the world

The 1st World Korean Business Convention was held in 2002 at Lotte Hotel Seoul, and from the third World Korean Business Convention, the biggest cities in South Korea, including Busan, Jeju, Incheon, Daegu, Gwangju, and so on took turns to host the event. Every October, a chosen city was bustling with crowds for the World Korean Business Convention. Typically, 1,000 Korean businessmen from around 50 countries travel for the World Korean Business Convention, and more than 10,000 business meetings are held by about 3,000 Korean businessmen who also participate through around 300 exhibition booths. The World Korean Business Convention is a business fair although many Korean businessmen overseas gather together for the sake of friendship as well. Many small to midsize businesses in South Korea with little experience in international contracts gather information about foreign markets and network with other businesses. Sometimes, binding contracts are made between Korean companies and Korean businesses overseas at the convention.

This year’s convention title was “Celebrating 20 Years of Korean Business Global Partnership”, and the event was held at Ulsan Exhibition and Convention Center from November 1-3, 2022. Due to the Covid-19 pandemic, the convention had been canceled or reduced in size for a couple of years. But this year, it was a fully offline event for the first time in three years and welcomed 2,046 Korean businessmen from 48 countries. When domestic participants for business and non-business purposes are included, a total of approximately 4,000 people visited the event hall. The business impact was outstanding. A wide variety of business programs including company exhibitions in 130 booths, the tariff and trade fair, the distribution and buyer fair, 1-on-1 business meetings, and so on produced a total of 455 business meetings and 4 MOUs worth $359.7 million in potential transaction, and through the on-site internship interviews for young adults, 59 Korean businesses from 48 countries hired 70 interns. Among others, innovative programs such as the business consulting and Startup Pitch Competition reportedly produced great results in business transactions.

In 2023, the first overseas World Korean Business Convention will be staged in the U.S.

The 21st World Korean Business Convention will be held in Orange County, California from October 11-14, 2023. In 21 years of history, it will be hosted outside Korea for the first time.

“The push for global reach been there for the World Korean Business Convention all along. Overseas market provides the breakthrough for many companies in South Korea and vice versa. These are the goals of the World Korean Business Convention. Next year’s World Korean Business Convention will be in the spirit of “Hongik Ingan”, translated into “broadly benefiting the human world”, so we will make it a festival for global businessmen from all around the world not limited to Koreans,” said President Hwang of the Korean American Chamber of Commerce USA(the “KACCUSA”).

The 21st World Korean Business Convention will be co-hosted by Overseas Koreans Economic Organizations and the KACCUSA and co-organized by Overseas Koreans Foundation, Maeil Business News, and Korean American Chamber of Commerce of Orange County. According to a committee member, it has officially invited around 100 U.S. companies to encourage participation in the convention and are in talks with the U.S. Chamber of Commerce and American Association of Exporters and Importers.

Anaheim Convention Center will host the 21st World Korean Business Convention

Orange County is located in the Los Angeles metropolitan area and has been home for many Korean businesses. The Korean diaspora in Orange County has hundreds of thousands in population including many senators, representatives and mayors. The Anaheim Convention Center sits right next to Disneyland Resort.

The year of 2023 coincides with the 120th anniversary of Korean immigrants in the U.S. and the 70th anniversary of the U.S.-South Korea alliance. The organizers of the World Korean Business Convention anticipates the event to facilitate global outreach of Korean companies and long lasting relationships between the businessmen in the U.S. and South Korea.

The beauty supply industry and the convention

According to the survey conducted by the KACCUSA early this year, there are 240,000 Korean businesses in the U.S. alone. There is no doubt that Korean-owned beauty supplies account for a significant part. Last August 14th, the KACCUSA and the National Federation of Beauty Suppliers (“NFBS”) executed an MOU to promise support and cooperation.

President Jo of NFBS and Senior Vice President Lee of KACCUSA

The first thing in their mutual agenda is the World Korean Business Convention. The NFBS has linked the World Korean Business Convention and the beauty supply industry, which made meaningful contributions so far. President Jo said, “the World Korean Business Convention will be an opportunity for beauty suppliers to support and engage in close relationships with the Korean diaspora in the U.S.” Notably, KISS group has promised to support 2023 World Korean Business Convention with a $500,000 donation with a diamond sponsorship for the event.

The committee is actively raising money to host a successful event. Last October, President Hwang visited BNB Magazine and said, “the South Korean government promised a billion won for the event, but it is not much per the current exchange rate. We planned a budget about ten times the amount.” And he asked for participation from Korean businesses in the U.S.

KACCUSA and NFBS met in a meeting room at BNB Magazine office

“All individual Korean businesses are eventually connected at the global stage. We are from Korea, and our global status rises with the nation’s global status. It is only the first event to be held overseas, but we want to make this U.S. event the best one, looking back from 100 years later. For that, we need your support and assistance.”

We only have 11 months left until the 21st World Korean Business Convention: the new beginning for the World Korean Business Convention on the global stage.

 

COVER STORY BY BNB MAGAZINE
BNB 매거진 2022년 12월호 ©bnbmag.com