The marketplace for B2B transactions between Korea’s small and medium-sized Information and Communications Technology(ICT) businesses and overseas telecommunications companies is opening in Korea this year. It is expected to function as a footing for overseas expansion of small and medium domestic businesses, while at the same time, an introduction to next generation communications technology, such as Long Term Evolution(LTE48), to overseas telecommunications companies in need.

Korea Association for ICT Promotion(KAIT) announced on April 1st that for four days starting from the upcoming November 18th , a large scale business matching program, ‘connect W,’ will be held at the Dongdaemun Design Plaza(DDP) in Seoul, inviting over 50 overseas telecommunications companies. Over 200 domestic ICT businesses will participate.

Mostly major telecommunications companies of developing countries in Asia, Africa, Middle East, etc. that have entered the period of LTE communications network spreading period are subject to invitation. There are many places that want to import Korea’s advanced communications technology because they lack the experience and technical skills to install a new communications network.

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<KAIT announced that they will open this big rally of B2B transactions affiliating ICT firms and overseas telecommunications companies called ‘connect W’ every year starting from this year. This is a picture of overseas companies’ and domestic ICT companies’ officials talking together at the ‘Global ICT Partnership Program’ which was held at Busan last October.>

At connect W, they announce future business strategies and introduce businesses that Korean firms can participate in. Based on this, domestic companies have prototype demonstrations and proceed business talks in detail. There is even a possibility of winning actual contracts.

At connect W, the final conclusion of a contract is made based on the discussion subjects at the preliminary meeting . However, telecommunications companies and ICT companies that were absent at the preliminary meeting can still find out new demands and proceed business meetings on the spot.

Connect W is a program expanded and developed from the ‘Global ICT Partnership Program’ that KAIT has promoted since 2012.

10 telecommunications companies from five foreign countries attended the Global ICT Partnership Program held on April 1st at the Partners House in Hannam-dong, Seoul, and signed contracts worth approximately 38.5 million dollars with domestic firms.

KAIT plans to reinforce cooperation with the Ministry of Science, ICT, and Future Planning, for overseas expansion of domestic firms in the future.

Staff Reporter Ahn, Ho-cheon hcan@etnews.com