This success story comes from providing the following services: Meetings and Market Visit Support in Korea
The South Korean Ministry of Agriculture, in cooperation with the Israeli Embassy in South Korea, has requested to organize a business delegation of Israeli Agritech companies that will meet with Korean companies as part of AgriBio - an agricultural exhibition in Seoul. KOISRA was chosen to organize and manage the delegation, including inviting, selecting and Israeli companies and arranging business meetings with the Korean companies.
TARGET – MANAGE DELEGATION AND MEETINGS WITH KOREAN COMPANIES
South Korea invests a lot of resources in order to develop the agriculture sector and turn it into a sector that uses advanced technologies. Smart agriculture is a code name in Korea for precision agriculture that makes extensive use of various technologies to manage, control, improve and increase agricultural productivity. One of the most advanced countries in the world in the field of smart agriculture is Israel. Creating meetings between Israeli companies and Korean companies may promote not only collaborations that will benefit the companies themselves but also the economic relations between the two countries.
CHALLENGE- NON-DEVELOPED AGRICULTRE MARKET IN KOREA
Most of the agriculture productions in South Korea are done by small family businesses whose average age is over 65. These family businesses in most cases are not an effective partner in the implementation of new technologies. In addition, large and successful Korean technology companies that operating in a variety of industries and fields, have almost no much activities in the field of agriculture. This situation makes it very difficult to create technological collaborations between companies. The difficulty is even greater when it comes to foreign companies interested in selling their products and technologies in the local Korean agricultural market.
WORK PROCEDURE – MARKET RESEARCH AND IDENTIFICATION OF KOREAN COMPANIES
In the first phase, KOISRA prepared marketing materials for the delegation and invited Israeli companies to participate. Then KOISRA met with each of the Israeli companies to examine their export capabilities, and their fit to planned activity of the business delegation to South Korea. The Companies who were selected to participate in the business delegation were asked to define the type of products and technologies they wish to promote as well as the type of transaction or deal they are interested in. As part of the delegation, approved companies also received a dedicated booth at the AgriBio exhibition for display their products.
In the second phase, and in accordance with the requirements of the participating companies, KOISRA began to study the Korean market and the specific technology sector of each participating company. Following the internal study, KOISRA prepared a list of potential Korean companies for the meeting and shared it with each of the Israeli companies for review and approval.
In the third phase, KOISRA contacted the approved Korean companies, introduced the Israeli company, explained its products and technology and asked to arrange a physical meeting at the company's booth at the AgriBio exhibition.
In the fourth phase, and after all the business meetings were scheduled, and before the delegation left Israel, KOISRA had to manage and deal with the entire logistics matters related to the each of the participating company’s booth in the exhibition, such as booth design, banners delivery, stands setup and other marketing materials. In addition, KOISRA was responsible for administrative work related to airport pick-up, accommodation, local transportation, and food catering.
In the last phase, and once the business delegation of the Israeli companies arrived to the Exhibition in Seoul, KOISRA, together with the assistance of a team of translators, split between the various booths and accompanied the meetings held between the Israeli and Korean companies. During the three days of exhibition KOISRA team was in charge of all the meetings execution for all the companies.
RESULT – OVER HUNDRED MEETINGS AND TWO COMMERICAL CONTRACT
Fourteen Israeli companies and total twenty-five executives were participated in the business delegation to South Korea. An exhibition’s booth at AgriBio was established for each of the companies, in which the Israeli company presented their products and services but also met with Korean companies.
More than seven meetings with Korean companies have been arranged for each of Israeli participating company. The Korean companies that were identified for the meetings, were engaged in the field of irrigation, control, fertilization, pesticides, sensors, milk, cattle and smart greenhouses. In total, over one hundred meetings were held between Israeli and Korean companies during the three days of the exhibition.
Although these were initial meetings, during the time visit of the delegation in Korea, two commercial contracts were signed between Israeli and Korean companies. A few months later, two additional commercial contracts were signed.
Due to the size of the business delegation and the large number of meetings scheduled, the Korean Minister of Agriculture came to visit and personally met with each of the Israeli companies. From the Israeli side, the Israeli ambassador to South Korea, the Israeli commercial attaché, and the head of the Israeli Export Institute participated