♦ The 2008 Korea International Boat Show & the Korea Match Cup of the World Match Racing Tour closed on June 15, 2008
♦ More than 1,300 export consultation sessions took place for a total contract amount of KRW 60 billion.
♦ Most foreign companies were attracted by the marine leisure market of Korea, and responded that they would visit again next year.
♦ The West Coast of Gyeonggi Province gained recognition as the center of the marine leisure industry of Korea.
♦ Gyeonggi Province announced that it is writing a new chapter in the history of the marine leisure industry of Korea.

The nation’s largest five-day marine leisure festival, the 2008 Korea International Boat Show and the Korea Match Cup of the World Match Racing Tour, closed on June 15, 2008

Although it was the first event of its kind to be hosted in Korea, there have been high expectations that the match would become one of Asia’s top three boat shows. During the event, there were 1,320 export consulting sessions valued at a total of KRW 240 billion, and the contracted and on-site sales amounted to approximately KRW 60 billion. The event is being recognized as a breakthrough for Korea’s marine leisure industry.

Overview of the 2008 Korea International Boat Show Figures (estimated)
• Export consulting: 1,320 sessions, KRW 240 billion (USD 240 million)
• Contracts & on-site sales: 180 cases, KRW 60 billion (USD 60 million)
• Number of visitors: 350,000

Before the event was held, many expressed concerns over the short preparation period of six months, and the fact that the domestic marine leisure industry was still in its infancy. Nevertheless, the results were unexpectedly positive. Gyeonggi Province and foreign buyers alike were impressed by the number of visitors, which was triple the initial target. Visitors were attracted by excitement of the boat races, and fully enjoyed the spectacular races as well as the view of the sea.

Proving the Potential of Korea’s Marine Leisure Industry
180 contracts and KRW 60 billion: These are the records set at the 2008 Korea International Boat Show. Overall, 180 contracts were concluded and a contracted and on-site sales amount of KRW 60 billion was realized in five days. Considering that annual revenues for Korea’s marine leisure market were KRW 10 billion, six times the annual revenue was made in just five days, which is why Gyeonggi Province considers the event to have been a huge success. From the perspective of the province, the most outstanding result of the event was the fact that foreign companies participating in the show fully recognized the potential of the Korean marine leisure industry. Foreign participants and buyers were impressed by the large number of Korean visitors and the favorable conditions of Jeongok Marina. They expressed confidence in the growth potential of the Korean market. Representative Tammy Gouldstone of the France Marine Industry Association said, “I did not have high expectations due to the short preparation period, but everything was perfect. I saw the potential of the Korean marine leisure market, and I will visit Korea again with member companies.”

Some say that the investor presentations and the seminar on the marine leisure industry development organized by the Boat Show organizing committee significantly contributed to the huge success of the Show. Approximately 150 domestic and foreign investors attended the investor presentations, which reaffirmed the strong commitment of Gyeonggi Province to the growth of the marine leisure industry and improved confidence on the Korean market. In the following session, investors joined in a field trip to the province’s marina development sites and agreed that the West Coast of the province has ideal conditions for marina and marina house development.

In addition, foreign companies were involved in heated competition to advance into the Korean market. The Government of Queensland State, which is the marine leisure hub of Australia, hosted an investor presentation. The Ministry of Trade directly organized the event, and more than 100 Korean firms attended the presentation. Various national representatives of the Marine Industry Association held a press conference to promote the marine leisure industries of their respective countries. Domestic companies also had fruitful results at the Show. Most of the domestic companies that participated in the show recognized the value of the event in the sense that it enabled participants to see the big picture of the global market, and secure new sales channels.

President Kim Jong-min of Toris, a boat parts manufacturer, said, “The show was especially meaningful in that I developed a global business network. I made partnerships with buyers from Hong Kong, Greece, China, Kuwait, and Bangkok, Thailand.”

High participant satisfaction was reflected in the responses given to surveys conducted by the organizing committee. At least 125 companies out of the 166 participating, or 75% of the respondents, responded that they intended to participate in the Show again in 2009, proving the remarkable success of this year’s event. According to the organizing committee of the boat show, this is a meaningful result, given the fact that the re-participation rate at first Shows usually ranges from 40% to 60%.

The Era of the Marine Leisure Industry
Gyeonggi Governor Kim Moon-soo has highlighted “marine leisure demand” as the biggest reason for hosting the Korea International Boat Show. He said, “Thanks to the increasing adoption of the five-day work week and the growth in incomes, marine leisure demand will go up. We need to respond to this growth in demand.” His prediction has been proven correct. Gyeonggi Province initially estimated that the show would be attended by 100,000 visitors, but this target was reached within the first two days. A total of 350,000 visitors participated in the show, more than tripling the initial target.

The large number of visitors was the main driver that made the show exciting. Buyer consulting was activated, and all of the participating companies recognized the potential of the Korean marine leisure industry. Manager Shim Gyu-myeong from CK Marine, a firm that participated in the show, said, “Hosting a boat show has a symbolic meaning now that the nation’s per capita GDP has surpassed USD 20,000. Korea is now entering the era of marine leisure.”

Participating companies were also impressed by the active nature of the Korean visitors. Mr. and Mrs. Kim from Suwon said, “We have quit fishing and started mountain hiking. We saw fishing boats at the show, and decided to purchase one. We will share it with our friends, and start fishing again.” The high interest of visitors led to many boat sales. Boat dealers said, “Given the nature of boat shows, where customer consultation does not easily lead to the actual sales, it is extraordinary that boats were sold at this show”

Choi Hyeong-geun, Director of the Organizing Committee for the Korea International Boat Show, said, “This only proves that supply has not met demand in the Korean market. The marine leisure industry will emerge as a new trend in Korea.”

Increased Public Interest in Marine Leisure Activities
One of the outcomes of the show has been the promotion of marine leisure activities. Director David Fraser of Vail Import, an Australian boat and yacht manufacturer, said, “The Korea International Boat Show is different from other boat shows in the sense that young visitors account for a large portion of the visitor base. Their marine leisure experience will give the Korean marine leisure industry a bright future.”

Children who visited the site fully enjoyed the event through a variety of activities such as remote-control boat racing, making model ships, a canoeing event, and a kayak race. A boy who came from Goyang with his friends said,”I was fascinated by the remote-controlled ships. I will save my allowance so that I can buy one.” The show also encouraged the ambitions of children. An 11 year-old old boy came from Mok-dong, Seoul, said, “I want to buy a yacht and take a trip with my family when I grow up. I will study hard from now on.” Visitors to the Show also included yachting fans. Kim Min-soo, a student of Kookmin University, who dreams of crossing the Atlantic in a yacht someday, visited the yacht manufacturers. He said, “I came to the show to find out how much my dream boat would cost.” The World Match Racing Tour also impressed visitors. Kim Jong-mo, who had never been to a boat race before, excitedly said, “The race was much more exciting than I had expected. I have become a big fan!”

Gyeonggi Province Builds Brand as the Marine Leisure Hub of Korea
Gyeonggi Province also concluded that the show provided a venue for the building of a brand for the Province as the region with the most advanced marine leisure industry. The show was so successful that Gyeonggi Province is now being recognized as the center of the marine leisure industry in Korea. This status is well supported by the 350,000 visitors and the various requests from foreign and domestic investors, including the British Marine Federation, for partnerships with Gyeonggi Province. During the boat show, the province announced that it will be building a large-scale marine industrial complexes in 4 locations, including Jebu Island, Gubong Marina, Heulgot Marina, and Jeongok Marina of Hwaseong, Gyeonggi. The province plans to invest KRW 195.7 billion by 2015, and the complexes are expected to accommodate 1113 boats at the above-mentioned locations. Gyeonggi Province will build infrastructure for marina development such as breakwaters and berthages, and attract investments from the private sector for yacht manufacturing, marina house building, and service industries.

Domestic investors are also positive about the initiative. An official from a company interested in marina development said, “As the deadline for the marina development initiative was already set and the province has a strong interest in this area, the private sector will be very willing to invest. I hope that an independent investment attraction team will be organized to provide a one-stop system and promote investment from the private sector.”

Local residents of Hwaseong and Jeongok Marina were also beneficiaries of the event. While some expressed doubts at first, they are now strong supporters of the show. An owner of a restaurant near Jeongok marina said, “We had 600 customers yesterday alone. Our average number of customers in a day has been 30, and we had thirty times the number of customers visiting the restaurant in a day thanks to the show. I think the show has moved local development forward by about ten years.”

Improvements Should Be Made for the 2009 Match

While the Show impressed everyone, there was room for improvement. The unexpectedly large number of visitors resulted in severe traffic jams, and facilities such as toilets were lacking in number. The organizing committee took emergency action to increase the number of toilets and accommodation facilities, but these still failed to meet the needs of visitors. An official who organized the Show said, “It was much more successful than we had expected. We will carefully review the issues raised, and prepare for the 2009 Show accordingly.”