10:17 AM Sun 25 May 2008
www.marinebusinessnews.com

There is still time to take advantage of the support – both financial and marketing – offered to exhibitors by organizers of the first Korea International Boat Show in June and get your brand to the many hundreds of thousands of people expected to attend.

CEO of AIMEX, Mary-Anne Edwards, says the organization will head up a 14-strong Australian group. Austrade too will have a presence there and host an information event to promote Australian industry. ‘Korean Trade is organizing the accommodation and we are offering interested companies all manner of support. All you need to do is call us and turn up for the flights. The rest is arranged for you.’

The Queensland government is organizing a trade mission to Korea for interested companies to inspect infrastructure throughout the Gyeonggi Province and observe the Korea Boat Show. Trade Queensland in Brisbane is supported by an office in Seoul and can arrange a company profile in Korean, interpreter services and cultural assistance for interested businesses. It will also assist with TV interviews, seminars and business meetings.

Global interest in the Korea International Boat Show has exceeded the expectations of Gyeonggi Province Governor Kim Moon-Soo, who has been traveling the world actively promoting the show and the development of the marine industry. Gyeonggi, is home to Samsung, LG Philips and Hyundai-Kia Motors, and is benefiting from millions of dollars in government money invested in marine infrastructure.

According to show director Choi Hyung Gun, the show has already signed up 231 exhibitors for the event including 121 overseas companies from a total of 21 countries and 110 domestic exhibitors from Korea.

Leading brands exhibiting include Azimut, Bavaria Yachts, Bayliner, Beneteau, Fairline, Ferretti Yachts, Riva, Riviera and Sunseeker.

‘We are very pleased with the response to the show, which indicates the strength of interest in the developing boating market in Korea,’ says Choi Hyung Gun. ‘We have had good support from overseas marine trade associations who are exhibiting, including AIMEX Group and Queensland State from Australia, British Marine Federation, FIN from France and UCINA from Italy.’

The Korea International Boat Show is owned by the Gyeonggi Provincial Government and managed by KOTRA, a government-owned trade promotion agency. The show opens with a VIP and press day on June 10 and concludes 15 June. The venue is Jeongok Marina, a marina being developed by Gyeonggi Province on the west coast, south of Inchon Airport.

South Korea is one of the most affluent countries in Asia, with much potential to grow as a leisure boating market. The country is now number 13 in the world ranking for gross domestic product with GDP per head at US$24,000. With the rise in the economy and more leisure time with a five day working week, boating has become a much more attractive activity.

The Governor stresses that the population of the region, affluent, educated and increasingly interested in the outdoor lifestyle, numbers around 11 million, which is a huge catchment area for the launch of the Korea Boat Show. In fact there are around 24 million people within 150km of the venue. Boat Show organizers anticipate around 40,000 visitors to the four day event, which coincides with the Korea Match Cup yachting tournament.

Reduction in tension between North Korea has meant that much of the coastline is now available for boating. Rules and regulations for the use of a leisure boat are also very transparent, giving a green light for the development of boating. This is in distinct contrast to some other Asian countries such as China where the development of boating is being held back by outdated rules and regulations geared to commercial shipping.

Development in marinas is also being actively promoted by the Provincial Governments in Korea. Currently three marinas exist in Korea with at least 12 other projects actively under way, including four in Gyeonggi Province that are being directly funded by the province and will be completed over the next four years with a total of 1,000 berths.

The current number of leisure boats, excluding dinghies, is 5,000, which puts the market size similar to Hong Kong and Singapore in terms of total boats. However, with a much larger population of 46 million people and an extensive coastline, South Korea has excellent potential for growth to become one of the key leisure boating markets in Asia.

Gyeonggi Province is also ideally placed to grow a manufacturing cluster with a skilled and efficient workforce and a strong manufacturing culture that receives government support for foreign direct investment.

Korea Stats & Facts:

• World¢®?s 11th largest economy
• World¢®?s largest ship building nation
• Leading producer of LCD products
• World¢®?s 4th largest electronics manufacturer
• World¢®?s 5th largest automotive manufacturer
• 24% of the world¢®?s population [Northeast Asia]

More at www.koreaboatshow.org and http://english.kotra.or.kr

or www.aimex.asn.au

by Jeni Bone [AIMEX]

Original article available at:

http://www.marinebusinessnews.com/index.cfm?nid=44713

Re-posted with the permission of Marine Business News

www.marinebusinessnews.com