[Sponsored Report] Top products get day in the sunOfficials from companies that make some of Korea’s top global products gathered together under one roof on Dec. 7 at the behest of the government, offering a convincing glimpse of Korea’s competitiveness on an international scale.
The Ministry of Knowledge Economy and the Korea Productivity Center held a ceremony at the Seoul Education Culture Center in Yangjae-dong to honor the 2010 Korea World Best Product recipients. The two entities have been doling out the designation since 2001 to products that best represent the country capabilities in the realm of business. The idea is to help further boost recognition of these products and lift exports.
In 2001, just 55 products received the World Best designation under the program. This year, however, 380 products received the honor. The ministry and the Korea Productivity Center also named 180 items as Future World Best products.
The products chosen for these prestigious designations must meet strict guidelines and criteria to ensure they represent Korea well.
The World Best products must be among the top five globally in their respective industries and must capture a market of at least $50 million. Future World Best products are those that have the potential over the next five years to become one of the top five players in their markets. The companies behind these promising products will receive financial assistance to grow their market share in Korea and expand marketing and research overseas.
World Best products receive various types of support, and they must continually meet the criteria or risk losing the designation. Products with the “future” designation can get the standard World Best classification as soon as they meet the market share and revenue requirements.
Through this precise and strict product selection procedure, the country is ensuring it selects only the best and most promising goods developed in Korea. The primary goal of the program this year is to help the nation become one of the top eight trading countries in the world by 2014.
Over the past 10 years, Hyundai Heavy Industries has the most products - 31 - with the World Best designation. In 2010, the Hyundai Heavy’s 145kV gas insulated switchgear, freezer containers on ships, were added to the list. Hyundai Heavy Industries has 15 products that rank as No. 1 in the global market, including ship thrust shafts, large engine cylinder frames, catalytic cracking effectors and regenerators.
Small and midsize companies also have a strong showing on the Korea’s World Best Product list.
Huvis, which ranks No. 1 in the global market for polyester used in car interiors, has received the designation for one of its products.
Other companies that were honored at the ceremony earlier in December include Ceragem, which makes medical products, and Commax, which produces video door phones.
Max CRV - which has cornered the international market for portable butane and has received patents in Korea, the United States, Europe and many other countries - received the designation as well.
Other companies honored included Innox, which specializes in flexible printed circuit boards, and Staco, which has become a global leader in cruise ship interior products. Staco’s business revolves around a rapidly growing segment of the shipping industry, and the market for its products is expected to burgeon.
Among the products selected to receive the Future World Best designation, Cheryong Industrial’s solid insulation distribution transformer has been generating a healthy amount of buzz.
Bukang Sems also received Korea’s Future World Best Product title with its UV sterilizing vacuum cleaner for bedding.