UK’s Tesco selling 150 food items made in Korea
Korea is hoping to take advantage of the Olympic Games in London to promote products from food to high-tech electronic goods.
On Monday, 150 food items by leading Korean conglomerates such as Lotte and Woongjin and small and midsize companies were stacked on the shelves of Tesco’s branch in New Malden, southwestern London.
The promotional event dubbed Taste of Korea was a joint effort between the Korean Ministry of Knowledge Economy and Homeplus, which is owned by U.K. retailer Tesco. The Korean products will be on sale at the branch through Sept. 2. This is the second year for the event and the number of products has doubled.
“This promotional event is a global extension of local efforts between small and large companies as they cooperate for shared growth,” said Lee Seung-han, CEO of Homeplus. “Based on the Tesco connection spread all over Europe, Korean food companies will grab a chance to grow in Europe.”
Small companies will try to promote low cost products to thrifty European consumers, according to the ministry.
Korean electronics companies including Samsung Electronics and display manufacturer B&C Plus will introduce products at Harrods, the luxury department store in London. At a special promotion dubbed “Korea Loves London, Innovation & Technology 2012,” customers can watch 3-D screens that don’t require special glasses and robots that are programmed to aid the elderly and entertain children. Such events aim to boost Korean export to the Continent in the second half of the year.
“On-quarter trade rate dropped in the second quarter,” said Han Jin-hyun, director at the international trade and investment office of the Knowledge Economy Ministry.
“We think the rate may drop further later in the year.”
The ministry is set to announce trade numbers for July today.
The ministry expects the poor trade will continue through the year due to the weak global economy.
By Lee Sun-min [firstname.lastname@example.org]