Jakarta Int'l Premium Products Fair hosts biggest event yet

Industry

Published: 14 Sep. 2023, 18:52

Jakarta Int'l Premium Products Fair hosts biggest event yet

Indonesian influencers promote Korean products via TikTok at the Jakarta International Premium Products Fair (Jipremium) which runs at the Jakarta Convention Center from Thursday to Sunday. The fair is co-organized by the Korea International Trade Association and Coex. [JOINT PRESS CORPS]

JAKARTA — The Jakarta International Premium Products Fair, an annual trade show co-organized by the Korea International Trade Association (KITA), Coex and the Korea Foundation for Cooperation of Large & Small Business, Rural Affairs, is hosting a total of 353 companies this year, its biggest fair to date.

Also known as Jipremium, the fair is being held at the Jakarta Convention Center from Thursday to Sunday.

This year’s sixth edition follows after President Yoon Suk Yeol and Indonesian President Joko Widodo agreed to strengthen their strategic partnership in economic and defense cooperation in a bilateral summit in Jakarta on Sept. 8. The two countries are celebrating 50 years of diplomatic relations this year.

A total of 353 entrepreneurs — 231 from Korea and 122 from Southeast Asian countries such as Indonesia, China and Taiwan — that sell consumer goods related to household appliances, beauty, fashion and food & beverage are participating, an increase of 29 percent compared to the year before.

Participating companies include KNTeC selling shower filters, Planit Korea with coffee machines, Youngpoong with instant cup tteokbokki, Yoppoki, Adcos with face masks, Miyansol with eco-bags, Too Cool for School with beauty products and HB Global and Torriden with skin care products.

A total of 378 Indonesian buyers and distributors interested in Korean products participated this year, a surge of 38 percent compared to the year before. The number of business matching sessions between buyers and sellers is expected at 1,664, an increase of 27 percent on year. Some of Indonesia’s primary distributors include Lotte Mart, Grand Lucky, Gramedia Pustaka Utama and Daesang Ingredients.

K-Lifestyle Zone, organized by the Korea Foundation for Cooperation of Large & Small Business, Rural Affairs, promotes Korean products associated with Hallyu content at the Jipremium on Thursday. [JOINT PRESS CORPS]

The two booths highlighted at the fair are the Great Sale Zone, in which companies who already entered the Indonesian market and acquired sales licenses at past fairs meet up with companies to share their know-how in acquiring the halal certifications, and the K-Lifestyle Zone, which introduces Korean products that were featured in Hallyu content. The fair also runs a separate booth inviting Indonesian influencers to try out the exhibited goods.

“I have high hopes for the result of this exhibition, hosted in a timely manner when conditions for Korean companies to enter the Indonesian market have improved after the bilateral summit between the two presidents,” said KITA’s vice chairman Jeong Marn-ki at the Jipremium opening ceremony on Thursday.

Jeong said he will bolster efforts to open more gateways for Korean companies to enter the rapidly-growing Indonesian market.

With around 280 million people, Indonesia is the fourth-most populous country in the world, with an average age of 29.9. Its economic growth recorded 5.3 percent in 2022, supported by positive terms-of-trade for commodity exports and a surge in private consumption.

“Indonesia is a central part of the Asean economy which will lead the global consumer market, abundant in natural and human resources. Indonesia aims to become the fifth largest economy in the world by 2045, and as the country shows exponential growth, Korea continuously needs to make effort to enter the Indonesian market,” said Jeong.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]