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S. Korean firms woo Venezuela with consumer products

All Headlines 08:58 October 05, 2018

MEXICO CITY, Oct. 4 (Yonhap) -- South Korea's trade organization hosted an exhibit of consumer goods in Caracas on Thursday, hoping to woo a market that is starting to show signs of recovery.

The Korea Trade-Investment Promotion Agency (KOTRA) organized the pop-up exhibit, Conoce Corea 2018, inviting some 130 people from corporate and consumer communities to see South Korean products in four categories -- children, foods, beauty and home appliances. The products were put up by 12 South Korean companies.

KOTRA said there has been some promising signs of economic recovery in Venezuela, which has been hurt by a protracted slump from 2013 with a cycle of inflation and foreign exchange shortages. The Venezuelan government on Aug. 20 announced measures for economic recovery, and the country still has a vast supply of petroleum, the trade organization said.

"Venezuela traditionally had an industrial structure based on its large amount of oil resources, but after the recent economic slowdown, it's seeking industrial diversification," Ahn Sung-hui, head of the KOTRA's Caracas office, said. "South Korean firms would be able to find opportunities to enter a wide range of Venezuelan markets."

Based on the success of the exhibit, KOTRA said it will hold a second event in November.

Venezuelans attend Conoce Corea 2018, an exhibit of South Korean consumer products, in Caracas on Oct. 4, 2018, in this photo provided by the event's host KOTRA. (Yonhap)


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