Foment continues to promote new markets

Foment del Treball is doing a great job in recent months with the aim of opening markets and locating business opportunities for Catalan companies and thus contributing to the economic reactivation of the country. Thus, the employers' association is organizing a series of trade missions around the world, which, given the current circumstances related to the pandemic, must for now be virtual. Among the countries and territories covered by this program are India, China, Australia, New Zealand, Morocco, Turkey, Russia, Indonesia, Malaysia, Peru, Chile, Bulgaria, Egypt, the Caucasus and Central Asia.

Each mission is carefully prepared and is preceded by preparatory meetings with the companies interested in participating. In these meetings, information about the country is provided and representatives from the local Acció office of the Generalitat or diplomatic delegations participate. Last April, I had the opportunity to follow the preparatory meeting for the mission to Japan, and this week I have been able to do the same with that of South Korea, scheduled between November 8 and 12. The president of Korea, Moon Jae-in, has just visited Barcelona.

It is truly stimulating to witness, even if telematically, these encounters. They begin with a general overview of the country in question and continue with a list of the most favorable sectors for generating business opportunities. In the case of South Korea, Hee Yean Lee, director of the Acció office in that country, was in charge of guiding the interested Catalan entrepreneurs.

Hee Yean Lee explained that the main South Korean sectors in terms of business volume are currently plastics, electronics and electricity, and infrastructure and construction. She also announced that health, biotechnology, and robotics are in a growth phase. South Korea has an economy highly dependent on the import of raw materials to supply an intensive large-scale metallic materials industry. For example, iron imports alone represent 74% of the total, followed by aluminum and copper. This is the basis of a solid steel industry applied to automotive, shipbuilding, and construction.

Focusing on business opportunities, the director of Acció in Seoul highlights the sector of railway spare parts, both for rolling stock and steel for tracks. In this regard, she reported on the new National Railway Network Construction Plan, which foresees expanding it by 1,500 kilometers of new track in the coming years. Currently, Spain already exports this material to South Korea, as well as parts for elevators, hoists, and escalators.

Another niche of opportunity is valves. As reported in the preparatory meeting for the Korean mission, by 2034, the construction of seven new power plants for electricity production from renewable sources is planned, which will create a high demand for this type of component.

The Acció representative also addressed more sociocultural issues to understand the society of this Asian country. Hee Yean Lee emphasized that the South Korean customer is demanding and generates high expectations about the product they are going to acquire. They prefer materials of German and Japanese origin and highly value after-sales service, which they expect to be efficient and fast.

Everything indicates that the organization of missions will continue. This week, coinciding with the meeting on the South Korean market, the Japan mission is taking place, and yesterday a specific session on Turkey was scheduled, with the participation of diplomatic and economic representatives from the country. Everything indicates that these will not be the last. Foment's effort to organize them is undoubtedly a great asset for the Barcelona and Catalan economy to face the recovery.