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Tag: KITA

  • KITA opens office in Dubai to assist Korean start-ups

    KITA opens office in Dubai to assist Korean start-ups

    The Korea International Trade Association (KITA) said Tuesday it has set up an office in Dubai to help local start-ups advance into the Middle Eastern market. Under an agreement with Dubai Future Foundation, the Korea Office will be set up at Emirates Towers in one of the key cities of the United Arab Emirates (UAE). The office will provide working space for local start-ups and assist entrepreneurs in establishing their businesses in the burgeoning Middle Eastern market, KITA said.

    “It will be a great opportunity for local start-ups as Dubai institutions are pushing forward various projects under the support and attention of the prince of Dubai,” Kim Ki-hyeon, a KITA official, said.

    Dubai Future Foundation was set up with an aim to shape the future of the strategic sectors in cooperation with the government and private sectors.

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  • Shinsegae Group to run mall, arcade

    Shinsegae Group to run mall, arcade

    Following a bidding process, Shinsegae Group has become the manager for Coex Mall and the adjacent CALT shopping arcade in Samseong-dong, southern Seoul.

    An official signing has taken place with the Korea International Trade Association (KITA), which owns the two venues.

    The confirmation comes three months after Shinsegae Property, the shopping-mall management arm of the retail giant, was chosen as preferred bidder.

    Shinsegae Group expects the lease profit to be around 66 billion won (US$58.3 million) this year.

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  • Coex Mall Seoul management goes to tender

    Coex Mall Seoul management goes to tender

    Outside management will be introduced for Coex Mall Seoul, which has been struggling to attract shoppers since reopening a year ago after renovation.

    Korea International Trade Association (KITA) chairman Kim In-ho says an entity to manage the mall will be named by the end of the year.

    This is being entrusted to an outsider so it can be more effectively managed, says Kim.

    “We will select the management firm in a fair and transparent manner in accordance with the law.”

    A wholly owned KITA subsidiary has been managing the mall, which has been hit by a prolonged consumption slump and intensifying competition, including eCommerce.

    “We have to ask ourselves this question: can we compete with Lotte, Hyundai and Shinsegae? I seriously doubt it,” says Kim. “I believe Coex Mall will be more efficiently managed by professionals, and generate larger profits and create more jobs.

    “KITA needs to make money from the mall to finance its work, promoting the country’s trade.”
    Meanwhile, KITA has started preparing to bid for a convention centre to be built in Jamsil Sports Complex, a few kilometers away from its Coex Convention Center.

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