U.S. Hispanic buyers tap Korean market

Buyers from 17 major U.S. information-technology companies arrived in Seoul yesterday to participate in the Korea Trade-Investment Promotion Agency's campaign to strengthen ties with the Hispanic business community in the United States.

The buyers are in charge of sales targeting Hispanic consumers at firms such as AOL, the largest internet portal service provider in the U.S., security services provider Brinks and Verizon, a leading communications company, the state-run trade agency said.

"We see this as a chance for Korean goods to nab a ticket to the Hispanic-oriented market in the United States," said Ahn Bok-Nyu, deputy director of the agency's Los Angeles branch.

An added charm of Korean products in the eyes of Hispanic buyers is the similarities in consumption patterns of the two nationalities, she added.

Nearly 100 Korean firms gathered at the agency's headquarters in Yangjae-dong, southern Seoul, hoping to attract buyers to their goods ranging from computer software, automotive parts, clothes, toys and more. The trade agency teamed up with the U.S. Latin Business Association to invite the buyers who will stay until Sunday, visiting factories and companies.

In the United States, the Hispanic community is turning out to be an increasingly attractive market, primarily due to the explosive population growth that fuels purchasing power.

Last year, the Hispanic population numbered nearly 40 million to become the largest minority ethnic group. By 2007, the market is expected to wield a purchasing power of $926 billion, about two-fold of 2002.


Source: The Korean Herald.com