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Korea’s highest-quality products lead the world in a number of different markets. These products include TFT-LCD displays, PDP televisions, mobile phones and automobiles.
There were 121 individual products manufactured by Korean companies that enjoyed the biggest market share in the global market as of the end of 2009.
In addition to the aforementioned products manufactured by top-notch companies, a lot of Korea’s quality goods are made and supplied by small- and medium-sized enterprises (SMEs), establishing a growing presence in the fiercely competitive world market.
Aiming to further promote these highly rated products and services to buyers and marketers around the world, Korea’s Ministry of Knowledge Economy has since 2001 been awarding them the certification of ‘World-Class Products of Korea’ after rigorous screening processes.
As of 2010, a total of 584 products have been selected as World-Class Products or Next-Generation World-Class Products among candidate products that meet the requirements.
Korea’s Buyers Guide, in conjunction with the Korean government and KOTRA, describes and recommends these Korean World-Class Products to buyers and marketers, encouraging them to relate Korean products with superior quality.
World Class Products Guarantee Top Quality
“World-Class Products” are selected from among goods and services whose total global market size is greater than US$50 million, with exports of over US$5 million. The candidate must also be ranked in the top five in the global market, and undergo a strict screening process led by the World-Class Product Review Committee (chaired by the Vice Minister of Knowledge Economy) based on the marketability and technological strengths of the candidate product.
In addition to the World-Class Products, the Ministry of Knowledge Economy selects a separate group of products labeled “Korea’s Next Generation World-Class Products” from among goods and services that have the potential of fulfilling World-Class product requirements within the next five years.
The selection process is overseen by the World-Class Product Review Committee, headed by the Vice Minister of Knowledge Economy, under the same careful and rigorous screening process.
Additionally, the Next Generation World-Class Products include those with proven technological potential in future growth industries, recipients of various new technology and product awards and certifications, and goods and services selected from among those recommended by industry associations and agencies with proven commercial and technological advantages. Next Generation World-Class Products showcase items that promise future market dominance with the same high level of quality and reliability exhibited by Korea’s World-Class Products.
Strict and Objective Selection and Management
The selection process for Korea’s World-Class Products is wide-ranging and extensive, and is conducted with strict objectivity and fairness. The selection committee, chaired by the Vice Minister of Knowledge Economy, is supported by a large number of relevant agencies and organizations that provide professional and technical advice for the selection process. These agencies and organizations include practically every appropriate industry association and agency in Korea, with the number of organizations participating in the selection process increasing each year.
In addition, products previously selected as World-Class Products may have their status revoked if found in subsequent reviews to be failing to meet the rigorous selection standards, as part of continuing efforts to create an even more meticulous screening process.
The quality and reliability of Korea’s World-Class Products are thus guaranteed by the Korean government, in addition to having already proven their high acceptance in global markets.
They represent the pinnacle of Korean technology, engineering and production, and any buyers purchasing Korea’s World-Class Products can be confident of their quality, reliability, technological capabilities and marketability.
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