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Cyber Security Business Consultation Meetings 2018 Held in Vietnam and Malaysia (November 19)

- Accelerate advancing into markets of New Southern policy for domestic cyber security companies

The Ministry of Science and ICT (MSIT) held “business consultation meetings 2018 in the field of cyber security” in Vietnam and Malaysia from 19 to 23 of November, as to expand domestic cyber security companies in advancing into the Southeast Asian market.

MSIT has established five hubs (North America, Middle East, Africa, Latin America, Southeast Asia) in strategic countries of each continent to encourage domestic cyber security companies to go global. Also, MSIT has carried out project supporting exports, which are customized for capabilities of various businesses.

This has enabled 60 companies to enter into 30 countries in 2017, which has led them to sign 82 contracts in projects and created exports worth of 20 billion won. (total export volume in the field of cyber security, amounting to 97.4bn won in 2017)

This is an event held for two consecutive years to increase sales channels in the Southeast Asia region.

In the business consultation meeting on cyber security held in Malaysia in 2017, 9 companies took part and consultation worth of 19million dollars were made and one company signed an exclusive distributor supply contract.

For this year, Korea plans to expand business cooperation with local partners in Malaysia having forged partnership in 2017. Also, Korea provides support to domestic companies in their entrance into the cyber security market of Vietnam, which is rapidly growing at over 10% each year.

In the event held this year, Korean cyber security companies and over 50 promising local buyers attended to have vibrant exchanges to increase channels for advancing into the Southeast Asian market and promote cooperation. For example, one-on-one business consulting service was provided and consulting sessions were held which involved visiting local partners and buyers in person. Also, business showcase events were held to introduce products and services of domestic companies to potential local customers.

Korea Information Security Industry Association took leadership to recruit companies participating in this event through making announcements on website. Total 19 companies applied and 15 companies with competitive edge in cyber security exports were selected, through evaluation from external institution.

Director General Yong-su Oh of Cyber Security Policy Bureau at MSIT stated, “we are expecting a rapid increase in investment on cyber security in Vietnam and Malaysia as ICT infrastructure is expanded exponentially in the region, thanks to rapid economic growth.”

“I believe through the event, differentiated cyber security technologies of domestic companies will meet the demand of emerging markets and serve as the opportunity to accelerate the advancing into the Southeast Asian market.”

In addition, Director General Oh asked for interest and support from cyber security companies, so that more businesses can go global by using this program.

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