Global Korean Economic Network Facilitates SME Growth in Europe
Leading Korean expatriate business organizations are actively supporting small and medium-sized enterprises (SMEs) in their efforts to penetrate European markets. The European Economic Council of World OKTA (World Federation of Korean Overseas Merchants and Industrialists) recently convened in Madrid, Spain, to foster this initiative.
European-Eurasian Economic Council Convened in Madrid
From November 11th to 14th, the ‘2026 European-Eurasian Economic Council’ took place at Eurostars Puerta Madrid and the MEEU exhibition center. World OKTA, a prominent global network of Korean expatriate entrepreneurs, organizes these regional economic councils annually, with previous events held in the Americas, Southeast Asia, Japan, China, and Europe. This year’s gathering in Madrid marks a significant step in strengthening economic ties.
The event saw the participation of over 100 individuals, including World OKTA President Park Jong-beom, Im Soo-seok, the Ambassador of the South Korean Embassy in Spain, Go Gwang-hee, the Chairman of the European Federation of Korean Associations, and Kim Young-gi, the President of the Association of Korean Residents in Europe.
The council’s theme, ‘A United Europe-Eurasia, Soaring with the Support of Global OKTA,’ underscored a commitment to regional consolidation and mutual growth. The Europe-Eurasia chapter of World OKTA is the largest, comprising 34 local branches.
‘Business Expansion Day’ Focuses on Market Access and SME Support
During the council, participants discussed strategies for revitalizing local branches. The second day, November 12th, was designated ‘Business Expansion Day.’ This session included discussions on market entry strategies for Spain and plans to support domestic SMEs in their international ventures.
A key component of this initiative is the ‘K-Expo in Spain’ consultation booth, operating concurrently with the economic council. Organized by the European Federation of Korean Associations, the K-Expo is a specialized B2B exhibition designed to facilitate business matching between Korean companies and European buyers.
To bolster the international expansion of Korean businesses, World OKTA and other major overseas Korean organizations are forming a ‘Team Korea’ to serve as a crucial export platform. The expo is expected to attract approximately 90 Korean SMEs, over 300 European and Spanish buyers, and around 5,000 visitors.
Forum Addresses EU Regulations and Carbon Border Adjustment Mechanism
On November 13th, a forum will be held to discuss strategies for navigating diverse European Union regulations. A significant focus will be on the EU’s Carbon Border Adjustment Mechanism (CBAM), which imposes a de facto ‘carbon tax’ on imports from countries with less stringent emissions regulations. This mechanism could increase production costs for businesses in affected nations, potentially leading to higher product prices.
World OKTA President Park Jong-beom emphasized Madrid’s strategic location, stating, “Madrid, where this council is being held, is an ideal city for discovering new opportunities, bridging Europe and the Middle East and North Africa.” He expressed confidence that the K-Expo in Spain would provide a valuable opportunity for Korean SMEs to achieve tangible business results through direct engagement. “In today’s rapidly changing global economic landscape, the ability to understand and connect with local markets is becoming increasingly crucial,” Park added. “The experience of World OKTA members in establishing markets in each region will serve as a significant driving force for Korean companies’ overseas expansion.”
