S. Korean firms eye Colombian transport market

SEOUL, Feb. 22 (Yonhap) -- Several South Korean firms are vying for contracts in
Colombia's advanced transport market to help expand their presence in Latin
America, industry and government sources said Sunday.

Samsung SDS, Hyundai Motor Co., eB transportation cards and the state-run Korea
Trade-Investment Promotion Agency (KOTRA) said their participation in Colombia's
recent Intelligent Transport Systems (ITS) exhibitions drew considerable
interest.
"The event held recently in the South American country attracted 130 government
and private sector officials and journalists," a KOTRA source said.
The events were held in the Caribbean port city of Santa Marta and in Pasto, near
the border with Ecuador.
ITS refers to a merging of conventional transportation operating systems with
information technology, often involving high-tech automated controls to maximize
the efficiency transport infrastructure at minimum cost.
Raising efficiency in the past translated into more roads, but skyrocketing real
estate prices in urban areas has made it imperative to seek alternative solutions
to improve traffic flow.
The Korean firms' participation in the Colombia events was supported by the
Ministry of Land, Transport and Maritime Affairs and the City of Seoul. The
market is potentially lucrative as 12 Colombian cities are seeking to develop
their ITS infrastructure to deal with chronic congestion.
Each project could be worth US$10 million, according to sources here. Securing
orders from Colombia is also likely help local companies win additional contracts
in neighboring countries.
The government has said that it will do its utmost to promote exports this year,
claiming it is vital for economic growth.
Exports accounted for 40 percent of South Korea's gross domestic product in 2007,
but most experts predict numbers to fall off this year in the face of the global
economic slump.
yonngong@yna.co.kr
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