Coex eyes M&A, JV for global expansion

Coex, the management firm of the eponymous convention and exhibition complex in southern Seoul, is eyeing aggressive overseas expansion next year to become a global meetings, incentives, conferencing and exhibitions (MICE) operator, its president and CEO Byun Bo-kyung said Thursday.

“We will start with three conventions in Vietnam, then move to Indonesia, Laos, Myanmar and other Indochina countries to hold conventions and trade shows there. We have mergers and acquisitions with local firms on the cards to penetrate these markets,” Byun told reporters on the day.

“In order to advance into the Chinese market we are considering establishing a joint venture with local firms. Qingdao is our first destination,” he added.

Byun, who took office in 2013, called for a paradigm shift in the globalization of the country’s MICE industry.

“Instead of striving to attract foreigners to Korean convention venues, we could export our MICE operation models and know-how to generate profits. We are planning to exchange our experience by establishing a project-based joint venture, The Franchise Seoul, with U.K.-based Reed Exhibition,” Byun said.

Coex manages and maintains the 13,736-square meter Coex and the 11,573-square meter ASEM convention halls, where international trade shows and conventions are held nearly every day. It also occasionally organizes exhibitions across the country. The company is expected to generate 43 billion won ($36.4 million) in sales and 200 million won in operating profit this year.

By Bae Ji-sook  (baejisook@heraldcorp.com)