Gov't selects 34 world-leading S. Korean products

SEOUL, Nov. 23 (Yonhap) -- South Korea selected 34 world-leading products made by local companies that rank within the top five in their sector or hold more than 5 percent of global market share, a local trade promotion agency said Friday. The Ministry of Trade, Industry and Energy has provided a certificate to the 34 products, such as hangover-cure drinks, surgical saws and lithium ion batteries, as world-class products, the Korea Trade-Investment Promotion Agency (KOTRA) said in a statement. It said 25 items were picked, including 3-dimensional printers for dental clinics, agricultural tractors, and non-flammable, heat-resistant super-fiber meta aramid as next-generation world-class products, it said. A majority of the selected products are developed and produced by small- and medium-sized enterprieses (SMEs). SMEs exported $98.15 billion worth of products in 2017, accounting for 17.1 percent of the country's overall exports. Among steelmakers, Hyundai Steel Co. stood out as it added four additional top products, in addition to the existing seven. The four new ones are products in automotive hot stamping, parallel flange channels, and two kinds of steel pipes for oil wells, the company said. On Friday, buyers from 28 overseas companies signed deals to purchase 130 billion won ($110 million) worth of Korean products during the World-class Product Show 2018 held in Seoul, KOTRA said.