Interview: Dr. Matthias Altmann, New Markets Manager, Fairtrade Labelling Organizations International

Established in 1997, Fairtrade Labelling Organizations International (FLO) is an association of 3 producer networks and 21 national labelling initiatives that promote and market the Fairtrade Certification Mark in their countries. Fairtrade labelling organizations exist in 15 European countries as well as in Canada, the United States, Japan, Australia and New Zealand.
To ensure the transparency and the independence of the Fairtrade certification and labelling system, Fairtrade Labelling Organizations International was divided in January 2004 into two independent organizations:
FLO International develops and reviews Fairtrade standards and assists producers in gaining and maintaining certification and in capitalizing on market opportunities on the Fairtrade market. To ensure the transparency of the system, the standards are developed and reviewed by the FLO Standards and Policy Committee, in which FLO members, producer organizations, traders and external experts participate.
FLO-CERT ensures that producers and traders comply with the FLO Fairtrade Standards and that producers invest the benefits received through Fairtrade in their development. Operating independently from any other interests, it follows the international ISO standards for certification bodies (ISO 65).

As noted by Dr. Matthias Altmann, New Markets Manager, Fairtrade Labelling Organizations International, Fairtrade is an alternative approach to conventional trade and is based on a partnership between producers and consumers. Fairtrade offers producers a better deal and improved terms of trade. This allows them the opportunity to improve their lives and plan for their future. Fairtrade offers consumers a powerful way to reduce poverty through their every day shopping.
“When a product carries the Fairtrade Mark it means the producers and traders have met Fairtrade standards. The standards are designed to address the imbalance of power in trading relationships, unstable markets and the injustices of conventional trade,he said.
He noted that there are two distinct sets of Fairtrade standards, which acknowledge different types of disadvantaged producers. One set of standards applies to smallholders that are working together in co-operatives or other organizations with a democratic structure. The other set applies to workers, whose employers pay decent wages, guarantee the right to join trade unions, ensure health and safety standards and provide adequate housing where relevant.
Fairtrade standards also cover terms of trade. Most products have a Fairtrade price, which is the minimum that must be paid to the producers. In addition producers get an additional sum, the Fairtrade Premium, to invest in their communities.
“The minimum price paid to Fairtrade producers is determined by the Fairtrade standards. It applies to most Fairtrade certified products. This price aims to ensure that producers can cover their average costs of sustainable production. This means it can serve as a safety net for farmers when world markets fall below a sustainable level. Minimum price only sets the minimum trading price; producers and traders can also negotiate a higher price, for example on the basis of quality, and for some products, FLO also sets different prices for organic crops, or for particular grades of produce, Mr. Altmann said.
In addition to the Fairtrade price, there is an additional sum of money, called the Fairtrade Premium. This money goes into a communal fund for workers and farmers to use to improve their social, economic and environmental conditions.
This sum of money is paid on top of the agreed Fairtrade price. It is usually invested in social, environmental or economic development projects that are decided upon democratically by producers within the farmers organization or by workers on a plantation. For example, education and healthcare, farm improvements to increase yield and quality, or processing facilities to add more value to the products.
As many projects funded by the Premium are communal, the broader community, outside the producer organization often benefits from Fairtrade, he said.
There are now thousands of products that carry the Fairtrade Mark. Fairtrade standards exist for food products ranging from tea and coffee to fresh fruits and nuts. There are also standards for non-food products such as flowers and plants, sports balls and seed cotton.
For the first time in its history, FLO is revamping its standards. Better cost-benefit ratio, simplified compliance criteria and ensuring that FLO meets the needs of Fairtrade farmers, workers and traders: these are the key goals of the New Standards Framework. The new framework has three pillars: Production, Trade, and Business & Development which cover economic tools unique to Fairtrade and help to reinforce the Fairtrade Minimum Price and Premium.
“Our standards apply to producers and their buyers in the supply chain. They include producer standards for workers/ Hired Labour and small-scale farmers organized in Small Producer Organizations or who sell through external bodies, which is known as Contract Production. There are also standards for the importer, exporter or processor who buys directly from the producer group, he said.
Mr. Altmann noted that the Fairtrade Mark is now the most widely recognised social and development label in the world. The Mark is owned and protected by FLO on behalf of its members.
In this context he pointed out that Fairtrade Labelling Initiatives that founded FLO originally had different labels. In 2002, the International Fairtrade Certification Mark was created and since then it has gradually replaced the different national labels. Two of FLO's members are still using their own original labels. In Canada and the United States the Fair Trade Certified labels indicate that Fairtrade standards have been met.
2009 was another year of positive growth for Fairtrade, as sales continued to increase across all LI countries. It's estimated that roughly 27,000 Fairtrade products are now sold in over 70 countries. According to recent surveys, consumer awareness of the Fairtrade Mark has exceeded 80% in some countries. And, despite the economic downturn, Fairtrade has achieved a 15% increase in global retail value, with estimated sales amounting to 3.4 billion euro.
“Our ambition is to increase the number of producers in the Fairtrade system fivefold, while delivering ten times the Fairtrade Premium and increasing Fairtrade sales tenfold, by 2015,he said.
Mr. Altmann said that the best way consumers can support Fairtrade is to buy products that carry the Fairtrade Certification Mark. The Mark is now the most widely recognised ethical label in the world. When a consumer product bears the Mark it ensures that the product has been traded according to FLO's international Fairtrade Standards.
There are roughly 27,000 products on store shelves around the world bearing the Fairtrade Mark. When consumers choose to buy a product labelled with the Fairtrade Mark, they are helping to reduce poverty and encouraging companies around the world to trade fairly.

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Interview: Mr. Michael Breen, Founder & Chairman, Insight Communications

In what should certainly come as a big shock to Koreans, but has been royally ignored by the local media, the latest Nation Branding Index produced by East West Communications ranked South Korea in 167th place globally in its second-quarter results, which is down from the 3rd place in the first quarter of this year.
The East West Nation Brand Perception Index is based on analyzing millions of mentions of countries in hundreds of thousands of news articles, every quarter. As pointed out by the agency, it is difficult for countries to address their branding and communications problems if they don't know where their strengths and weaknesses lie. Until now, it has been possible to make only an educated guess as to how a country is viewed by the world, based on news clippings, surveys, focus groups and the like. That is why East West Communications has teamed up with Perception Metrics to create a scientific basis for analyzing international perceptions of a country's brand.
So, what this research shows is that South Korea's perception within international media , in recent times has been pretty bad. Korea's international image is less than clear and by and large very narrowly defined by its ties with North Korea. For this reason, it can be easily assumed that the 'Cheonan' distaster is largely to blame for this slip in the rankings!
While that may well be the case, it is certainly not very inspiring for the government officials, who have for several years now been trying to improve the country's international reputation with overseas investors and tourists by adopting various branding strategies.
As any long-time observer of the country will tell you, so far, they have failed to come up with anything that seems to work.

As Mr. Michael Breen, a public relations consultant who has lived in Seoul for 28 years, points out: We have seen slogans and logos attached to the Korea 'brand' in the same way as taglines and imagery are linked to commercial products. However, none of them have clicked.”
A former correspondent for The Washington Times and The Guardian newspapers, he is currently the chairman of Insight Communications, a public relations firm.
Since entering public relations in 1999, he has been engaged in a number of large projects in Korea, including the World Cup in 2002, and promotional programs for Seoul City, Incheon International Airport and the Korea Exchange, as well as for numerous multinationals. He is the author of The Koreans (1999) and Kim Jong-il: North Korea's Dear Leader (2004) and was made an honorary citizen of Seoul in 2001.
He said, one of the main problems of the 'Korea brand image' is that there is no unique message about Korea that is sent out to visitors. Different government departments have their own promotions and the message often lacks consistency. Each organization seems to try to promote itself, with its own objectives, egos and stakes.
“Instead of having different organizations bringing their own expertise and skills to the National Branding effort in a coordinated manner, independent initiatives are taken, often adding confusion and difficulty to the already extremely complex debate.”
Starting this year, Korea's tourism attractions are being promoted through a new English slogan, "Korea Be Inspired" which emphasizes the hope that foreign tourists will gain new inspiration by visiting the country. The Korea Tourism Organization is aiming to attract 8.5 million foreign tourists in 2010. This year also marks the beginning of the 2010-2012 "Visit Korea Campaign," aimed at generating $10 billion in annual tourism revenue and advancing Korea's stature as a tourism power.
Previously, the slogan "Korea Sparkling" was used in various promotional materials at home and abroad since 2007. However, it had been criticized for lacking identity and relevance to tourism.
The country is also sold to investors as Dynamic Korea and the Hub of Asia, or a combined version. We've also had the less familiar Korea's IT.
“These brands are not bad or wrong, but they do not appear to have lifted the country or made an impact in the way that was hoped,Mr. Breen said.
Not that this disappointment has stopped provinces and cities from following suit. Many of the different local governments have their own promotion campaigns and logos, which are equally confusing and at cross-purposes.
They include- Hi Seoul: Soul of Asia; Dynamic Busan: City of Tomorrow; Fly Incheon; Colorful Daegu; Beautiful Gyeongju; Happy Suwon; Jeonju City: City of Culture; Cheongju, the happy city worth living in; It's Daejeon; Green Land JeollaNamdo; and GyeongGi-Do: Global Inspiration.
Busan's 'dynamic' is a straight copy of Dynamic Korea, which was developed in the Kim Dae-jung administration. A smaller city could get away with hitching its wagon to the national brand, but Busan is a very important place and, with four million people, is bigger than a lot of countries. It needs something original, he said.
Of all of the various brands, the one that does sound apt is ``Fly Incheon.'' Although it sounds like ``Fly United,'' whatever else Incheon wants to be, it is now identified with the airport. As such, the logo fits the brand.
All the examples do represent an effort in the right direction, which is to find a way to boost the economy. It suggests that the branding effort is part of a broader effort to promote and communicate, which is appreciated, but more though needs to go into the process, he said.
What government needs to do is recognize that the design and the tagline should come at the end of a process of research and strategizing that may take some time and cost some money, especially if international opinion surveys are required.
“At the heart of the process is a decision as to how to ``position'' the country or city, in other words, exactly how we want investors, tourists and other audiences, including citizens themselves, to think about us.
They also need to be extremely careful not to copy others because the whole point is to identify what is special and fitting about their place. For this reason he thinks that the new slogan- 'Korea, Be Inspired' is unique and sends the right message.
“Some say that you cant really brand a country of South Korea's size. However, a lot of us can relate to the new slogan. You find yourself walkign faster here, the shamanism, gi, feng- shui, all make up for an inspiring stay.”
'Dynamic Korea' didn't work because it sounded like a copy of 'Incredible India' and 'Amazing Thailand'. But with adjective and noun reversed, 'Korea, Sparkling' sounded original, wlthough it did not last.
The goal of making the logo fit the brand involves describing a place in a way that is acceptable and which highlights something distinct, or in a way that captures an aspiration, how the city or country would like to be.
He also noted that as awareness of South Korea spreads around the world with the country's growing importance, so too do negative perceptions. The problem arises when the negative associations outweigh the good. In this case, the dangerous antics of the North Korean rulers.
There is much more to South Korea and this has be highlighted in the various campaigns.
The country is good at knowing what physical infrastructure is needed, but what needs improvement is communicating about what they have acquired. People who are responsible for the communication side need to be alert. There is also a need to have thorough audit of the communication system.
As an example, he pointed out that the story telling at various temples and palaces need to be more interesting. What one gets told now is the most boring version.
Mr. Breen also mentioned that So much that the officials could learn about tourism, identifyign and developing tourism attractions and promotions from EU countries. The key is not to oversell oneself.

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Interview: Simon Harding-Roots, Chief Operating Officer, Treasury Holdings China

From its origins in Ireland, the Treasury Holdings Group now operates globally, across two continents and in seven countries. The Group continues to lead the way in identifying and capitalizing on ever-changing global property trends. Established in Dublin in 1989 by John Ronan and Richard Barrett, Treasury Holdings has been a pioneer in the property sector, and has consistently been ahead in identifying and capitalizing on property trends.
Treasury Holdings now controls over 131 individual real estate projects with a combined value in excess of $4.6 billion. The gross development value of the Treasury Holdings Group's projects is over $19 billion.
After its success in Ireland during the 80s and 90s, in the early part of the decade Treasury Holdings began to focus its attention on global property development and investment markets with particular emphasis on China.

As noted by Mr. Simon Harding-Roots, Chief Operating Officer, Treasury Holdings China, today, the company is one of the largest Western developers and investors in China.
“Through our considerable experience in urban development, we endeavor to bring uniqueness to every project under consideration. In addition, Treasury's considerable asset management experience has enabled it to improve existing property assets through active administration of the investment property portfolio.
He joined THCL with over 20 years of international property development experience. A qualified Chartered Surveyor (RICS) he specializes in delivering major mixed use projects. Following 8 years in Dubai where he was responsible for some of the region's most successful retail led mixed use schemes for a leading development organization, Simon spent two and a half years with an international investment and private equity firm in Bahrain establishing their development portfolio. This included the award winning 'Bahrain Bay' waterfront scheme, valued at $2 billion.
He noted that the company intends ultimately to locate one-third of its worldwide activities in the Chinese market. Treasury plans to become fully integrated into Chinese business and culture and to be the most successful Western property company operating in China.
Benefiting from Treasury Holding's synergistic combination of sophisticated Western management practices and the intimate local market knowledge and extensive network developed through its presence in China since 2005, TCT has successfully assembled a high-quality portfolio of income-producing commercial real estate and development opportunities located in China's financial and political centers of Shanghai and Beijing.
Treasury has four offices in China: in Shanghai, Beijing, Qingdao and Hong Kong. Treasury Holdings is currently building a high quality mixed investment portfolio with its main concentration on acquiring excellent buildings or sourcing development opportunities in prime locations. It is currently concentrating its search for development and investment opportunities in the first and second tier cities in China, he said.
“Foreign investment remains a strong element in China's remarkable expansion in world trade. This is in part due to the way in which the Chinese government has opened up previously closed sectors of the economy in line with World Trade Organisation requirements,he said.
The Company currently manages 3 separate investment projects in office and retail sectors located in Shanghai. Due to its long-term investment outlook, it is now a driving force in China and is identifying many exciting development and investment projects. The combination of western development management skills, together with the scale, local knowledge, and strength of local partners makes a powerful team, he said.
Mr. Harding-Roots pointed out that to enable Treasury to take advantage of its position as the predominant western developer in China and offer western shareholders a unique opportunity to gain exposure to the burgeoning Chinese property market, the Company established China Real Estate Opportunities (CREO), which listed on the AIM market in London in July 2007, having successfully raised ｣259 million.
On June 21st this year, the company moved CREO's listing to Singapore, betting that investors there will better appreciate the portfolio of the Chines property assets. CREO shareholders were offered five units of Treasury China Trust (TCT), a Singapore-based business trust for every CREO share they held. TCT was then listed on SGX by introduction.
TCT provides a comprehensive platform of proactive management and through its dedicated team, numbering more than 70 on the ground in China, delivers out-performance across all elements of real estate ownership, asset management and development capability.
This combination, unique to the Chinese market, underwrites the company's commitment to a total return business model which exposes its shareholders to a broad operating platform and diversifies risk across its asset classes and revenue sources and through its development arm creates strong accretive income growth, he noted.
He said that the company's strengths are: Unique and exclusive focus on commercial real estate in China with strong opportunities for both income and capital growth; Exposure to key gateway cities in China; Long term commitment to the China market; Successful and proactive asset management of the portfolio by Treasury Holdings, thus benefiting from its extensive experience as a high quality, global property developer and investor; and, strong pipeline of investments for revenue and balance sheet growth
Speaking on the main challenges, he noted that in the real estate market, supply of land and building is the most frustrating thing, as is the ability to get experienced staff.
Since the company is focused on China, Seoul is still out of sights for the company at present.

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Interview: Mr. Youn Jang-bae , President, Korea Agro-Fisheries Trade Corporation

By establishing leading export groups and cultivating professionals, Korea Agro-Fisheries Trade Corporation (aT) enhances the export competitiveness of Korean agricultural and fishery products and provides consulting and marketing support.
For Enhanced Export Safety of Agricultural and Fishery Products, aT strives to maximize export safety through the adoption and equalization of internationally-accepted GAP, ID management for fresh agricultural products, and strategic safety management by inviting inspectors from overseas.
Agro-Trade is an Internet Trade Mediation System that develops and expands overseas markets for export companies. aT also plays a leading role in providing information services, such as KATI, which provides information on the export of agricultural and fishery products on the Internet.
Moreover, aT’s nine aT Centers in six countries around the world play active roles in supporting the export of Korean agricultural food products.
Excerpts of interview with Mr.Youn Jang-bae, President, Korea Agro-Fisheries Trade Corporation:

>Founded in 1967 as Agriculture & Fishery Development Corporation for balanced development of agriculture and industry, it was renamed as Agricultural and Fishery Marketing Corporation (AFMC) in 1987 for the settlement of marketing and promotional functions. In 1992 we expanded the export promotion program and suggested reinforcement of competitiveness by developing export system of agriculture and fisheries in the era of trade liberalization.
Our purpose is to stabilize the food supply by price stabilization and improve distributional system so we can improve farmers’ profit and develop national economy in balance.
We have been undertaking following four projects: 1) Export promotion: Foundation/production of base of export items, opening up the global market, commercialization of export items, and etc. 2) Marketing innovation: Operation of cyber agricultural and fisheries product exchange, activation of wholesale market, and support for local producers and retail market. 3) Price stabilization: Meet demands and supplies by buffer stock and inter-Korean agricultural cooperation. 4) Food industry support: Create new growth power of agriculture by activation of food companies, establishment of infrastructure, and globalization of Korean food.
>Export situation has not been ideal due to the drop of exchange rate lasted since the beginning of this year, bad crop caused by temperature changes, and global economic depression caused by European crisis. As of May 31st, we recorded $2.1 billion, 23% increase compare to 2009: farm products $ 1.286 billion (23%), forest products $0.075 billion (106%), fishery products $0.686 billion (18%).
For fresh products, production of vegetable and horticultural products has been inactivate due to the unusually low temperature, however, it’s per item cost have increased according to the decreased production of Japan, the main target: vegetable $69 million (15%), flower $30 million (44%), fruit $52 million (27%).
Export of mushrooms, enoki ($7 million) and king oyster ($4 million) particularly, is decreased and congested due to the inactive export situation to counties like China and Hong Kong. For fishery products (tuna $143 million, halibut $21 million, oyster $36 million) and process food such as sweets ($104 million), drinks (beverage $39 million, liquor $105 million) export rate is increased according to the economic recovery of China, Russia, and Southeast Asia as well as their attempt for opening a new market.
The export rate has been increased according to the active economic growth of main exporting countries such as China ($281 million, 55%), Russia ($98 million, 27%), Japan ($675 million, 11%), U.S.A ($204 million, 16%), EU ($130 million, 83%), Hong Kong ($91 million, 26%), Taiwan ($57 million, 29%) and ASEAN ($ 245 million, 32%).
>It took 20 years to increase the export rate of agricultural products from $3 to 4 billion, however, 2 years to raise up to $5 billion. In the past, Korea’s export was mainly on primary industry products, only dealing with so many countries like Japan and dependent on the quota. But recent export is expanded to high value added products such as process food, and our effort for opening up a new diverse export market has made a great contribution.
We strengthened the stable supply system of high quality agricultural products by scaling up and systematization of production in poor situation started from economic crises in 2008. In particular, we expanded and modernized the facilities like constructing glass houses, established 19 export-specialized organizations and 16 advisory committees to consolidate our control power in the global market.
Also, we have been implementing new marketing strategies for large sales, expanded customer range from overseas Korean markets to local markets, and concluding MOUs with major supermarkets (8 countries, 22 companies) to push ahead with the direct export. The partners who signed MOU with aT center include; Melissa’s, Titan Foods, Rhee Bros, H-mart, CGC Japan, Marche, Lotte mart, RT mart and etc.
We are also aiming to contact China and Southeast Asian market that have great potential. The export rate to China recorded the greatest increase from $336 (′06) to 565 million (′09), 68% increase. The changes of export rate in Southeast Asian countries are as follows: 1) Hong Kong- $159 (′06) to 196 million (′09), 23 % increase, 2) Taiwan- $110 (′06) to 155 million (′09), 41% increase. For ASEAN, the rate increased from $267(′06) to 521 million (′09), 95% increase.
Rapid growth of export has been considered as a result of our intensive focus on systematic export policies including establishment of strategies for accomplishing $10 billion and strengthen export support systems.
>Due to the different food cultures, it is very difficult to enter the liquor market in EU and it is limited to the Asian markets only. It takes about 6 to 10 months for the store location as well as requiring costs.
Hence, we are going to implement the following long and short-term strategies to promote Korean food products in EU region:
1) Participate in exhibitions for health and restaurants reflecting European health trend and organize promotion events in major retail stores across the Europe.
-Exhibitions: Bologna, Lyon, Cologne, Barcelona, Brussels
-Promotion events: England, Germany, France, Austria
2) Promote a co-marketing strategy with major food companies succeeded in local market-Cj and Daesang, to lead into an expansion of export.
3) Conclude MOUs and promote co-marketing system with major local retailers to take over the local market directly in a medium and long term, and help Korean agricultural products to enter into the local European markets.
-Provide product information, select promising items, organize systematic sampling promotion events for major retailers who signed MOU.
-Organize general promotion exhibitions linked with Wahnamhong (Chinese, 15 stores) in Europe
-Expand the location of Korean food store in ASDA, the major liquor retailer in England: 2 units (Nov. 2009) → 4 units (April. 2010) → 50 units (by end of 2010)
The Korean government and aT center is going to constantly push forward with the political support reflecting the food safety and health interests for the Europeans. Also, we are aiming to increase the export rate from current rate of 6 to 10 percent by 2012 eventually.
>We are going to focus on establishing infrastructure, training professional manpower, and supporting overseas expansion of Korean restaurants for this year’s Globalization of Korean project. Our useful networks, including Korean Food Foundation, Korea Tourism Organization and KOTRA will fulfill their roles to contribute to the project.
Also, we aim to activate the globalization of Korean food related to our professional function. That is to vitalizing the export of Korean food products, supporting with consultative groups for Korean restaurants using aT center in overseas, and providing promotional project such as developing manpower.
>Korean food, with excellent fermented food, is considered as high quality and healthy food. Kimchi, ginseng and citron tea are the most famous food that are healthy and low in calories. In particular, kimchi has been chosen as one of the world’s top five cuisines which is effective in preventing SARS (severe acute respiratory syndrome) and many other disease. Meanwhile, Yuichiro Miura who conquered Mt. Everest in the age of 70 revealed that he packed 30kg of kimchi and ate kimchi stew to fight with a cold weather when he climbed the mountain.
Modern people are not only sensitive to its taste, but also prefer health food. In this context, Korean food is ideal for the modern food trend. Recently, consumption of meat has dropped due to the booming in healthy, fresh and organic food. Considering that people prefer to buy more beans, fruits, and vegetables, Korean food are the most ideal food with its outstanding taste and quality.
Since western countries are paying more attention to Korean food, I would say we are going to try to discover and export our superb products that will attract more interests of not only Asians, but the whole overseas countries. aT center will also put our best effort for the effective marketing strategies to create new markets and sustainable demand.

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Interview: Mr. Massimo Roj, Founder and Managing Partner, Progetto CMR

Founded in 1994, Progetto CMR has developed a significant experience in the planning and realization of Corporate Interiors. While concentrating on this core activity, its range of consultancy has gradually expanded. Integrated design has always been the strong point of its approach.
Clients are offered a qualified team of 80 professionals with different core competencies, organized into six divisions: Architecture (Building Design and Corporate Interiors), Engineering, Health and Safety, Industrial Design, Process Management, Research and Development.

As noted by Mr. Massimo Roj, founder and Managing Partner, Progetto CMR, the company represents the ability to think and design in an innovative way for the various scenarios and elements of the workplace, with customer satisfaction playing a primary role. For this reason, the company was ranked among the 100 Worldwide Best Architecture Firm in 2010.
“It works in partnership, guaranteeing constant high quality in the consultancy, integrating technological development and research in order to create a satisfactory and stimulating future,he noted.
Mr. Roj, studied at the Polytechnic University of Milan where he graduated in Architecture and has been registered Architect in Milan since 1986. From 1982 till 1984 he worked with Spinelli Architects in Milan contributing to the development of the MO-CO Building System for hospitals in Daytona (Ohio - USA), and Kuritiba (Brazil).
In 1984 he joined R. Morisi Architects working on the project for the San Benedetto del Tronto Stadium and for a Business Centre in Kuala Lumpur, Malaysia. From 1986 he worked with Architect Franca Helg in Milan for interior architecture and planning projects; at the same time, for 3 years, he held courses on "Architectural design" as university assistant at the Polytechnic University of Milan.
He noted that as freelance architect, he developed projects for private and public clients, both residential and commercial buildings, among which the restructuring of the baseball Stadium in Milan.
In 1988 he joined an international company specialized in space planning, where he was Project Manager and Project Architect in charge for projects for COMIT, Sun Microsystems, Eli Lilly, Bosch, Dideco, London & Edinburgh Trust Plc, and for the development of the most advanced Software Research Centre for Olivetti O.I.S.R. in Bari. He planned the reallocation project of an area from industrial to office buildings, as new headquarter for some companies of the Assicurazioni Generali Group, in Mogliano Veneto (TV).
“In 1994, I founded my own firm Progetto CMR in Milan where I am in charge as managing partner, opening offices in Rome, Athens and Tianjin, today the leading companies in office space environment,he said.
Mr. Roj developed architecture, space planning and interior design activities, dealing with projects such as: Coca-Cola, Honeywell, Eli Lilly, Ciba Vision, BIC, Montedison, Medtronic, Johnson Controls, BMG Ricordi, Digital, Pioneer, Iri Infoscan, Bayer, Gillette, Heineken Italia, Munchener Ruck.
He is Client leader also for Italian Government: Italian Chamber of Deputy, Presidenza del Consiglio dei Ministri and Lombardia Region, for whom he is responsible for the project of rationalization and reallocation of spaces and for the new image definition. He also developed industrial design projects especially thought for the office such as lighting systems and desks for the companies Artemide, Technolyte, Targetti, Martini, Luxo, Estel, Elitable, Las.
He has been speaker at different symposiums and teacher for several courses as a specialist in office habitat and office planning. Since 1996 he has been holding courses on Space Planning Architecture and Building Management at the Architecture Polytechnic University of Milan. Recently he has also started giving lectures at the University of Tianjin.
He also observed that the company is the Italian partner of the HOK European Architects Network. This partnership offers the knowledge of local and the appeal of working with well-established European practices supported by the delivery capacity of HOK's worldwide organization.
“Progetto CMR is formed from six operating areas: Architecture, Engineering, Health and Safety, Industrial Design, Process Management and Research and development. Thanks to our unusual multi-disciplinary approach, offers optimal space planning for the workplace providing full satisfaction of the user's requirements in terms of management, services and plant, and computer networks; and above all, a particularly well-management cost-containment policy,he said.
Speaking on the activities in Asia, he noted that at present the company is focusing on China, for both the public and private sector projects. With the cooperation of Italian and Chinese architects in China, the company has involved in various projects including a seven-star hotel in Jilin Province, a residential master plan in Tianjin, Cobra's new production plant in Beijing and a 30,000-seat stadium for the Songjiang group.
The company also won the competition for the 'Caohejing Hi Tech Park' in Shanghai, with an area of 170,000 square meters it is located west of the city. The project involves the construction of a commercial district which will house offices, a residential complex, hotel, a research center and related services.
Special attention to the environment has been taken into consideration in the design incorporating plants in order to reduce and save energy. the large amount of green space is the heart of the project. To lower the density of visible construction and significantly increase the area devoted to green, the project foresees the creation of 'hills' below buildings which require less direct light, such as businesses, shopping centers, boutiques, sporting centers, restaurants, bars and a lobby.
Mr. Roj noted that the company will hopefully win many more projects and make its presence felt in a difficult market which had immense potential.Today around 25 percent of the total income accrues from the Chinese market.
"The reason behind our success is the constant dedication both to our customers and to final users. My goal is to make customers' ideas and dreams a reality. However this is not sufficient in itself, as the spaces we plan are meant to be occupied by people. Whenever we imagine and design working and living spaces we always keep in mind who and how will inhabit them. These are economic concepts, not philosophic ones" he said.
He noted that offices and residential buildings are not exercises in style. For this reason he plans from the inside to the outside; that is to say, the building envelope is the result of an analysis of the needs and aspirations of the people living within it.

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Interview: Dr. Kim Yeong-seen, President of Korea Consumer Agency

The Korea Consumer Agency is a government organization, that was established in July, 1987, based on the Consumer Protection Act. Its founding principle is to protect consumer rights and interests, to promote a rational consumption life and to contribute to the sound development of the nation's economy.
The agency is contributing to national economic development through providing consumer redress, consumer information and education, guaranteeing safety and rights, and protecting consumers economic interests. It provides distinctive and professional services on consumer affairs as a public institution specialized in effectively promoting the governments consumer protection policies.
An interview with Dr. Kim Yeong-seen, President of Korea Consumer Agency, on the role of the agency and plans for the future.

>>Major three areas in which Korea Consumer Agency is pouring efforts this year include 1) providing information on sales price of necessity goods, 2) establishing and spreading green consumption life, and 3) strengthening underprivileged and vulnerable consumers.
We are trying to help our consumers to enjoy more options in choice and promote price competition among distributors eventually to stabilize prices at home by providing price information of about 80 necessity goods including tofu, instant noodle, milk sold in diverse retailer format such as department store, discount store, supermarket, and traditional market.
In addition, we continue to survey consumer prices at home and abroad to identify and improve issues. In 2009, our Agency surveyed and compared local consumer price for the same items at three different store formats of department store, discount stores, and specialty stores in 11 cities of G7 member nations, major three Asian nations, and Korea.
To establish green consumption life, an index of advanced consumption life, we plan to 1) develop an index for green consumption capacity and a model for green home as an 粗nergy-saving environmentally-friendly home 2) develop and promoting educational programs for taking the initiative for green consumption, and 3) provide quality information to our consumers by conducting quality comparison test of green-labeled products.
In particular, our Organization is going to focus our capacity on strengthening consumer protection for the underprivileged and vulnerable class including the elderly, children, the challenged, and multi-cultural family. For example, we conducted a variety of tests and research on children play equipment, safety status of elderly consumers, improvement of consumption environment of multi-cultural family, and quality comparison for products for the disabled. Also, we set up a task force for Consumer PR for the Vulnerable in Feb to aggressively back up consumer protection for the underprivileged.
>>Korea Consumer Agency is a public organization to comprehensively promote diversified consumer policies of the Government as well as carry out consumer counseling and redress activities by the Framework Act on Consumer.
Consumer policy in Korea is largely divided by pre-emptive damage prevention and consumer redress after the fact. For prevention, we carry out activities of consumer information provision and consumer education. And, for consumer redress, we do consumer counseling and redress activities.
In particular, if consumer complaints or damages take place during one's use of a merchandise or service, a consumer counselor carries out counseling and providing information such as where to contact by guidelines for consumer dispute resolutionand other relevant law. And, if consumer redress is necessary, the consumer complaint is transferred to Consumer Redress Bureau by item so that consumer redress is taking place with agreed recommendation to both parties of a consumer and a business operator.
The person in charge of the consumer redress in question conducts fact-finding activities and helps compensation process through the agreed recommendation by the both parties of the consumer and the business. And the whole process shall be completed within 30 days after when the complaint is originally made.
If the business or the consumer does not accept the agreed recommendation determined by the person in charge in Consumer Redress Bureau, a request for settlement is made to Consumer Dispute Settlement Commission. The Commission shall make a settlement decision within 30 days from the day of the request. And, the settlement functions as judicial compromise.
>>Framework Act on Consumers, completely revised in 2007, reflects new policy paradigm shift to establishment of consumer sovereignty from consumer protection-oriented policy in the past. The Act itself changed its name to framework Act on Consumers from Consumer Protection Act while our organization changed its name to Korea Consumer Agency from the Korea Consumer Protection Board
Also, Consumer Association Lawsuit and Collective ADR (alternative dispute resolution) mechanism were introduced for consumer redress for massive number of victims suffering small amount of damages. The revised Act recognizes Consumer Association Lawsuit in which an organization fulfilling certain level of requirements seeks for ban or stop on violating activities of business.
Also, the revision grants an exception in which the CDSC at KCA carries out collective ADR process including monetary compensation. In addition, the revision also stipulates consumer Safety Center set up at KCA to give preferential consumer protection to the underprivileged in terms of safety including children and states consumer safety provisions such as collecting injury information and issuing consumer alert.
Meanwhile, the Act on the Consumer Protection in the Electronic Commerce Transactions, etc introduces online Escrow system and makes it obligatory for businesses using private information received such as shipping company to secure personal information. Also, a revision is on-going in order to strengthen responsibility of the telemarketing intermediaries.
>>With the advance of Information, Communications, and Technology and spread of cross-border transactions and economic cooperation among nations and regions such as the FTA, it is highly likely for number of cross-border complaints and damages to grow further. In reality, the number of cross-border consumer disputes filed to our Agency for the past five years amounted to 1,795 cases in total, indicating an increasing trend.
At KCA, we have the person in charge of cross-border consumer redress in place in Consumer Redress Bureau in order to carry out real consumer redress activities in cross-border transaction more efficiently. In addition, we are actively engaged in activities to prevent cross-border consumer damages through analysis and PR of the current status of damages such as top complaint location, top consumer location, top dispute cause, and contents of dispute. Also, the KCA is seeking ways to resolve the disputes by strengthening multilateral cooperation with International Organizations such as OECD and ICPEN (International Consumer Protection & Enforcement Network).
>>In order to resolve consumer issues, consumers should play their part. But, more fundamentally, role of the business should be stressed. Companies should embrace paradigm shift in consumer protection, since management toward consumer protection and customer satisfaction is not a choice but a must with top priority for the business to survive.
Business can upgrade product quality by listening to consumer voice and understanding consumer needs through consumer dispute settlement and redress process. This will lead companies to come up with a new idea for product development and achieve product innovation.
Enhancing consumer confidence by resolving consumer issues is core to strengthened corporate competitiveness. Not only companies but also nations should recognize that preparing measures to resolve simultaneously-occurring cross-border consumer complaints triggered by the rising number of cross-border transactions is the best strategy to secure competitive edge for long-term. Only companies that can satisfy difficult consumers can survive in the highly competitive market.

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Interview: Mr. Ahn Byong-man, Minister of Education, Science & Technology

The Ministry of Education, Science and Technology is striving to secure core basic & source technologies by fostering highly-competitive global talents and building innovative capacity of universities and research institutes with an aim to develop future growth engines.
Interview with Mr. Ahn Byong-man, Minister of Education Science & Technology.

>>The Ministry of Education, Science and Technology (MEST) is pursuing various reform policies to strengthen the national competitiveness in education, science and technology under the vision to promote education, science and technology as a building block to turn Korea into a global first-class advanced country.
The education policy is especially focused on strengthening autonomy of the schools and improving the public education under the goal of nurturing students' creativity and consideration for others so that they may grow to become talents who can unleash creativity based on their knowledge and show consideration for others.
In addition, the MEST is striving to secure core basic & source technologies by fostering highly-competitive global talents and building innovative capacity of universities and research institutes with an aim to develop future growth engines.
This year, the MEST will see to it that the policies implemented so far take a firm root in schools and research institutes and produce fruitful results for the general public.
>>The main purpose of the education reform is to improve satisfaction with the public education through enhanced autonomy, diversity and accountability of schools, which will ultimately help reduce private education expenditure and cultivate creative human resources.
To this end, the MEST is taking concrete steps such as diversifying school types to provide greater options for students and parents and introducing and establishing the "admissions officer system" that takes into consideration students' potential and aptitude in highschool and university entrance test.
The measures such as the National Assessment of StudentsAcademic Performance, Teacher Evaluation System and School Information Disclosure System are also being implemented for the purpose of enhancing the autonomy and accountability of schools.
In terms of R&D, which are the main sectors that you are concentrating on to make the country an R&D hub ? How are you cooperating with global research centers and experts?
Among many factors required to make Korea a global R&D hub, the Korean government is paying a lot of attention to nurturing quality researchers and laying a solid research basis.
In this regard, the Korean government is implementing the projects such as WCU (World Class University) and WCI (World Class Institute) that are designed to enhance national R&D capability and foster excellent researchers. Many outstanding overseas scholars are invited to Korea through these projects to help cultivate highly-competitive Korean researchers and build capacity of Korean research institutes.
On top of that, the Korean government intends to create International Science Business Belt as a global R&D hub which involves the establishment of Basic Science Institute, construction of a heavy ion accelerator, creation of a basis for the business and building of a global living environment.
>>The Korean government has continued to expand its R&D investment even amid the global economic crisis and implemented various measures including tax benefit and deregulation in an effort to support corporate R&D centers and encourage the enterprises for boosting their R&D investments.
With such measures in place, the overseas companies in Korea are expected to be offered greater opportunities to participate in the R&D projects of the Government or the private sector of Korea and to benefit from the supportive measures for the corporate research centers to the same extent as domestic companies.
Meanwhile, the Korean companies' awareness of the need for cooperation with academia or research institutes still remains low, despite the diverse government-level efforts to facilitate cooperation among industry, academia and research institutes to constantly expand the R&D investments and improve the investment efficiency.
The Korean universities or research institutes, given this circumstance, will be able to carve out a new niche market by jointly participating in the national R&D projects with overseas companies in Korea which have abundant experiences of collaboration with academia or research institutions.
>>In May 2005, "Space Development Promotion Act" was enacted in Korea, providing a legal basis to carry out national space program in a more systematic way. Based on this Act, the Government established Space Development Promotion Basic Plan (Space Vision 2016, 2007~2016) defining the national space program for the next ten years.
The Basic Plan laid out the concrete action plans for the development of satellite and launching vehicle technology and strengthening of domestic space industry, workforce, and infrastructures, under the goal of attaining the indigenous space capabilities and ultimately joining the ranks of advanced countries in space.
Our country is currently working on KOMPSAT (Korea Multi-Purpose Satellite) Project with a view to accomplishing independence of technology with respect to earth observation satellite bus with high-resolution by 2016.
Currently KOMPSAT-2 is in its fourth year of operation since 2006, and KOMPSAT-5 & -3 are scheduled to be launched into low orbit by 2011. Also under development is KOMPSAT-3A that enables night observation with its infrared camera. Though not successful, we have gained valuable experiences in launching vehicle technologies through the development and launch of KSLV-1 (Korea Space Launch Vehicle-1).
Moreover, Korea's first geostationary orbit satellite, COMS (Communication, Ocean and Meteorological Satellite), has successfully reached its targeted orbit after being launched from the Guiana Space Center, France on 27 June 2010. This COMS is currently in test operation, with its full operation scheduled by the end of this year.

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Are you qualified to be a World Cup referee?

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Interview: Mr. Andreas Martin, Head of International Acquisitions & Sales, Deka Immobilien Investment GmbH

The DekaBank Group, owned by savings banks and Landesbanken (Federal State banks), is the largest provider of open-ended real estate funds in Germany. The Groups two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft fuer Investmentfonds mbH, have a total of more than 21 billion euro in assets under management. Deka Immobilien GmbH is affiliated with these companies and is responsible for global real estate purchases and sales, real estate asset management, and all other real estate services, including product development.
Bundling the Groups real estate services in Deka Immobilien and streamlining and simplifying organizational processes has generated large synergy effects that provide a win-win situation for all parties involved.

As noted by Andreas Martin, Head of International Acquisitions & Sales, while the two capital investment companies concentrate entirely on their core tasks of fund management, risk management and fund controlling, Deka Immobilien powerfully combines the functions of property acquisition and sale, real estate and resource management, and development of additional innovative products.
“Because we leverage this concentrated clout in the world’s real estate markets, backed by our own meticulous market research, we are a sought-after business partner. This in turn helps us continually improve the performance of our products and strengthen our leadership in the market for german real estate mutual funds,” he said.
This means that market participants have access to an even broader range of properties, offering attractive rental space in the office, shopping, logistics, distribution and hotel sectors.
The company's activities in the most liquid international real estate markets are represented by more than 410 offices, retail properties, hotels, shopping centers and logistics centers in 23 countries on four continents.
'We represent an international network of specialists providing the highest level of expertise and professionalism. For over 40 years, Deka Immobilien has been the acknowledged market leader with innovative products based on high standards of quality and transparency. Not only do we lead in the field of mutual funds and have set the standards for individual property funds and special funds for institutional investors, but also, our offerings have been confirmed by premium ratings — for the quality of both our products and our management.”
Properties are purchased on the basis of stringent return and quality criteria. The knowledge of local markets and leading market research ensures the quality of decisions during a timely, clearly structured and rapid investment process, he said.
Through the two capital investment companies, Deka Immobilien also offers a wide range of
open-ended mutual funds for private investors and special and individual funds for institutional investors. These two companies completely run all the property funds, managing their portfolios and performance.
“Besides these established investment products, we offer a variety of 'fund of property funds' models that are developed in collaboration with the FoF specialists of DekaBank/ Deka Investment GmbH. These products range from approaches based predominantly on German open-ended property funds all the way to international value-added and opportunity funds of funds, offering a wide spectrum of opportunity/risk profiles.”
Speaking on the company's investment strategy, he noted that all purchases and sales are systematically aimed at acquiring high-return properties for the Groups two investment companies and selling properties that no longer conform to its portfolio strategy.
He noted that along with very quickly and professionally handling large-volume acquisitions and sales in all of the world’s major real estate markets, the company also provides professionally organized financing services to other investors.
The advantages this generates for purchasing assets benefit millions of private clients, as well as institutional investors, insurers, pension funds, and savings and loan banks.
“We make all of our investments on the basis of thorough macro and micro research. For many years we have had our own in-house economics team for this, which has earned
various kudos from the market, as well as an international network of leading real estate consultants.”
Speaking on the worldwide acquisitions of the company, he noted that the center of activity is mainly properties in commercial agglomerations, preferably with long-term lease contracts. Those are predominantly: Office buildings/Commercial buildings; Shopping Centers; Industrial Parks; Hotels; Logistics Centers; Real Estate of Mixed Usage and Premises with Potential for Development. The company also develops Projects for the public sector and let them long-term to authorities generally to relieve public budgets.
The properties are purchased on the basis of demanding return and quality criteria. The familiarity with local markets and market-leading research ensure high-quality decisions as part of a systematic, clearly structured and speedy investment process. The process of buying and selling properties plays a very important role in active portfolio management of the kind practiced by Deka Immobilien. In order to hold onto existing clients and win new ones, property investments have to yield convincing returns, he noted.
“We achieve this not only through innovativeness and clout for making acquisitions and sales, but also by excellently managing the properties belonging to our funds. Our real estate management service package also includes first-rate building management and maintenance.
The focus is on ensuring long-term success for both investors and tenants, who profit from our size, market prominence and global positioning.”
In this context he noted that the company recently sold the fully let office property Eugene Investment & Securities Building in Seoul, for around 123 million euro. The closing of the transaction took place on May 31st.
Michael Endres, Senior Investment Manager, International Acquisition & Sales, noted that the building has been acquired by the Korean Public Officials Benefit Association, a semi-governmental fund company which manages the pension funds of civil servants.
Located in the city's Yeoido business district, the property has been held in the portfolio of the Deka-ImmobilienGlobal open-ended mutual property fund since September 2004. With an investment volume of almost 70 million euro in 2004, the price now achieved on the sale was around 30% higher than the current appraised value of approximately 95 million euro.
He explained that after uncertainty in the capital markets last year facilitated the exploitation of investment opportunities, the recovery already evident in some markets can now be used to realize sales at a profit. The total floor space of the property of around 40,000 sqm is let almost entirely to Eugene Investment & Securities on the basis of a long-term agreement.
“The sale of the property forms part of active portfolio management. In addition to the successful disposal of properties at a convenient moment, this includes acquiring properties of first-class quality in prime locations and value-enhancing property management,” he said.
Martin said that Korea continues to be an attractive market for the company, and investments will continue, even as some of the assets are flipped when the timing is right.

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Interview: Mr. Chua Choy-Soon, Managing Director, SEB Investment

The Swedish SEB Group offers a comprehensive range of global and local investment products and has more than 130 billion euro in assets under management worldwide. It's real estate arm, part of SEB Asset Management, is based in Frankfurt, and offers real estate and securities investments, specializing in total return strategies. The company's experience and expertise make it the SEB Group's global center of competence for real estate.
The company's real estate success story began in 1989 with the launch of SEB ImmoInvest. Its largest real estate mutual fund with a gross fund volume of approximately 8 billion euro grew as the Investmentgesetz (German Investment Act) developed, from a fund that invests in Germany and Europe to one that invests around the world.

As noted by Mr. Chua Choy-Soon, Managing Director, SEB Investment GmbH, as of today, the company manages 14 billion euros of real estate globally on behalf of both retail and institutional investors. This amount is split up among various funds, most are core funds which are income driven and some of total return funds which are less income driven.
The majority of the funds, about 70 percent are in office sector, with the remaining in retail, industrial space and residential. For that matter, it is only in Asia (total investment of 1.5 billion euro) that SEB has invested in the residential sector.
“We are the quality leader in the real estate fund market and are expanding our activities for our clients in three areas: SEB real estate and SEB securities investments under one roof; Growth and expansion of the real estate mutual fund business; and, Development of attractive products for institutional investors,he said.
The company believes that real estate, fixed income and multi- asset approaches are particularly well suited to total return strategies. Products based on these strategies are especially attractive to investors seeking a high probability that their income expectations will be met.
“To us, total return means generating a continuous positive target return independently of the market, and hence of a benchmark. This allows us to meet our clients need for types of investment that have visible income flows and that ideally deliver returns above the risk-free money market rate.
Total return means limiting risk, rather than eliminating it. The key parameters here are value at risk and maximum drawdown.
“This is a concern we hear repeatedly by both our institutional and our retail clients. That壮 why SEB Asset Managements performance profile systematically focuses on a total return philosophy. Our concepts are based on real estate, fixed income and multi-asset strategies,he said.
The combination of timely allocation changes to regional exposures and stringent underwriting standards has led to extremely stable performance over decades. For this reason, the recent financial turmoil did not affect the company's investments negatively.
Mr. Chua noted that the key factor determining the stability of a real estate funds performance is the investment strategy chosen by the funds management.
SEB Asset Management recently won an IPD European Property Investment Award 2010 in the specialist category for Germany for its SEB ImmoPortfolio Target Return Fund. The open-ended real estate fund already won IPD awards in 2008 and 2009 for the highest average total return relative to the appropriate sector benchmark over three years in Germany.
IPD defines a specialist fund as a portfolio of interests in real estate concentrated to at least 70% of its capital employed in a single main sector. Nine countries took part in this year's competition: Germany, France, Ireland, Italy, the Netherlands, Norway, Portugal, Switzerland and the United Kingdom.
“Over two decades, SEB Asset Management has shown how to turn real estate funds into solid total return investments. Our investment strategies focus on achieving a stable cash flow on the basis of a balanced risk/return ratio. We continually optimize the risk/return profile through strategically structured portfolio diversification particularly with regard to markets, the mix of locations and tenants, and property sizes,he said.
Be it a blockbuster or a smaller niche product, SEB Asset Management guarantees creative intelligence and technical brilliance throughout. SEB's investment process is based on a combined top-down / bottom-up approach. Firstly, the property markets are compared using a top-down approach based on a market scoring model. However, the success of a real estate investment depends not only on the correct selection of the target markets, but also on the selection of individual properties.
This is why the results of the market scoring model are also included in the property scoring system, which compares individual properties. Property scoring is used on both existing properties and prospective acquisitions. Finally, the effects of investments on the portfolio must also be taken into account. Clear portfolio-specific investment rules ensure that the target risk / return position for the overall portfolio is kept in mind during individual transactions.
The market scoring model filters and assesses the investment universe to identify the markets
in which an investment could be attractive in the near future (working universe). The filter
criteria serve to restrict the scope of the investment universe and are applied both at the country level and during analysis of the types of use. Both socio-economic factors and factors specific to individual real estate markets are used when assessing real estate markets and these, too, are analyzed at both country and sub-market level. The threshold values for the filter criteria and the weightings of the assessment factors differ depending on the target risk / return profile. In the case of core products, the focus is on generating cash flows that are as stable as possible rather than on potential appreciation of the net present value.
As a result, longer-term factors are given a higher weighting than is the case for more risk-oriented investment approaches. The description below focuses on the core approach.
After the ranking has been performed, the working universe is divided into a target list
and a monitoring list. The target list consists of the target markets for investments, while the monitoring list comprises markets that are under observation but where no investments are actively planned in the short term. In principle, real estate markets qualify as target markets if they fall within the top third of the overall ranking. In a second step, they are compared with the existing portfolio and the feasibility of new investments in terms of resources is established.
The company's three new real estate special funds thrive on our many years of SEB real estate experience on three continents: SEB Americas REI, SEB Asia REI and SEB Europe REI offer access to the world壮 key real estate markets, as total return funds in the conservative risk segment.
The company founded SEB Asian Property SICAV-FIS as a Luxembourg-registered special fund in 2007. This fund is the first vehicle in our product range that invests exclusively in Asia. Over the past three years, it has invested more than 1.5 billion euro in China, Japan, Malaysia and Singapore for all the funds.
Although the company has no investments in Korea, he noted that the company hopes to gain more momentum once the market opens further. Until recently, Korea has been tough for foreigners, but hopefully more opportunities will come in this cycle, he said.

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