Business union for southern policy launched

Korea business organizations on Thursday kicked off a new union that supports the government’s New Southern Policy that centers on strengthening ties with Southeast Asian countries and India.

The New Southern Business Union, made up of 21 private and public organizations, will focus on expanding communication between the government and local companies to find ways to help more Korean firms establish footholds in Southeast Asian countries and find new business opportunities and growth engines.

Chairman Kim Young-ju of the Korea International Trade Association was named the first president of the union.

The organization plans to hold an international forum in line with the special Korea-Association of Southeast Asian Nations (ASEAN) summit slated for later this year.

In the first half of 2019, the union plans to launch what it calls the ASEAN Desk to provide consulting programs for firms wishing to set eyes on Southeast Asian countries.

The union also plans to provide local small and medium-sized firms with know-how and information on Southeast Asian countries and India, and provide them with guidelines on their business environment.

New Southern Policy Committee Chairman Kim Hyon-chol of the government said the union will help Korean firms expand cooperation with emerging markets and ease Korea’s dependency on long-standing trading partners like the United States and China.

Yonhap