KITA Chairman stresses the importance of concerted effort to support Korean companies in South & Southeast Asia
Korea International Trade Association (KITA) Chairman Christopher Koo called for concerted attention on the 25th to support Covid-stricken Korean firms running businesses in the New Southeast Asian region. Such call for action was delivered by Mr. Koo, who also serves as the Chairman of Korea - South & Southeast Asia Business Coalition, at the 9th Korea - South & Southeast Asia Business Coalition general meeting, which was held virtually at Koreana Hotel in downtown Seoul.
Chairman Koo mentioned, “Korean companies with business operations in the New Southeast Asian region are experiencing mounting difficulties from travel restrictions, factory shutdown and curfews due to the prolonged pandemic.” and said, “The role of the Coalition is more important than ever during such a crisis.”
He added, “I ask once again to our members to fully utilize their resources and networks to support our companies in this region to overcome the current crisis and strengthen cooperation with South & Southeast Asian nations.” The general meeting was held to respond to obstacles experienced by companies arising from the prolonged pandemic and to discuss preparation plans for “South & Southeast Asian Business Week 2021”.
Chairman Koo and the Head of the Presidential Committee on New Southern Policy, Ms. Young-sook Nam co-hosted the meeting, which discussed the following issues ？ creating room for cooperation by linking New Southern Policy and Indo-Pacific Strategy, gauging the size of New Southeast Asian nations’ damage stemming from the pandemic and up-to-date information of resources provided, assessing the current complicated situation faced by companies due to the prolonged pandemic and supporting Korean companies running businesses in the South & Southeast Asian region with purchasing intellectual property rights originating from that region.
Companies have expressed frustration of starting business operations in the South & Southeast Asian region due to the prolonged Covid pandemic and the spread of variants. In response to this situation, the companies requested to a) shortened quarantine period for vaccinated entrepreneurs and resume special entry program for emergency business trips, b) secure shipping spaces and containers, c) introduce credit guarantee service for companies involved in overseas business activities and d) provide tailored market information by each South & Southeast Asian nation.
Members shared opinions on Korean companies’ business opportunities by six major sectors for collaboration ？ healthcare & medicine, climate change response, ICT, infrastructure, development cooperation and maritime. The Presidential Committee on New Southern Policy plans to activate various diplomatic channels such as Korea ？ U.S. Senior Economic Dialogue (SED) to release detailed business opportunities in a timely manner and discover new potential business sectors for cooperation by collaborating with relevant ministries, research institutes and business sectors.
KITA also shared its plans on South & Southeast Asian Business Week 2021 scheduled to be held in October later this year. The Head of the Asia & Middle East Department Mr. Nam-gyu Kim mentioned, “The upcoming event will be held in partnership with “Asean Week” ？ a comprehensive cultural festival to be hosted by the ASEAN ？ Korea Centre. Such partnership will expand the upcoming event as a key international event representing the economy and culture of the New Southeast Asian region.”
[This news is provided by Newsis]