• KITA hosted “The Third International Forum for Northern Economic Cooperation
    2021-11-26 hit 891

    KITA hosted “The Third International Forum for Northern Economic Cooperation” and opened a venue for discussions on a vision for

    future-oriented cooperation with Eurasian countries


    KITA hosted “The Business Session of the Third International Forum for

    Northern Economic Cooperation”


    Main themes discussed included responding to a change in value chains after the Covid pandemic and cooperation in the field of green industry


    Korea International Trade Association (Chairman: Christopher Koo) hosted the business session of “The Third International Forum for Northern Economic Cooperation” held on November 18th at the Shilla Hotel in Seoul. Themes discussed included the response to a change in value chains after the Covid pandemic, a shift to green economy and a vision of future-oriented cooperation with Eurasian countries.


    In his welcoming speech, Chairman Koo mentioned, “Ever since Korea established diplomatic ties with Eurasian countries ? mostly former Soviet bloc countries ? 30 years ago, Korea’s bilateral relations with these countries have seen remarkable progress across a wide spectrum of fields, including politics, economy, social issues and culture.” He also added, “In order to make the upcoming 30 years to be another step forward to forge closer ties with these countries, it is imperative to push forwards reciprocal strategies that allows bilateral exploration of sectors for new growth opportunities and providing bilateral support for these sectors.”

    Kim, Taek-hyun, the Head of overseas sales section at Kyungdong Navien, delivered a presentation of his company’s successful case of entering the Eurasian market. He said, “Our company became a dominant player in the Russian market as we actively engaged in localization with our technological excellence.” He added, “As environment protection is being regarded as an important agenda, our company is actively responding to the risks accompanied by the climate crisis by leading the eco-friendly heating market through the employment of our cutting-edge technologies, including IoT technology, and our renowned condensing boiler technology.”


    The Chairperson of the Uzbekistan Textile and Garment Association said, “We are seeing bilateral cooperation in the fields of technology transfer, bilateral R&D, operating startup support centers ever since the Korea ? Uzbekistan Textile Technopark was established and opened in 2019.” He also stressed, “This Textile Technopark is fulfilling its role as the Central Asian center of supplying textile and Uzbekistan’s cooperation with Korea is contributing to digitization and developing eco-friendly technologies within the Uzbek textile industry.”


    The director at the Russian Institute of World Economy and International Relations (IMEMO) participated in a panel discussion and said, “Since the Pandemic, Korea and Russia have seen many shifts in bilateral trade with the growth of e-commerce market to name a few” and added, “We have especially seen a growing demand of distance learning and telehealth services, which is projected to lead many changes in relevant value chains buttressed by the servitization of products.”


    The Kyrgyz ambassador to Korea, Динара Кемеро жана, highlighted, “Despite the Pandemic, the size of bilateral trade between Korea and Kyrgyzstan tallied up to September grew by 46.1% compared to a year ago, which illustrates greater room for expanded trade and investment for both countries.” She advised, “Korea should continuously focus on implementing “New Northern Policies” ? policies designed to bolster economic cooperation with Eurasian countries ? as Kyrgyzstan pursues a sustainable economic growth by supporting future-oriented industries, such as climate, advanced agriculture, healthcare, digital and ICT industries, all of which Korea boasts technological excellence.”


    Hakhee Jo, Vice President for International Affairs, mentioned, “Today’s session served as a good opportunity to listen to various opinions by experts from multiple fields, which are needed to establish a future-oriented vision for cooperation with Eurasian countries” and added, “KITA will review topics discussed during today’s session and reflect those to a wide array of projects designed to strengthen cooperation with these countries.”

    Korea expected to see the largest-ever exports in 2021 with 636.2 billion dollars
    KITA virtually hosted “A Meeting with Trade Experts Based in Washington D.C.” on November 17th
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