Changwon City Opens the Door to Economic Rebound with New Southern Policy

2020 Korea-World Chamber Business Week Held in Changwon in November

The "1st Korea-Global Hwasang Business Week" (Global Hwasang BW), a business exchange event between global Hwasang (overseas Chinese merchants) and domestic companies, will be held for five days from November 11 to 15 at the Changwon Convention Center and other venues. (Photo by Changwon City)

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Changwon City in Gyeongnam announced on the 16th that the ‘1st Korea-World Hwaseong Business Week’ (World Hwaseong BW), a business exchange event between Hwaseong (華商) worldwide and domestic companies, will be held from November 11 to 15 at the Changwon Convention Center and other venues.

According to the city, Hwaseong, one of the world’s three major merchant groups along with the Jewish and Arab merchants, holds economic power with assets worth approximately 2,400 trillion won, dominating the ASEAN economy. The next-generation management of major ASEAN Hwaseong companies hopes to expand human and material exchanges in foundational industries such as machinery and to pass on various business secrets to foster advanced 3rd and 4th industrial sectors as future growth engines.

Changwon, with its high trade dependency, actively pursued hosting the World Hwaseong BW in February, considering the characteristic that ‘Changwon’s key industries = industries desiring exchange with Hwaseong companies.’ The event aims to provide opportunities and support for local companies to increase exports, enter local markets, and attract investments targeting the ASEAN economic power, Hwaseong.

The ‘World Hwaseong BW’ is held biennially and, unlike the World Hwaseong Conference, which focuses on friendship and information exchange among Hwaseong worldwide, this is the first business-centered exchange event held by Hwaseong for companies.

Since securing the hosting of the ‘World Hwaseong BW’ in February, the city formed a dedicated task force to identify trade demands with Hwaseong among local companies and has been conducting various consultations with central government ministries to ensure the successful hosting of the event.

In particular, the Special Committee on the New Southern Policy, which oversees the government’s New Southern Policy, and the Ministry of SMEs and Startups are participating as sponsoring organizations, planning to hold the ‘World Hwaseong BW’ as an important government-level business event linked to the New Southern Policy and Brand K exports.

Mayor Heo Seong-moo of Changwon said, “The ‘World Hwaseong BW’ provides an opportunity to meet CEOs and executives of major global Hwaseong companies, which were previously difficult to approach, offering practical opportunities for business exchanges between domestic companies and Hwaseong.” He added, “Since it supports sufficient mutual trade in connection with the government’s New Southern Policy, we hope for active participation from domestic companies.”

This content was produced with the assistance of AI translation services.