KOICA Partners with KOTRA to Support Companies Entering the New Southern Region

Joint Planning and Operation of 'Understanding the New Southern Region' Course by Both Organizations
Providing a Guide for Small and Medium Enterprises to Enter the New Southern Region

[Asia Economy Reporter Lim Cheol-young] KOICA (Korea International Cooperation Agency) and KOTRA (Korea Trade-Investment Promotion Agency) announced on the 12th that they will operate the course "Understanding the New Southern Region (ODA·Market Entry Strategy)" to enhance the understanding of our small and medium-sized enterprises (SMEs) and mid-sized companies about the New Southern region and support their practical market entry.

Due to the rapid changes in the global economy caused by the novel coronavirus disease (COVID-19), the scale of global trade has been declining in most regions. To stimulate sluggish consumption and protect domestic industries and companies, governments of major economic powers such as the United States, as well as countries in the New Southern region represented by India, Vietnam, and Myanmar, are actively pursuing proactive economic stimulus policies.

Furthermore, ASEAN is the second largest trading partner and the largest infrastructure contract region. India is attracting attention as a future market with marketability and potential, boasting a massive domestic market of 1.3 billion people, a broad industrial base, science and technology, and service knowledge industries.

KOICA and KOTRA are cooperating to carry out development cooperation projects that contribute to the government's "New Southern Policy" and the Ministry of Foreign Affairs' "New Southern ODA Promotion Strategy." Both organizations are jointly establishing ODA implementation plans for the New Southern region, and the opening of this course is part of that cooperation.

The two-day seminar consists of △ Overview of the New Southern region (regional status, Korea-ASEAN relations) △ KOICA development cooperation projects in the New Southern region (projects, CTS, IBS, etc.) △ Economic, trade, and investment status in the New Southern region △ Business special lecture on South Asia (India) △ KOTRA development cooperation projects (KSP, economic cooperation, multicultural traders), and provides market entry strategies and information on project participation.

Baek Sook-hee, Director of KOICA's Africa, Middle East & Latin America Headquarters, said, "We expect that this course will activate the entry of our companies into the New Southern region by utilizing the strengths of KOICA and KOTRA," and added, "We will continue to explore various ways to achieve mutual prosperity between Korea and the region."

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