Martial Arts '2020 Shinnambang Business Week'... Presenting a Future Vision for Mutual Prosperity

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA), in collaboration with the New Southern Policy Special Committee, will hold the ‘2020 New Southern Business Week’ for two days starting from the 13th at COEX in Samseong-dong.

Held under the theme ‘Future Vision for Korea-New Southern Countries’ Mutual Prosperity,’ this event is a representative business exchange event involving companies from Korea and New Southern countries. Various programs such as ▲Mutual Prosperity Business Forum ▲Online consultation sessions with invited big buyers from New Southern countries ▲Thematic seminars were operated. To seek ways to overcome the COVID-19 crisis through mutual cooperation and to achieve a new leap forward, about 500 participants including companies entering the New Southern market, experts, KOTRA, Seoul Business Agency, Human Resources Development Service of Korea, and other related organizations attended both online and offline.

Kim Young-joo, Chairman of KITA, emphasized in his welcoming speech, “Overcoming the COVID-19 crisis this time will be a significant turning point that will determine the future of Asia beyond the New Southern region,” adding, “The Republic of Korea must further strengthen the framework of mutual cooperation with each New Southern country in various fields including health and medical sectors for COVID-19 response, economy and security, environment, and culture and arts.”

Park Bok-young, Chairman of the New Southern Policy Special Committee, stated, “Although exchanges between Korea and New Southern countries have become difficult due to the recent COVID-19 situation, Korea’s medical industry has been re-evaluated in the New Southern region thanks to ‘K-quarantine,’ and the untact industry is rapidly growing, creating new opportunities for cooperation even amid the crisis,” and added, “The government will continue efforts for mutual prosperity through multifaceted cooperation between Korea and New Southern countries to make the most of these opportunities.”

Joseph Stiglitz, professor at Columbia University and keynote speaker of the forum as well as the 2001 Nobel Laureate in Economics, said, “In a situation where a V-shaped recovery of the global economy is hard to expect, due to the successful quarantine response of several Asian countries including Korea, Asia’s share of global Gross Domestic Product (GDP) after COVID-19 is expected to increase further,” emphasizing, “Asian countries that succeeded in quarantine must take the lead in building a new economy in the post-COVID-19 era.”

Lim Jung-wook, co-CEO of TBT and moderator of the startup session, explained the changed business environment by saying, “Due to COVID-19, the startup ecosystem in the New Southern region is experiencing both crisis and opportunity,” and “Although the economy is shrinking and many companies are facing difficulties, startups in the New Southern region based on digital and mobile fintech, mobility, and e-commerce are capturing faster growth opportunities.”

Meanwhile, the export consultation meeting will be held concurrently with the ‘New Southern Big Buyer Online Export Consultation Meeting,’ connecting about 250 buyers from the New Southern region including big buyers such as Thailand’s Big C Supercenter, Vietnam’s Lotte Mart, and Singapore’s Shopee with 350 domestic SMEs, and the ‘Specialized Trading Company Online Export Consultation Meeting,’ where about 10 specialized trading companies including Asia B&C provide consultation and support for exports to the New Southern region.

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