Record High Exports to New Southern Markets... 73% Increase in Investment Over the Past 3 Years

Ministry of Trade, Industry and Energy Holds 'New Southern and New Northern Trade Cooperation Forum'

[Sejong=Asia Economy Reporter Kwon Haeyoung] As this year is expected to achieve the highest export record ever, exports to the New Southern region are also projected to surpass the maximum level. Investment in the New Southern region over the past three years has increased by more than 70% compared to the previous three years, and the investment sectors are diversifying into future industries.

The Ministry of Trade, Industry and Energy announced this at the 'New Southern and New Northern Trade Cooperation Forum' held jointly with the Korea International Trade Association on the 27th at the COEX Grand Ballroom in Seoul. The Minister of Trade, Industry and Energy Award was also presented to 16 individuals, including officials from embassies in Korea and businesspeople who contributed to trade cooperation.

Yeo Hangoo, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, said in his opening remarks, "Trade cooperation, which was previously focused on the Western world and China, has become an opportunity for our status as a major trading nation to advance one step further through the 'New Southern and New Northern Policy.' Going forward, through 'New Southern and New Northern Policy 2.0,' it is necessary to strengthen cooperation in establishing a stable global supply chain and to overcome the COVID-19 situation early by expanding exports through digital and non-face-to-face methods."

According to the Ministry of Trade, Industry and Energy, exports to the New Southern region, which refers to the 10 ASEAN countries and India, first reached $100 billion in 2017, and the cumulative export amount from January to November this year is expected to reach a record high of $111.9 billion.

Investment in the New Southern region also increased by 73% over the recent three years (2018?2020) to $36.543 billion compared to $21.074 billion in the previous three years (2015?2017). The investment sectors are also expanding into diverse and future-oriented industrial ecosystems such as electric vehicles, batteries, and electronic devices. The scope of trade has been broadened by signing bilateral FTAs with New Southern countries such as Indonesia, Cambodia, and the Philippines, as well as the mega free trade agreement (FTA), the Regional Comprehensive Economic Partnership (RCEP).

Exports to the New Northern region, including Russia and the five Central Asian countries, have also gradually increased from $9.5 billion in 2017 to $12.6 billion as of January to November this year.

The Ministry of Trade, Industry and Energy presented the 'Major Achievements of the New Southern and New Northern Policies and Future Directions for Trade Cooperation' at the 'New Southern and New Northern Trade Cooperation Forum' held on the same day. Industry, academia, and research officials proposed achievements and future directions for the New Southern and New Northern regions in four sessions covering supply chain cooperation, digital cooperation, the use of official development assistance (ODA) for overseas reductions of Nationally Determined Contributions (NDC), and private cooperation cases.

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