AustCham Korea Supports the ECCK and KOTRA at the 5th Business+ Forum
On Tuesday, September 20, The European Chamber of Commerce in Korea (ECCK) and Korea Trade-Investment Promotion Agency (KOTRA), supported by the Australian Chamber of Commerce and 16 other foreign chambers in Korea, held the 5th Business+ Forum at the Lotte Hotel Seoul.
Amid a big paradigm shift in global trade patterns, it’s important to keep channels of communication open with the international business community and explore potential areas of cooperation. Collaborating with 18 foreign chambers, the monthly forum has been supporting expats, international organisations and embassies in South Korea to better understand the country’s latest economic trends.
“The highlight of Tuesday’s event was Former Trade Minister Yeo Han-Ku sharing his views on the latest trends in the global trade and investment environment. He stressed the need for economic security including closer ties with key partners.”
“For example, the supply chain. Let’s say semiconductor, Korea and European Union are indispensable. Without ASML, Samsung cannot manufacture any of these high-end chips. When Korea was really attacked by this export control on these three key chemical materials, Korean companies looked out to Europe for alternative sources of those high-end chemical materials.”
He also emphasised that the Free Trade Agreements should be modernised to meet the latest trends and should include more variables that can affect trade including supply chain technologies, digitalisation and climate change. And in order to further improve trade conditions and to help some 16-thousand foreign investment companies in the country manage risks, KOTRA will continue its initiative.
“There are many programs for foreigners here in South Korea but most of them are about culture or tourism and not many are about the country’s economy or industries. The Business+ Forum strives to help foreigners do better business in the country because it is not only helpful for them but also contributes to the development of the Korean economy.”
The next runner to jointly hold the Business Plus Forum with KOTRA in October will be the German Chamber of Commerce featuring sessions regarding the environment, social and governance.
“The fact that this large international group Samsung Electronics is sharing its perspective on the topic of ESG will be quite interesting and it will help European and other foreign companies to better understand how Korean companies see it.”
He added the Business+ Forum will lead to a synergy between Korean and foreign firms and create more business opportunities.
Source: Eum Ji-young, Arirang News.
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