Ministry of Foreign Affairs Holds 1-on-1 Video Consultation Between Overseas Mission Chiefs and Businesspeople... Over 100 Companies Participate

[Asia Economy Reporter Lim Cheol-young] The Ministry of Foreign Affairs announced that it held one-on-one video consultations between overseas diplomatic mission heads and Korean businesspeople over two days, November 30 and December 1, coinciding with the ‘2020 Overseas Diplomatic Mission Heads Meeting.’

The event involved a total of 47 overseas missions from regions including Asia, the Middle East, Africa, Europe, and the Americas, along with over 100 Korean companies, resulting in approximately 150 consultations. Despite the COVID-19 situation, the Ministry connected overseas missions and the Lotte Hotel in Sogong-dong, Seoul, via a video conferencing system to support Korean companies’ overseas business continuously through a non-face-to-face online format.

At this year’s consultation, even amid the global economic downturn caused by the worldwide spread of COVID-19, Korean companies actively participated to pioneer new export routes and secure overseas projects. In particular, there was high demand for consultations from small and medium-sized enterprises (SMEs) and mid-sized companies, which are relatively vulnerable in crisis situations.

Consultations related directly to COVID-19 included overseas export discussions of quarantine supplies such as diagnostic kits utilizing K-quarantine achievements and promising non-face-to-face products, resumption of projects halted by COVID-19, and cooperation on entry and exit for urgent overseas business trips. Major construction companies such as Daewoo Engineering & Construction, Hyundai Engineering, Lotte Engineering & Construction, and POSCO International conveyed requests for new orders of major infrastructure projects in Asia and the Middle East and shared difficulties in project progress. SMEs like Golden Nebula Group (stationery), Jayeonjiae (beauty), and Dareun (food) requested cooperation and support from overseas missions for market information to enter overseas markets by leveraging continued interest in K-culture despite COVID-19.

Now in its 11th year, the event was conducted despite the unprecedented pandemic situation, thanks to the systematic response of overseas missions and active cooperation from the five major economic organizations?the Korea Chamber of Commerce and Industry, Korea International Trade Association, Federation of Korean Industries, Korea Federation of SMEs, Korea Association of Mid-sized Companies?and businesspeople. It is evaluated as an opportunity demonstrating that support for Korean companies by overseas missions can be promoted through new methods such as online video conferences, moving beyond traditional face-to-face consultations.

An official from the Ministry of Foreign Affairs explained, "The Ministry plans to continue follow-up management by databasing detailed contents of each consultation and notifying related companies of progress."