Highlighting Opportunities in Medical, Bio, and Other Sectors
The government and the Korea Trade-Investment Promotion Agency (KOTRA) are hosting a webinar titled "Finding Business Breakthroughs in the Changing ASEAN (Association of Southeast Asian Nations)" to create new export opportunities for Korean companies.
In accordance with the government's multi-ministerial emergency export measures announced in February, KOTRA announced that it will hold the webinar on the 11th to highlight recent changes in the trade environment and opportunities in ASEAN's medical, bio, consumer goods, and digital markets.
The ASEAN flag is placed alongside the member countries' flags ahead of the ASEAN Foreign Ministers' Retreat held in Langkawi, Malaysia, this January. Photo by Reuters Yonhap News
Since the inauguration of the Trump administration, tariff policies have been strengthened, leading to a reorganization of global supply chains, increasing the need for companies to revise their export strategies. KOTRA is focusing on the potential to turn crises into opportunities through expanded cooperation with emerging markets and industry-tailored approaches in the changed trade environment.
This webinar will analyze supply chain changes and introduce support projects responding to them. KOTRA operates the "Tariff Response 119 One-Stop Consultation Desk" to establish an emergency response system for tariff damages. Additionally, to resolve difficulties faced by export companies, KOTRA is strengthening on-site support by utilizing its global network and helping Korean companies pioneer new markets through export market diversification support projects.
In particular, ASEAN, a massive market with a population of 700 million, is evaluated as a new opportunity in terms of population, consumption, and digital aspects. The digital economy is expected to reach a scale of $1 trillion by 2030, and with the added influence of the Korean Wave (Hallyu), there is great expectation that it will provide new export breakthroughs for Korean companies. According to KOTRA, the purchase experience rate of Korean products within ASEAN already approaches 98.3%.
Lee Ji-hyung, Head of KOTRA's Economic and Trade Cooperation Headquarters, emphasized, "As uncertainty in the global trade environment increases, discovering new business opportunities has become more important than ever," adding, "We will focus all our capabilities on actively supporting Korean companies' overseas expansion to open an era of the top five export powers."
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