포스트 차이나 - 동남아, 한국의 새 성장동력
The Moon Jae-in administration recently revealed its plan to boost South Korea's economic relations with Southeast Asian nations.
And after suffering unprecedented losses from China's economic retaliation over the deployment of the U.S. THAAD anti-missile system,... more and more Korean firms are also seeking to increase their business in Southeast Asia.
Lee Unshin reports.
Countries in Southeast Asia are rapidly becoming major trade partners of South Korea.
Within just a year, the growth rate of South Korea's exports to members of the Association of Southeast Asian Nations has grown by nearly 30-percent.
The 10 member ASEAN region is seen as a place of ever growing economic potential - with the region's GDP consistently increasing since 2010...and the upswing is said to continue for the coming years.
(Korean)
"The rising economy leads to market expansion, so ASEAN makes the ideal trade partner for Korea. But with economic growth, the region's demand will also become more sophisticated. Producing high quality goods and a feasible marketing strategy are a must for Korean companies."
Researchers agree that Korea's economic interests have been focused too much on China and the U.S for years now - all the more reason why long-term, solid business plans for Southeast Asia are needed, as many countries in the region are considered a relatively 'new market' for Korean firms.
(Korean- )
"As of now Korea's trade with ASEAN is rather limited, highly concentrated in Vietnam and Indonesia. In order to expand the horizon, we'll need thorough market research of each country as well as different, long-term business plans made specifically for each region."
The diversification of global markets is not only an opportunity, but a much needed strategy for Korea.
Since July last year, the loss sustained by local firms from China's economic retaliation over the deployment of the U.S. missile defense system, THAAD, is estimated to be over 1 billion US dollars.
Experts say it was a wakeup call for Korea and with that, businesses across various sectors need to make sure to avoid the risks of over-dependency on limited number of markets.
(Korean)
"China is expected to keep nurturing the growth of its own companies. And as long as North Korea's provocations linger as the root source that complicates the relations between Seoul and Beijing, it's best that South Korea lessens its economic reliance on China."
Lee Unshin Arirang News.
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