KCCI holds meeting on New Northern Policy

Korea Chamber of Commerce and Industry building in central Seoul / Yonhap

By Park Jae-hyuk

The Korea Chamber of Commerce and Industry (KCCI) said Thursday it jointly hosted a meeting for businesses operating in countries that are part of President Moon Jae-in's New Northern Policy at its headquarters in Seoul with the Presidential Committee on Northern Economic Cooperation and the Ministry of Trade, Industry and Energy.

Representatives from large companies, such as SK E&C, POSCO International and Hyundai Engineering, as well as from small- and medium-sized enterprises (SMEs), such as Orion, Hanshin Engineering, Himchan Hospital and CUBOX, discussed strategies to achieve success in Russia and its neighboring countries.

According to the KCCI, the participants indicated close partnership and cooperation among governments as the primary keys to success.

“Korean firms' achievements in the New Northern Policy countries, such as Russia and Kazakhstan, have been underestimated because of a prejudice against their business environments,” KCCI Vice Chairman Woo Tae-hee said. “It is meaningful to share their achievements and discuss ways for their further expansion in the future.”

Yeo Han-koo, the presidential secretary for New Southern and New Northern policies, said “The main fields of our cooperation with the New Northern Policy countries were previously plants, construction and shipbuilding, but they have been diversified into healthcare, agriculture and food.”

He particularly emphasized that the government will utilize its networks with its counterparts there to support Korean companies making investments in New Northern Policy countries and solve the problems they have faced.

During the meeting, conglomerates said they have shared risks with their partners, including local governments, multilateral development banks and local builders, for their success in the northern region.

SMEs said they have achieved success in higher value-added industries, such as IT and healthcare.

Nam Un-sung, CEO of the AI-based face recognition tech startup CUBOX, stressed the importance of the Korea-Russia Innovation Platform, which has been active since June 2018 following an agreement between the leaders of the two countries for technological cooperation, innovation and startups.

Shin & Kim's foreign attorney Baek Dong-hwa, who participated in the meeting as one of the experts in Russia, urged the government to better understand the differences among each New Northern Policy country in terms of their laws and systems.

“There are many countries in the New Northern Policy region. Even Moscow and Far Eastern Russia have displayed different characteristics,” he said during his speech on strategies for the New Northern Policy in the post-COVID-19 era.