The “Forum Business-Plus” is open.
In this fifth monthly edition, more than 70 representatives of major foreign institutions participated.
Eum Ji-young introduces us to the event which provides networking opportunities while helping expats and businesses better understand the economic situation in South Korea

In the midst of a great paradigm shift in global business models, it is important to keep communication channels open with the international business community and explore potential areas of cooperation.
This was suggested during the “Business-Plus Forum” on Tuesday, co-hosted by South Korea’s business investment promotion agency KOTRA and the European Chamber of Commerce in Korea.
In collaboration with 18 foreign chambers, the monthly forum helps expats, international organizations and embassies in South Korea better understand the latest economic trends in the country.

“The highlight of Tuesday’s event was that former Minister of Commerce Yeo Han-koo shared his views on the latest trends in the global trade and investment environment. He highlighted the need for economic security, including closer ties with key partners.”

“For example, the supply chain. Let’s say semiconductors, Korea and the European Union are a must. Without ASML, Samsung can’t make any of these high-end chips. When Korea was really attacked by This export control on these three key chemical materials, Korean companies have looked to Europe for alternative sources of these high-end chemical materials.”

He also stressed that free trade agreements should be modernized to meet the latest trends and should include more variables that could affect trade, including supply chain technologies, digitalization and climate change.
And in order to further improve business conditions and help some 16,000 foreign investment companies in the country manage risk, KOTRA will continue its initiative.

“There are many programs for foreigners here in South Korea, but most of them relate to culture or tourism and few relate to the country’s economy or industries. Forum Business Plus strives to help foreigners to 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 participant to jointly organize the Business Plus Forum with KOTRA in October will be the German Chamber of Commerce with sessions on environment, social and governance.

“Having this large international Samsung Electronics group share its view on the subject of ESG will be quite interesting and it will help European and foreign companies to better understand how Korean companies see it.”

He added that the Business Plus Forum will lead to synergy between Korean and foreign businesses and create more business opportunities.
Eum Ji-young, Arirang News.