3 Ways Overseas
On Dec. 18, a meeting titled “Discussion on Boosting Overseas Business Expansion with Five Domestic Economic Organizations” was held in COEX Mall, located in Samseong-dong, Seoul. President Park Geun-hye attended the meeting and said, “The government will actively work on three ways to create a ‘Renaissance’ for advancing into foreign markets.”
Then, she said, “To begin with, the government will strengthen support to companies for making the best use of Free Trade Agreements (FTAs) so that they can get real benefits from them. Also, we will aggressively deal with non-tariff barriers, which are the main obstacle for companies to expand their business abroad.”
She continued, “We will make small and medium-sized companies as ‘global hidden champions.’ I think it is worth trying aggressive strategies like acquiring advanced technologies from foreign companies and expanding overseas business networks through M&As.”
Also, she mentioned, “We will diversify sectors to enter foreign markets from not only manufacturing business, construction and plants, but also culture, content, services, health care services, new energy industry, and agriculture and fishery products.”
In particular, President Park stressed, “The government will expand the domestic policy financing to meet companies’ financial needs for project contracts. We will also step up our financial cooperation with international financial institutions and foreign sovereign wealth funds.”