The Korea Trade-Investment Promotion Agency said on Thursday it will move its regional headquarters of Southeast Asia and Oceania from Singapore to Vietnam, in response to the changing trade environment and policies.
Kwon Pyung-oh, CEO of KOTRA (Yonhap)
“The regional headquarters will be moved to Hanoi where Korean companies are increasingly making a presence. Two new trade centers will also be set up in Ahmedabad, India and Danang, Vietnam,” Kwon Pyung-oh, CEO of KOTRA, told reporters.
The state-run agency said it would reduce the number of employees in trade centers of advanced nations and instead add around 20 employees dedicated to emerging economies.
The functions and roles of its existing business divisions have also all been reshuffled. The economy trade cooperation division will be responsible for exploring new economic cooperation opportunities in Southeast Asia. It will also deal with the entire process of researching trade policies, discovering agenda items and executing business in the nation.
According to KOTRA’s survey of 1,734 people in Southeast Asian nations released Wednesday, 93.8 percent of respondents said they were anticipating Korea’s latest policies toward Southeast Asia.
By nation, the Philippines (96.3 percent) had the greatest anticipation, followed by Vietnam (94.6 percent) and Indonesia (94.5 percent). The industries they hope to partner with are in the areas of computers, electronics, communications, transportation and energy, according to the survey.
By Shin Ji-hye (shinjh@heraldcorp.com)