The ASEAN-Korea Centre and the Kwangju Chamber of Commerce and Industry agreed to promote economic exchanges between them, in Seoul on Tuesday.

The memorandum of understanding between the two organizations will enable them to hold investment seminars and trade exhibitions, and have trade missions in order to help local businesses.

The Kwangju CCI will works with the ASEAN-Korea Centre in promoting bilateral opportunities of trade and investment. The agreement also focuses on small and medium-sized enterprises in Gwangju to advance into the ASEAN region.

The 10 countries that make up the Association of Southeast Asian Nations have collectively become Korea’s second-strongest partner in trade investment and overseas construction.

The agreement with the Kwangju CCI marks ASEAN’s second such pact in the country after signing with the Busan CCI.