Busan City Dispatches ASEAN Trade Delegation... Targeting the Global South

[Financial News] Busan City and the Busan Economic Promotion Agency announced on the 27th that they will dispatch the '2025 ASEAN Trade Delegation' to Malaysia and Indonesia for six days from July 28 to August 2.
The ASEAN Trade Delegation project is a strategic overseas marketing program aimed at supporting local market development and export expansion for Busan's consumer goods SMEs. The main goal of this year's project is the Southeast Asian regions of Malaysia and Indonesia, which have emerged as key emerging markets within the Global South.
The Global South is a new classification of countries previously referred to as the Third World or developing countries, contrasting with the 'Global North', which refers to advanced countries located at high latitudes in the Northern Hemisphere, and includes countries distributed in the Southern Hemisphere and low latitudes of the Northern Hemisphere. 
Malaysia exceeds a per capita GDP of 13,000 USD and serves as a testing ground for the consumer goods market covering East, South Asia, and the Middle East. The consumption flow based on Hallyu, the active mobile payment ecosystem, and its position as a global halal certification hub provide an optimal environment for the entry of Korean consumer goods.
Indonesia, with its massive population of 280 million, is one of the largest consumer markets in the Global South, with rapidly growing premium consumption demand centered on the young population and a distribution environment centered on online platforms. The preference for K-content ranks first in the world, and the demand for Korean food and cosmetics is also steadily increasing.
This dispatch of the trade delegation is being promoted based on the results of the 'U.S. Tariff Policy Response Corporate Field Survey' conducted by the city last month.
According to the survey, Busan-based companies cited supply chain adjustments and new market development as major self-response strategies.
In response, the city supports entry into the ASEAN market, a region of the Global South, to promote synergy between companies' self-efforts and policy support. 
The target for dispatch is 10 small and medium-sized enterprises based in Busan with export sales of less than 30 million USD in the previous year. During the dispatch period, they will conduct export consultations and buyer visit consultations locally.
The city plans to support the necessary costs for operating the consultation, including 50% of the round-trip airfare, local transportation, consultation venue setup, and interpretation, with a total budget of 68 million KRW.
Companies wishing to participate in the delegation can apply through the city's overseas marketing integrated system by June 5.

bsk730@fnnews.com Byungseok Kwon