World Ch. Schedule : THU 22:30 KST
* Date : 2020-01-30
On January 20th, the South Korean government announced to make 2020 the first year to achieve tangible results from the New Northern Policy, which reinforces its partnerships with the nations in the Northeast Asian region.
President Moon Jae-in, during his inaugural year in 2017, stressed the importance of the revamped “New Northern Policy” while attending the Eastern Economic Forum in Russia. The policy aims at diversifying its export market, which mostly consists of the U.S. and China, into 14 countries located to its north, including Russia, Mongolia, and Kazakhstan. The idea is to expand its export routes to preemptively handle the rising external uncertainties. Seoul particularly seeks to deepen its ties with Moscow this year, since it marks the 30th anniversary of the diplomatic relations between South Korea and Russia.
Two years have passed since President Moon first unveiled the New Northern Policy. In this week’s The Point, we take an in-depth look at what the New Northern Policy could bring to the Korean economy and what the government could do to make the policy succeed.