By Diplomacy Journal Kayla Lee
 

The 2025 International Cooperation Meet-up Day for Middle Market Enterprises, hosted by the Federation of Middle Market Enterprises of Korea (FOMEK) and the Korea Importers Association (KOIMA), was held on November 17, at the Fairmont Ambassador Seoul.

The event brought together around 80 participants, including FOMEK Chairman Choi Jin-shik, KOIMA President Youn Young-mi, MOTIR Trade Minister Yeo Han-koo, Dato' Mohd Zamruni bin Khalid, Ambassador of Malaysia to the Republic of Korea, other ASEAN ambassadors stationed in Korea, and representatives from Dongsung and Sempio.

Although middle market enterprises (MMEs) account for only 1.3 percent of all Korean companies, they represent 21 percent of Korea’s exports to ASEAN. In 2024, exports by MMEs grew 2.7 percent year-on-year, while their exports to ASEAN increased by 7.6 percent, underscoring their pivotal role in diversifying Korea’s export portfolio toward the New Southern region.

Hyundai Research Institute, which delivered a presentation at the event, stated, “To expand MME networks in ASEAN, it is essential for Korea and ASEAN to jointly explore measures such as R&D cooperation in new industries and technologies to respond to the AI revolution, as well as the strengthening of soft-power capabilities in areas such as distribution, logistics, and culture.”

Trade Minister Yeo attended the event and discussed follow-up measures to the Korea–ASEAN Summit held in Malaysia in October with Dato' Mohd Zamruni Khalid, Ambassador of Malaysia to the Republic of Korea, and other ASEAN ambassadors stationed in Korea.

In his welcome remarks, he emphasized, “ASEAN has emerged as Korea’s second-largest region for trade and investment. As the core of the New Southern region, we will work to upgrade the Korea–ASEAN FTA with a focus on digital trade and actively resolve non-tariff and other trade barriers that hinder the overseas expansion of our middle market enterprises.”