Standard Chartered to foster trade between Korea, Southeast Asia

Published : May 9, 2012 - 18:57 Updated : May 9, 2012 - 18:57

Standard Chartered Bank said on Wednesday it will bolster efforts to facilitate the growth of trade flows between Korea and Southeast Asia and assist Korean companies doing business in the region.

“Standard Chartered is superbly positioned to facilitate the growth of trade flows between Korea and South East Asia. With our long history of over 150 years, deep local knowledge and a strong network in South East Asia, we are able to help Korean companies expand their businesses in these markets,“ Richard Hill, chief executive of Standard Chartered Korea, said during a “SEA Trade Corridor” roundtable with the press in Seoul.

“We operate seven dedicated Korea desks in four countries; Vietnam, Malaysia, Indonesia and Singapore, to support and serve Korean companies expanding into the region. Also, one of the Korea desks in Vietnam is focused specifically on supporting Korean small and medium-sized companies.”

CEOs of Standard Chartered banks in Korea, Vietnam, Thailand and Malaysia hold a joint news conference on Korea-ASEAN trade in Seoul on Wednesday. From left are Vietnam’s Louis Taylor, Korea’s Richard Hill, Thailand’s Lyn Kok and Malaysia’s Osman Morad. (SC Korea)

In addition to Hill, three more Standard Chartered country CEOs ― Lyn Kok of Thailand; Osman Morad of Malaysia and Louis Taylor of Vietnam ― and Oh Suk-tae, senior economist for Korea also attended the media roundtable.

The bilateral trade volume between Korea and ASEAN nearly quadrupled in the 10 years since 2001 to $124.9 billion last year, making ASEAN Korea’s second largest trade partner after China.

Korea’s trade surplus with ASEAN shot up from below $2 billion in the early 2000s to $18.7 billion last year.

Korea has increased its strategic investment in Southeast Asia because of its high growth potential and rich natural resources. Korea’s investment in ASEAN accounts for one-sixth of Korea’s total direct foreign investment (accumulated) since 2000. In particular, Vietnam accounts for a third of Korea’s investment in the ASEAN region.

Hill and Taylor also held a signing ceremony on Wednesday for the “Seeing is Believing” project, where Standard Chartered Korea has committed to donate $1 million to help restore the sight of visually impaired people in Vietnam.

By Kim So-hyun (sophie@heraldcorp.com)