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(SEOUL=Yonhap News) The Small and Medium Business Administration (SMBA) of Korea revealed April 3 that it has signed a memorandum of understanding (MOU) with Thailand's Industry Ministry and Office of SME Promotion (OSMEP) to open a joint technical exchange center in Thailand that will serve as an entry point into ASEAN markets.

Based on the MOU, Korea and Thailand will promote technical exchange between companies in either country, focusing on the 10 industries the Thai government vows to develop in the coming years, including next-generation automobiles and smart electronic appliances.

The two countries also agreed to hold an annual joint committee to review the progress made at the new Korea-Thailand Technical Exchange Center, and cooperate on a wide range of policies concerning small and medium businesses, including business ventures and owners of small enterprises.

SMBA Minister Joo Young-sup and Thai Industry Minister Uttama Savanayana attended the 1st Korea-Thailand Joint Committee for Small and Medium Businesses, and discussed the details of the technical exchange center, such as employment scale, location and budget, so that it may open in the first half of this year.

SMBA expects such intergovernmental partnerships will help further diversify Korea's exports to the ASEAN region, the 2nd largest export market after China for small and medium Korean companies.

According to Minister Joo Young-sup, "Korea will continue to expand cooperation with other governments, such as by establishing technical exchange centers, to respond to the global trend of protectionism in advanced countries, and diversify export markets for small and medium Korean companies."

kamja@yna.co.kr

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Source: Yonhap News (Apr. 3, 2017)