What is the NSP?


What is New Southern Policy?

The NSP is a new policy paradigm and the ROK’s core diplomatic initiative.
It is aimed at realizing mutual prosperity and peace not only on the Korean Peninsula but
in East Asia and around the world. To this end, the policy seeks to elevate Korea’s relations with
ASEAN member states and India in the political, economic, social and
cultural spheres, among others, to the same level Korea maintains with
the four major powers (the United States, China, Japan and Russia).

October 2018 The ‘Presidential Committee on New Southern Policy’ was established under
the Presidential Commission on Policy Planning as a full-fledged implementation system for
the NSP to swiftly implement and carry out agreements reached through summit diplomacy and
to achieve tangible results for businesses and individuals in the region.


Why is the New Southern Policy important?

Maintaining close ties with countries in the New Southern region,
which possess great potential, can invigorate the global economy.

01. Young and dynamic regions
with significant growth potential

Total Population 2 billion

Moving forward with India
(with its population of 1.37 billion) and
ASEAN member states
(with a total population of 640 million)

A young, robust region

Countries whose population has a median
age of 30, have greater growth potential
than any other region in the world.

02. Fast growing markets

GDP $6.483 trillion

With ASEAN (GDP of 3.173 trillion) and
India (GDP of 2.875 trillion), the NSP region
has immense capacity for development.

Major trading partner for the ROK

With Korea-ASEAN trade of US$172.6 billion,
and Korea-India trade of US$16.6 billion,
the NSP region is a major
trading partner of the ROK.


What is the New Southern Policy’s Stategy?

Since 2018, the NSP has actively carried out various projects and has been supporting
Korean companies’ infrastructure development projects and manufacturing in the NSP region
through the 94 major projects under 19 categories centered on the principles of
3P (People, Prosperity, and Peace) to build a foundation for mutually beneficial and
future-oriented mutually beneficial economic collaboration.

Through the announcement of the New Southern Policy Plus in November 2020,
existing projects were reorganized into 7 key initiatives, and
a new direction for cooperation has been established for the NSP