The Federation of Korean Industries (FKI), a lobby group of large Korean companies, proposed to major cities across Asia to jointly run visa waiver program to spur regional exchanges and tourism.

In his keynote address to the Asian Business Summit (ABS) held in India on Friday, FKI Vice Chairman Kwon Tae-shin suggested creation of an Asian version of the Schengen visa, or short-stay visa allowing the holder to travel to member states without separate border clearance. The ABS is a conference of 16 industry and business organizations from Asia. It was initiated in Japan in 2010.

Major cities like Seoul, Tokyo, and New Delhi can join the scheme along with inter-government tourism program to allow Asian community members to experience and benefit from cultural exchanges, he said.

He said such regional alliance needs to be enhanced for protection against growing trade barriers from major economies.

His proposal was reflected in the joint statement of 16 business organizations that attended this year’s ABS. The FKI hosted the annual conference in Seoul last year.

By Kang Doo-soon and Cho Jeehyun

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