The government expects exports to countries under its New Southern and Northern policies to hit new highs this year, assessing that the signature policies have begun to bear fruit after four years.

At a forum co-hosted by the Korea International Trade Association(KITA) on Monday, the trade ministry said exports to the ten-member Association of Southeast Asian Nations(ASEAN) and India broke the 100-billion-dollar mark in 2017.

Under the New Southern Policy, outbound shipments to the region are forecast to hit an all-time high this year, with the trade volume through November standing at 111-point-nine billion dollars.

Between 2018 and 2020, investments stood at 36-point-54 billion dollars, jumping 73 percent from the previous three-year period ending in 2017. Investment sectors expanded to include electric vehicles and batteries.

Exports to countries under the New Northern Policy, including Russia, Mongolia and Central Asian countries, nearly doubled from seven-point-two billion dollars in 2016 to 13-point-eight billion dollars in 2019. Shipments are forecast to set a new record this year.