Deepening South Korean cooperation with Asean
Multilateral mechanism
Bilateral trade has soared 20 times over the cited period to $160.5 billion – South Korea’s exports to the Asean region amounted to $100 billion last year, while its imports from the region reached $60.5 billion.
The country’s overall exports have increased sevenfold in the same period.
Asean is now South Korea’s secondlargest trading partner, while the country is the fifth-largest trading partner for the bloc.
The Asean region is also the thirdlargest destination for South Korea’s overseas investments.The number of visitors from both sides hit an alltime high of 11 million in 2018, which represents an increase of 40 times over the past 30 years. The figure is expected to reach 15 million by 2020.
South Korea and the Asean region still share the increasing need to further advance a multilateral mechanism that could help them cope with the fallout from the mounting conflict between the US and China, and adapt to a new wave of industrial renovations.
With its experience of rapid economic development and strengths in the information technology, construction, energy and transportation sectors, South Korea is well positioned to help the Southeast Asian nations fully realise their huge growth potential.
The Asean region boasts the world’s third-largest population – 650 million people, whose median age is just 29 – as well as abundant natural resources and a high annual growth rate, hovering above five per cent in recent years amid a global slowdown.
The growing popularity of K-pop in the region may also help South Korean companies do business there.
South Korea can contribute to building infrastructure particularly in the Asean member states through which the Mekong River flows – Cambodia, Laos, Myanmar, Thailand and Vietnam.
Moon and leaders from the “Mekong Five” nations are expected to discuss promoting development projects during the inaugural KoreaMekong Summit, which was to be held on Wednesday.
Peace and prosperity
One thing South Korea needs to heed going forward is the call to ensure more balance and diversity in economic and trade ties with the Asean nations, which have been biased toward Vietnam.
Reflecting Moon’s will, the summit in Busan included a separate session on the Korean Peninsula as part of Seoul’s efforts to enhance Asean nations’ understanding of and support for the Korean peace process.
Moon had hoped North Korean leader Kim Jong-un would join him in sitting down with Asean leaders to discuss efforts to build peace on the Peninsula.
But Kim rejected Moon’s earlier invitation to attend the summit.
Disclosing the rejection last week, the North said it would be pointless for its leader to join the summit amid the lack of progress in implementing the agreements reached between Moon and Kim in their previous meetings.
Pyongyang’s official news agency said on Monday that Kim inspected a front-line military unit on an island just north of the western sea border with the South and ordered firing drills, giving no further details, including the date of inspection.
The Asean region may help us to achieve peace and prosperity on a denuclearised Korean Peninsula.
On the other hand, settling nuclear threats from the North by consolidating South Korea’s alliance with the US and strengthening its collaboration with Japan and other regional powers would help facilitate and expand its partnership with the Southeast Asian bloc.
Korea can contribute to infrastructure particularly in the Asean states through which the Mekong flows