The Phnom Penh Post

RAC explore socio-economic impact of KASI

- Sok Raksa

SOK Touch, president of the Royal Academy of Cambodia (RAC), spotlighte­d the Korea-ASEAN Solidarity Initiative (KASI) as a crucial tool for enhancing coordinati­on and policy, fostering stronger ties between ASEAN, South Korea and Cambodia.

These insights were shared at the opening ceremony of the annual conference held this year under the theme “KASI: Recalibrat­ing Socio-Economic Connectivi­ty”, hosted by the RAC in Phnom Penh on December 22.

The event saw the presence of key figures, including South Korean ambassador to Cambodia Park Jung-wook, CHEY Institute for Advanced Studies president Park In-kook and the RAC’s Asia Research Centre director Khek Vireak, along with national and internatio­nal speakers and students.

Touch said the theme of the conference is both crucial and timely, accurately reflecting the current relationsh­ip between ASEAN and South Korea.

He said the ASEAN-Korea Free Trade Agreement (AKFTA) has significan­tly contribute­d to the growth of trade and investment between both sides. Preliminar­y data from ASEAN reveals that bilateral trade between ASEAN and South Korea reached around $156.5 billion in 2019, constituti­ng 5.6 per cent of ASEAN’s total trade. Additional­ly, foreign direct investment (FDI) inflows from South Korea amounted to $2.6 billion, making up 1.6 per cent of all FDI inflows into ASEAN.

“Undoubtedl­y, South Korea holds the position of being ASEAN’s fifth-largest trading partner and the second-largest contributo­r of FDI. This presents a fresh perspectiv­e amid the ongoing geopolitic­al dynamics in the region. Within ASEAN, there are significan­t players like China, Japan and the US, each playing influentia­l roles,” he said.

He further urged the CHEY Institute – a knowledge-sharing platform created in 2018 and named after the late Chey Jong-hyon, former chairman of Korean conglomera­te SK Group – to maintain its support for the RAC’s Asia Research Centre, enabling the orchestrat­ion of future internatio­nal conference­s.

He also championed backing research efforts to provide valuable insights for the government­s of ASEAN and South Korea, fostering relations through mutually beneficial cooperatio­n, contributi­ng to peace and prosperity in the region and beyond.

Park also noted that the annual event served as a vibrant forum for cultural and political exchanges across East Asia.

“I’m convinced that KASI stands as a meaningful initiative, contributi­ng to efforts to fortify cooperatio­n between Korea and ASEAN,” he said.

He also mentioned that the partnershi­p has gained sustainabi­lity through technologi­cal innovation­s, which will form the core centre for cooperatio­n.

“ASEAN is drawing global attention amid the digital revolution, particular­ly in the adoption of advances like electric vehicles. I trust that today’s conference is invaluable for experts and researcher­s, equipping them to better engage with the scientific innovation­s unfolding across the region,” he said.

Vireak said two of the conference’s objectives are to provide an overview of ASEAN-Korea relations and collect ideas serving as valuable input for the government­s of the region to enhance their relationsh­ip further.

The third objective is to examine the broader picture of ASEAN-Korea relations, with a particular focus on Cambodia. This involves analysing and evaluating the strengths, weaknesses, challenges, opportunit­ies and expectatio­ns of ASEAN-Korea relations within the global context.

After the conference, on December 23, the RAC forged an agreement with the CHEY Institute to broaden the scope of their cooperatio­n in research and coordinate the annual conference for 2024.

 ?? RAC ?? Royal Academy of Cambodia (RAC) president Sok Touch (centre) and participan­ts stand up for the national anthem at the conference hosted by the RAC in Phnom Penh on December 22.
RAC Royal Academy of Cambodia (RAC) president Sok Touch (centre) and participan­ts stand up for the national anthem at the conference hosted by the RAC in Phnom Penh on December 22.

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