RAC explore socio-economic impact of KASI
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.