Moon unveils new focus on South-East Asia
JAKARTA: South Korean President Moon Jae-in unveiled a new policy aimed at deepening ties with SouthEast Asia, as the North Asian economic powerhouse seeks to curb its reliance on traditional trading partners like China and the United States.
Moon made Indonesia, SouthEast Asia’s biggest economy, his first state visit to the region and was accompanied by a delegation of around 200 business leaders.
The “New Southern Policy”, aims to better connect South Korea to Association of South-East Asian Nations and expand the economic influence of Asia’s fourth-largest economy in the region home to over half a billion people.
“Korean diplomacy in Asia has been more towards Japan, China and Russia. But I see that it should expand to new horizons and Indonesia has good prospects,” Moon said at a business forum.
South Korea’s presidential Blue House has said the policy will mirror Moon’s “New Northern Policy” aimed at expanding cooperation between China, Japan, Russia and Mongolia.
The two nations signed a memorandum of understanding to develop a light rail transit system, Indonesia’s industry minister Airlangga Hartarto said.
South Korea’s Yonhap news agency said the project in Jakarta was part of a series of memorandums worth up to US$1.9bil (RM8bil) due to be signed.