S Korea holds two summits to expand economic cooperation with ASEAN
Jennifer Chang
Press TV, Busan
South Korea has marked 30 years of partnership with ASEAN by hosting the ASEAN - Korea Summit in Busan, the largest ever hosted by the South’s president, Moon Jae-in.
The summit’s aim is to come up with measures to strengthen their post-summit ties. The summit kicked off with its special event attended by CEOs – where President Moon urged enhanced, win-win Seoul – ASEAN trade and ASEAN’s support for engaging Pyongyang.
The event’s expert panelists discussed ways the South can develop diverse, sophisticated strategies for entering ASEAN markets, which now vary greatly by nation amid a fast-changing environment.
ASEAN states are quickly becoming a global electronics leader, making phone and PC exports for foreign companies like Samsung with factories in Southeast Asia.
Believing development of the Mekong countries spearheading ASEAN’s growth – Vietnam, Myanmar, Thailand, Cambodia and Laos – will translate into the South’s development.
The South holds the first Mekong - Korea Summit in Busan after the ASEAN - Korea summit to boost partnership with them and aid their connectivity with infrastructure construction support. Both summits stress unicorns, startups, innovations, and cultural contents as driving the South and ASEAN’s growth.
Once the summits are over, they’ll have produced wide-ranging bilateral MOUs with some ASEAN nations including Malaysia, Indonesia, and the Philippines.
The holding of this summit by South Korea with one of the world’s hottest regions, ASEAN – whose economic growth is reminiscent of South Korea’s past era of fast growth – is raising hopes of a bright new future for the South’s economy, one free of the burden of the US and China’s trade and security conflicts in East Asia.
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