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S. Korea vows support for expanded cooperation, ties with ASEAN member states

All News 11:00 November 25, 2019

BUSAN, Nov. 25 (Yonhap) -- South Korea will spare no efforts to help local firms expand ties and cooperation with their counterparts in Southeast Asian nations as part of efforts to tap deeper into the region with high growth potential, Seoul's trade ministry said Monday.

The special group summit between South Korea and the 10 countries of the Association of Southeast Asian Nations (ASEAN) is under way in this southern port city of Busan, which Seoul views as another milestone in boosting bilateral partnership amid its signature New Southern Policy.

"The role of the business community is crucial in order for South Korea to join deeper economic ties with ASEAN member states," Industry Minister Sung Yun-mo said during a gathering of business officials held in line with the ASEAN-Republic of Korea Commemorative Summit.

At the event, around 500 businessmen and government officials from South Korea and ASEAN members gathered to exchange ideas on potential cooperation.

Senior-level officials from major South Korean conglomerates such as Samsung, Hyundai, SK and LG attended the event, along with representatives from various Southeast Asian firms such as Myanmar's Htoo Group and Cambodia's Royal Group.

During the sessions, Thai Prime Minister Prayut Chan-o-cha, Vietnamese Prime Minister Nguyen Xuan Phuc, Indonesian President Joko Widodo and other leaders delivered special speeches, offering their visions on cooperation with South Korea and the region.

Participants highlighted that ASEAN, which boasts a population of 650 million and rich natural resources, will emerge as the top economic bloc in the future.

S. Korea vows support for expanded cooperation, ties with ASEAN member states - 1


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