Logo of Phnom Penh Post newspaper Phnom Penh Post - Asean and South Korea discuss investment

Asean and South Korea discuss investment

Asean and South Korea discuss investment

VIETNAM NEWS/ANN: The sixth Asean Connectivity Forum, the only forum on investment in Asean countries, opened on Tuesday in Seoul, South Korea.

Home to 640 million people, Asean has a GDP of $2.8 trillion and average annual growth of five per cent. Asean is currently the world’s fifth-largest economic power, playing an increasingly important role in the broader global economy. The region is the second largest trading partner of the Republic of Korea (RoK).

In his opening remarks, Ambassador Lee Hyuk, Secretary General of Asean-Korea Centre said: “Asean is Korea’s third largest investment destination with investment of $5 billion last year.”

According to RoK President Moon Jae-in, Korea’s New Southern Policy looks to deepen the country’s engagement with Asean and bridge the economic gap between Korea and the region.

Expectations

The New Southern Policy sets a target to reach $200 billion in bilateral trade by 2020, and to double the annual Asean-RoK Fund to $14 million by next year.

The “Asean - Korea Infrastructure Fund” is expected to raise $100 million by 2022 to promote mutual co-operation in the four key areas of transportation, energy, water resources and smart cities.

“Korea is currently Vietnam’s top investor at $61.5 billion,” Nguyen Viet Cuong, Deputy Head of the Statistics and Information Division from the Foreign Investment Agency under the Ministry of Planning and Investment, told Viet Nam News. “The relationship between Korea and Vietnam has been developing well and we see steady growth of registered investment of $5 billion a year.”

Vietnam calls on Public-Private Partnership (PPP) investment to upgrade the country’s ailing 3,000km plus railway system at the forum.

Tran Viet Dung, head of the PPP office under MPI said that Vietnam is still in its infant stage in building smart cities.

“Binh Duong, Danang and Ho Chi Minh City have been chosen to start towards a smart city plan, but we need to build a common e-platform to work out necessary criteria, define resources and choose a starting point,” he said.

The four-day forum will conclude on Thursday.

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Kingdom’s rice crowned world’s No1

    Cambodia’s Phka Rumduol jasmine variety has been crowned the World’s Best Rice for the fifth time at the TRT (The Rice Trader) World Rice Conference in Phuket, Thailand on November 17, according to leaders of the Kingdom’s apex rice industry body. Phka Rumduol

  • Ministry to 'seek justice' for officials indicted in US for 'monkey smuggling'

    The Cambodian government and the Ministry of Agriculture, Forestry and Fisheries said they will make the “utmost effort” to seek justice for a Cambodian official arrested in John F Kennedy International Airport in New York for allegedly conspiring to smuggle crab-eating macaque monkeys (Macaca fascicularis)

  • Takeo hand-woven silk items provide local high-quality alternative to imports

    After graduating from university and beginning her career as a civil servant at the the Ministry of Economy and Finance, Khieu Sina found time to establish a business that aligns with her true passion – quality hand-woven Khmer goods. Her product line, known as Banteay Srei,