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

  • With herd immunity likely in 2022, is Cambodia ready to reopen for tourism?

    The government aims to inoculate 80 per cent of the target population by June next year, giving it a head start among regional peers to reboot the sector but first, it has to do a few things to up its game A sign on a glass

  • Quarantine still a must for all arrivals, in next Covid chapter

    Since early May, an average of five to 10 Cambodian people have died from Covid-19 a day with many others testing positive amid the ongoing community outbreak. At the same time, however, hundreds of patients also recovered a day. The first Covid-19 case in Cambodia was

  • US wants 'full access' to Ream Naval Base

    On June 11, the US embassy's Defense Attaché Colonel Marcus M Ferrara visited Ream Nava Base in coordination with Cambodian officials following the recent approval of Prime minister Hun Sen to allay the concerns on Chinese military presence at the base as raised by US Deputy

  • Jab drive heading to 5 provinces

    The government is set to vaccinate more than 1.2 million people in five provinces after finishing with Phnom Penh and neighbouring Kandal in an ongoing campaign administered by the ministries of Health and National Defence. The five provinces are Preah Sihanouk, Kampong Speu, Takeo, Kampong Cham

  • New immigration bill targets illegal foreigners in Kingdom

    General Department of Immigration (GDI) officials are discussing revisions to the new draft law on immigration to prevent foreigners from entering Cambodia illegally and to supervise those living in the Kingdom more effectively. The revisions draw wide support among civil society organisations. GDI director-general Kirth

  • Kingdom set to be a gold producer

    Cambodia will soon join the roster of gold producing countries after the government announced the commencement of commercial gold mining operations in the Okvau area in southwestern Mondulkiri province's Keo Seima district from June 21. Prime Minister Hun Sen on June 10 announced that after 14 years of