Korean interest in Asean grows as integration draws near
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The Republic of Korea has set a plan to increase its investment in Asean member countries next year as the region moves to welcome the Asean Economic Community at the end of 2015.
South Korea invested US$3.8 billion in Asean member states in many sectors in 2013, a senior official from the Korean Ministry of Foreign Affairs, Chung, Eui -hae Cecilia said to Asean media personnel when they visited South Korea recently.
South Korea is now the second largest investor in Asean member countries. Korea is also the second largest trading partner with Asean countries. The trade values hit US$135.3 billion while Asean's surplus was US$ 28.7 billion.
“The trade value in Asean countries is set to increase to $150 billion in 2015,” Ms Chung, Eui -hae Cecilia said.
From 1988 to the present, South Korea invested in over 290 projects with the total value of investment reaching some US$751,072,000, according to the Investment Promotion Department of the Ministry of Planning and Investment.
In Myanmar, South Korean executives have signed a memorandum of understanding (MoU) with the Union of Myanmar Federation of Chambers of Commerce and Industry to invest in construction and other business sectors in partnership with Myanmar entrepreneurs, executives said.
A 30-member delegation from the Korea Chamber of Commerce and Industry that visited Myanmar this week is very keen on construction, garments, stationary imports, restaurants, printing presses as well as manufacturing of its electronic devices, car imports and medicine manufacturing, executives said.
“Myanmar is rich in natural resources. A bilateral agreement between Korea and Myanmar will support more business,” said Choi Jae-young, president of the Seoul Chamber of Commerce and Industry, adding that the delegation consisted of executives from mid and small-sized trading firms.
The MoU will aid the exchange information between Myanmar and Korean businesses and promote bilateral trade and investment, which will spark more economic growth, Choi said.
UMFCCI member Dr Myo Thet said it would promote free trade and increase foreign investment in Myanmar.
Apart from investment, more Korean people will visit Asean countries next year as interest in the region grows, she said. Asean countries will become the No.1 tourist destination for Korean people in the years ahead.
In 2013, so me 4.6 million Korean people visited Asean countries. Over 80,000 Korean people visited Laos and the number of Korean people vis iting Laos will increase in the future. Meanwhile more than 5,500 Lao people visited Korea in 2013.
Among Asean countries, Thailand is the number one tourist destination for Korean people. More than 1.2 million Korean people visited Thailand last year. The Philippines is the second most popular Asean country for Korean people. More than 4,000 Korean people visited Brunei and over 18,000 people travelled to Myanmar.
Laos and South Korea have established direct flights. South Korea has invested in many areas in Vientiane including Korean restaurants.
Asean and South Korea will mark the 25th anniversary of their relations this year. To mark the occasion the Asean - South Korea Commemorative Summit 2014 will be organised in Busan City in December.
