MOIT VIETNAM | ASEAN member states and S Korea discuss investment at Connectivity Forum
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ASEAN member states and S Korea discuss investment at Connectivity Forum
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The Republic of Korea’ s New Southern Policy aims for a closer relationship with ASEAN in trade, investment, culture, tourism and people to people partnerships. — VNS Photo Mỹ Hà |
SEOUL— 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 US$ 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.
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 2019.
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 Việt Nam’s top investor at $61.5 billion," Nguyễn Việt Cường, Deputy Head of the Statistics and Information Division from the Foreign Investment Agency under the Ministry of Planning and Investment, told Việt Nam News. "The relationship between Korea and Việt Nam has been developing well and we see steady growth of registered investment of $5 billion a year."
Việt Nam calls on Public-Private Partnership (PPP) investment to upgrade the country’s ailing 3,000km plus railway system at the forum.
The forum will hold panels to discuss prospective issues on transportation, energy and PPP programmes in Việt Nam. Việt Nam’s delegation will make presentations in all of panels.
Source: VNS
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