Investment chances in ASEAN introduced to ROK enterprises

Wednesday, 2021-10-06 21:26:23
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Secretary General of the ASEAN - Korea Centre Kim Hae-yong speaks at the workshop (Photo: VNA)
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NDO/VNA – Sectors that are inviting investment, along with investment incentives and benefits, in special economic zones and industrial parks of ASEAN countries were introduced to businesses of the Republic of Korea (ROK) at a workshop held in Seoul on October 6.

The event, organised both in person and virtually by the ASEAN - Korea Centre (AKC) in coordination with the ROK Committee on the New Southern Policy, the Korea International Trade Association (KITA), and the Korea Trade-Investment Promotion Agency (KOTRA), aimed to promote Korean enterprises’ investment and business activities in ASEAN in the post-pandemic period.

In his opening remarks, AKC Secretary General Kim Hae-yong said despite challenges amid the COVID-19 pandemic, ASEAN and the ROK remain steadfast partners of each other in five straight years, and the bloc became the second largest investment destination of Korean companies in 2020.

He noted special economic zones and industrial parks have helped attract global businesses to ASEAN thanks to greater conditions for trading activities and many different incentives. Particularly, the zones have been drawing more and more attention from investors who are seeking to diversify supply chains.

The World Economic Forum forecast that in the next decade, ASEAN will become the world’s fourth biggest economy with total GDP of about US$4 trillion, which is why even amid the peak of the pandemic, about 17,000 Korean companies still operate in ASEAN countries, according to Kim.

Emphasising the ROK’s New Southern Policy, Vietnamese Ambassador to the ROK Nguyen Vu Tung held that this policy has opened up more opportunities for the cooperation between the ROK and ASEAN members.

ASEAN is viewed as an important partner in the ROK’s New Southern Policy. More than 17,000 Korean companies are operating in various industries in this region, from manufacturing, infrastructure building to energy, finance - banking, and services. The bloc has also capitalised on its role as the strategic manufacturing centre and consumption market of many multinational enterprises.

Some economists said despite COVID-19 and global uncertainties due to trade disputes, ASEAN remains a growth driver thanks to its solid economic foundations and commitment to global economic integration.