Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Yoon discusses ways to strengthen economic cooperation with leaders of Australia, Vietnam
President Yoon Suk Yeol shakes hands with Australian Prime Minister Anthony Albanese at a hotel in Hiroshima, Japan, Friday. Joint Press Corps
By Nam Hyun-woo
By Nam Hyun-woo
HIROSHIMA, Japan ― President Yoon Suk Yeol held summits with the leaders of Australia and Vietnam, Friday, and agreed to strengthen economic cooperation with the two countries, which are South Korea's comprehensive strategic partners.
Yoon met Australian Prime Minister Anthony Albanese and Vietnamese Prime Minister Pham Minh Chinh on the first day of his three-day visit to Hiroshima, Japan. Yoon is visiting the Japanese city to attend the Group of Seven (G7) summit.
It was the second South Korea-Australia summit since Yoon was elected into office in May 2022. Yoon and Albanese met in June of last year on the sidelines of the North Atlantic treaty Organization Summit in Spain.
According to presidential spokesperson Lee Do-woon, Yoon and Albanese recognized that bilateral relations are deepening in various fields after diplomatic ties were upgraded to a comprehensive strategic partnership in 2021.
“Our government aims to strengthen strategic communication with Australia, a key like-minded country in the region, in order to implement our Indo-Pacific strategy more effectively,” Yoon was quoted as saying.
Agreeing with Yoon, Albanese lauded the South Korean president's efforts to improve relations with Japan and maintain peace and stability in the Indo-Pacific region.
They agreed that South Korea and Australia, whose economies complement each other, should continue to bolster cooperation in global supply chain resilience and stabilize bilateral trade in rare minerals, which are essential for the progress of advanced industries. The leaders also shared opinions on expanding bilateral cooperation in the fields of defense, based on their achievements so far.
Currently, South Korea's Hanwha Aerospace is seeking to export its Redback Infantry Fighting Vehicle to Australia. It is competing with Germany's Rheinmetall KF-41 Lynx for the Australian weapons procurement project.
Albanese expressed his hope of realizing plans to expand defense cooperation between the two countries and increase the frequency of joint military exercises in the Indo-Pacific region, according to the spokesperson.
Both leaders shared the view that North Korea's unprecedented provocations pose a serious threat not only to the Indo-Pacific region, but also to the peace and prosperity of the international community.
President Yoon Suk Yeol shakes hands with Vietnamese Prime Minister Pham Minh Chinh during their summit at a hotel in Hiroshima, Japan, Friday. Yonhap
Following the summit with Australia, Yoon sat down with Chinh at a hotel in Hiroshima and explored ways to deepen South Korea's relations with Vietnam and the Association of Southeast Asian Nations (ASEAN).
“The relations between South Korea and Vietnam witnessed remarkable achievements in every aspect in the past three decades,” Yoon said, referring to the 30th anniversary of diplomatic ties between Seoul and Hanoi last year when bilateral diplomatic ties were elevated to a compressive strategic partnership.
“Last year, Vietnam became Seoul's third-largest trade partner following China and the United States,” Yoon said. “I want to express my gratitude for your efforts in the development of bilateral relations, such as having dialogues with South Korean businesses to address their difficulties.”
According to the presidential spokesperson, Yoon stressed that more than 8,000 South Korean businesses operating in Vietnam are “precious assets” that support the close economic partnership between the two countries.
Yoon also voiced hopes of boosting South Korea-Vietnam trade to $150 billion (200 trillion won) by 2030 and promised to expand cooperation in development projects.
Chinh said he hopes official development programs and other projects between the two countries will expand further to incorporate exchanges in digital and science technologies.
According to the spokesperson, the prime minister added that Vietnam considers South Korea as a core partner in its overseas policies, while his country seeks stronger strategic coordination and cooperation down the road.
“I am deeply impressed by the various initiatives and strategies that the president is pursuing,” Chinh said. “Yoon's initiatives, such as the Korea-ASEAN Strategic Plan, the Indo-Pacific Strategy, and Global Pivotal State Initiative will play a crucial role in the development of South Korea.”