The 20th birthday is widely celebrated in Korea, signaling a coming-of-age. Parents hold a big party for their children’s transition from adolescence to adulthood.
From today till June 3, Korea and ASEAN will celebrate their coming-of-age party. Leaders of the 10 ASEAN countries will visit the resort island of Jeju. For the first time in ASEAN history, 700 CEOs will get together to talk about more trade, investment and business opportunities ahead of the formal opening of the ASEAN-Korea Commemorative Summit.
President Lee Myung-bak is expected to unveil his New Asia Initiative during the gathering. Amid ups and downs during the past two decades, the two-way partnership is now entering mature adulthood.
When Korea formally linked ties with the bloc, Korea was bigger than the 10-member body in terms of economy. Korea had been growing faster, but now ASEAN is growing faster than Korea. The ASEAN economy is bigger than the Korean economy. The two sides are powering each other’s economic growth in a complementary way.
During the meeting, the two sides will sign a mutual investment pact to complement the free trade agreement which has been in place since June 2007. Trade Minister Kim Jong-hoon expects Korea to achieve $150 billion in trade with the bloc by 2015. Following the implementation of a free trade agreement, two-way trade has seen a double-digit growth.
ASEAN is quite important for Korea. It is Korea’s third-largest trade partner after China and the European Union. ASEAN is Korea’s No. 2 investment destination after the United States. ASEAN guest workers are important and invaluable contributors to Asia’s fourth largest economy. Two decades ago, it was quite unusual to see other Asians here.
Now foreigners, including other Asians, walking on the street scarcely get a second glance because so many of them now live here.
The number of foreign residents in Korea surpassed the 1-million mark in August 2007, accounting for 2 percent of the total population. Despite Seoul’s pro-active policy to embrace multicultural families, non-Koreans still believe Korea has more room to make their life comfortable and friendly.
The Presidential Council on Nation Branding has picked the promotion of the multicultural society here as one of top 10 policy priorities. Under its “Rainbow Korea” project, it seeks a systematic and comprehensive state-sponsored project to help foreign residents lead a life here in a comfortable and joyful way.
The coming-of-age party for the two means they have a responsibility for mutual prosperity and partnership. The time has come for the partnership to move toward promoting the welfare of Koreans and those from ASEAN countries beyond the simple expansion of trade and investment.