Korea seeks new growth engines in ASEAN

Korea Chamber of Commerce and Industry (KCCI) Chairman Park Yong-maan speaks at the opening of the 2014 Korea-ASEAN Business Summit at BEXCO in Busan on Thursday. / Courtesy of KCCI

By Lee Hyo-sik

Korean companies should establish a bigger presence in Southeast Asia and find new growth engines within the region, according to the head of the country’s largest business association.

In an opening speech at the 2014 Korea-ASEAN Business Summit at BEXCO in Busan, Thursday, Park Yong-Maan, the chairman of the Korea Chamber of Commerce and Industry (KCCI), said Korea has forged long-lasting constructive business ties with the Association of Southeast Asian Nations (ASEAN) over the years.

“Now is the time for local businesses to take advantage of the close bilateral relations to find new business opportunities in Southeast Asia,” he said.

The one-day gathering, the first of its kind since 2009 when business leaders from Korea and ASEAN met on Jeju Island, drew nearly 600 heads of states, senior government officials and company CEOs from both sides. President Park Geun-hye also attended the meeting and delivered a congratulatory speech, encouraging business leaders to further boost collaboration.

The summit also featured three discussion sessions covering a wide range of issues, such the global economic outlook, the future of ASEAN and the entrepreneurship in the 21 century.

“The ASEAN economies have been growing at 5 to 7 percent annually since the 2008 global financial market meltdown, playing a crucial role in sustaining the world economy,” Park said. “A closer economic cooperation between Korea and the ASEAN will not only benefit Asia, but also the rest of the world. It will provide a boost to the slowly recovering global economy.”

The chairman then stressed the importance of the entrepreneurship and innovation, saying that business leaders from both sides should step up their efforts to find new growth engines.

“Korean companies have been making all-out efforts to foster business innovation to build the ‘creative’ economy. If they join hands with rapidly expanding ASEAN companies, it will generate enormous synergy and become a role model for others,” Park said.

The KCCI also launched the Korea-ASEAN Business Council with its counterparts from Southeast Asian nations in its efforts to increase private-sector business exchanges. Lee Dong-geun, KCCI executive vice president, signed a memorandum of understanding Wednesday with heads of business associations in Indonesia, Brunei, Malaysia and other ASEAN member states. The council will hold a 2015 meeting in Malaysia.