S. Korea, ASEAN business leaders call for closer cooperation

JEJU ISLAND, South Korea, May 31 (Yonhap) -- Political and business leaders
joining the Korea-ASEAN CEO summit here Sunday called for closer regional
cooperation between South Korea and Southeast Asian nations to lead global
economic growth and accelerate co-prosperity.
The two-day CEO gathering kicked off Sunday on the sidelines of the
ASEAN-Republic of Korea Commemorative Summit marking the 20th anniversary of a
dialogue partnership between the two regions. The summit will be held through
Tuesday.
"The world today is faced with a rapid change of paradigm. The relative role of
emerging economies is growing in importance, compared to that of advanced
countries which have been leading the global economy until now," Sohn Kyung-sik,
president of the Korea Chamber of Commerce and Industry (KCCI), said in a
prepared speech. The KCCI is the organizer of the meeting.
"The current change of global economic paradigm which is taking place will be a
new challenge and opportunity for Korea and ASEAN," he added.
Shin Jang-seob, a professor at the National University of Singapore, echoed
Sohn's comments. "Asia boasts huge and sufficient potential based on its large
population. This will enable the region to lead the global economy," he said.
"Even to accelerate global economic recovery, Asian countries are required to
push for cooperation than any time."
ASEAN has a population of 590 million and a combined gross domestic product of
$1.28 trillion, making it the largest economic bloc in the world.
South Korea's relations with the 10-member ASEAN significantly improved after it
established a "dialogue partnership" with the regional body in 1989.
Korean trade with the association nearly tripled to around $90 billion last year
from 2001, according to the ministry. The expanded exchanges made South Korea
ASEAN's third-largest trading partner, while ASEAN is the fifth-largest partner
for South Korea.
Miguel Varela, chairman of the Philippine Chamber of Commerce, suggested concrete
ways on bilateral cooperation, citing South Korea's prowess in the IT sector.
"South Korea's leadership in the IT sector will help support the growth of other
ASEAN countries," he was quoted as saying by the KCCI in a statement offered in
advance. "If combined with the human resources of the Philippines, we will be
able to spearhead along with South Korea to lead the economy of the Pacific era."
Some participants in the meeting raised the possibility that relatively high
growth among Asian countries will induce more investment into the region in the
near future.
"As Asian countries post relatively higher growth than others, capital is moving
toward East from West," Vincent Cheng, chairman of HSBC Asia Pacific, was quoted
as saying in the meeting.
Around 700 businesspeople will attend the gathering, the first of its kind
between the two regions, to review their investment opportunities and
future-oriented cooperation in diverse areas.
The meeting touches on the global economy, trade and investment under the title
"Change, Challenge, and Collaboration for Asia's Prosperity." South Korean
President Lee Myung-bak is attending the meeting along with his counterparts from
Thailand, Vietnam and Cambodia.
ASEAN refers to the Association for Southeast Asian Nations comprised of Brunei,
Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, the
Philippines and Vietnam.
kokobj@yna.co.kr
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