The ASEAN-Korea Centre and the Korea Institute for International Economic Policy co-hosted the 2024 ASEAN-Korea Trade and Investment Roundtable on May. 8, focusing on enhancing digital transformation and supply chain cooperation between South Korea and ASEAN countries.
At the roundtable, there were discussions related to the strengthening cooperation in digital transformation and supply chain sectors between South Korea and ASEAN countries amidst global challenges such as protectionism and digital transition.
This year marked the 4th anniversary of the event, which has previously explored cooperation on major issues surrounding S. Korea and ASEAN, such as the ‘Korea-ASEAN Solidarity Initiative (KASI)’, ‘ASEAN Outlook on the Indo-Pacific (AOIP)’, and the ‘ASEAN-Korea Free Trade Area (AKFTA)’.
This year’s roundtable focused on the ‘Negotiations on the Digital Economy Framework Agreement (DEFA)’, which began in Sept. 2023, and sought ways to enhance cooperation in digital transformation and supply chain areas between the two regions.
The opening ceremony featured opening remarks by Kim Jae-shin, Secretary-General of the ASEAN-Korea Centre, and a welcome speech by Lee Si-wook, the president of KIEP, followed by congratulatory speeches by Thant Sin, the Myanmar Ambassador to Korea (Chairman of the ASEAN Ambassadors in Korea), and Lee Jang-keun, Ambassador of the Republic of Korea to ASEAN.
Secretary-General Kim has highlighted the 35th anniversary of the establishment of dialogue relations between Korea and ASEAN and underlined the importance of stronger cooperation between S. Korea and ASEAN.
He said, “In light of the rapidly changing global environment and the increasing nationalistic stance, it is crucial for both regions to collaborate and discuss practical strategic initiatives based on their external strategies.”
Ambassador Thant Sin expressed the growing importance of the relationship between ASEAN and Korea amidst complex international situations and the need to continue close cooperation.
He remarked, “ASEAN and Korea are very important partners to each other,” and stressed the necessity for ongoing cooperation and establishing digital strategies.
Following the opening, presentations continued on the global economic outlook from the perspectives of ASEAN and Korea.
Satvinder Singh, Deputy Secretary-General of the ASEAN Economic Community, and Kim Chang-beom, Vice Chairman of the Federation of Korean Industries (former Ambassador to Indonesia), served as keynote speakers and led the related discussions.
The first session featured a panel discussion on ‘Supply Chain Cooperation’ involving university professors from ASEAN countries, industry researchers, and experts from KIEP.
Keng Lin Soh, a professor at Monash University, noted, “Issues such as protectionalism are likely to continue disrupting global supply chains,” and highlighted the need for sustainable supply chain management considering profitability and the environment.
According to Dyah Wulan Sari, an economics professor at Airlangga University, there are still ongoing crises in Korea and ASEAN member countries due to the COVID-19 pandemic and the Russia-Ukraine war, which have led to inflation. However, she also noted that previous agreements between S. Korea and ASEAN can help mitigate some of the negative effects.
The second session addressed ‘Digital Transformation’ in Korea and ASEAN member countries. The discussion within the session covered other issues such as the ASEAN Digital Economy Framework Agreement (DEFA), Digital Economy, and Digital Divide of two regions.
Min Hyuk-ki, a researcher of KIET, emphasized the need for digital cooperation between Korea and ASEAN member countries.
He stated, “The rapidness of digital transformation is drastically reshaping the global economy, and trade volumes using digital technologies are also increasing,” stressing that “digital cooperation between ASEAN and Korea must be enhanced to remain competitive in the digital race.”
Ko Young-kyung, a professor at Korea University, said, “There are currently 52 unicorn companies in ASEAN with a value of over 1 trillion won as of 2023,” and noted, “We need to address challenges like digital transformation and reducing greenhouse gas emissions to establish sustainable growth engines.”
