Lee Tae-ho Vice Minister: "Based on President Moon's Proposal of 'New Southern Policy Plus,' Strengthening Korea-Mekong Cooperation Further"

Deputy Minister and Chief Representative Attend Public-Private Joint Delegation at 'Korea-Mekong Business Forum'
"Proposal for Fast-Track Introduction Among 6 Korea-Mekong Countries, Inter-Governmental Consultations Underway"

[Asia Economy Reporter Lim Cheol-young] The Ministry of Foreign Affairs announced on the 6th that it jointly held the 8th Korea-Mekong Business Forum with the Vietnamese Ministry of Foreign Affairs on the 4th in Hanoi, Vietnam. Hosted by the Korea International Trade Association and the Vietnam Chamber of Commerce and Industry, this forum was conducted for the first time in a hybrid format combining in-person and virtual participation, considering the COVID-19 situation.

From the Korean side, a public-private joint delegation led by Lee Tae-ho, Vice Minister of Foreign Affairs, along with representatives of local Korean companies, totaling about 120 people, attended. In Vietnam, over 100 representatives from central and local governments and businesses visited the venue, while other Mekong countries including Cambodia, Laos, Myanmar, and Thailand participated virtually.

The forum was held under the theme of business in the new normal era. Participants diagnosed the impact of the COVID-19 spread on regional small and medium-sized enterprises and small business owners, and focused discussions on ways to overcome these crises and enhance regional resilience within the framework of Korea-Mekong cooperation.

In his opening remarks, Vice Minister Lee stated, "Korea-Mekong relations have continuously developed through the first summit meeting held last year and the establishment of a strategic partnership at the second summit meeting this year," adding, "Based on the New Southern Policy Plus announced by President Moon Jae-in at the ASEAN-related summit meetings last November, we will continue to strengthen Korea-Mekong cooperation."

He also evaluated that the development of Korea-Mekong cooperation so far has been contributed not only by the government but also by the private sector including companies, and emphasized that it is very important to strengthen public-private partnerships to more effectively overcome crises such as COVID-19, climate change, and natural disasters facing the Mekong region.

Vice Minister Lee said, "In this regard, the Korea-Mekong Business Council, agreed to be established at the first Korea-Mekong summit meeting last year, proposed the introduction of a fast-track system among the six Korea-Mekong countries," and added, "Intergovernmental consultations are underway to realize this."

He continued, "Various cooperation efforts focusing on strengthening the Mekong region's capacity to respond to the 4th Industrial Revolution are being carried out using the Korea-Mekong Cooperation Fund and Official Development Assistance," and said, "Through Korea's Digital New Deal policy, cooperation in the digital sector between Korea and the Mekong can be further strengthened."

Meanwhile, Le Hai Trung, Deputy Minister of Foreign Affairs of Vietnam and the chief representative from the Vietnamese side, said in his opening remarks that since Korea-Mekong cooperation began in 2011, multi-layered cooperation has developed, and despite COVID-19, the trade volume between Korea and the Mekong is recovering to last year's level this year. He also evaluated that the Korea-Mekong Business Forum is very timely, especially as small and medium-sized enterprises have suffered significant damage due to COVID-19, and expressed hope that this forum and one-on-one virtual business matching will contribute to enhancing the resilience of SMEs.

Meanwhile, in two sub-sessions titled ‘Opportunities and Challenges Faced by Companies in the Changing Global Economy’ and ‘Seeking Sustainable and Inclusive Growth in the New Normal Era and the Role of Korea-Mekong Cooperation,’ presentations by the Asian Development Bank and discussions involving Korea and five Mekong countries were actively conducted. One-on-one virtual matching between companies from each country was also held simultaneously, enabling Korean companies to explore new business opportunities. A total of about 80 consultations were arranged with participation from 20 Korean companies and 38 Mekong companies.

After the business forum closed, a separate session titled ‘Dialogue between Korean Companies and Vietnamese Local Governments’ was held to introduce the investment environment of major Vietnamese localities to Korean companies. Senior representatives from six Vietnamese localities attended as presenters, showing high expectations from Korean companies for investment attraction and expanded cooperation with Korea.

An official from the Ministry of Foreign Affairs explained, "Next year marks the 10th anniversary of the launch of Korea-Mekong cooperation and has been designated as the Year of Korea-Mekong Exchange," adding, "Our government plans to further strengthen the interest and support of the peoples of each country for Korea-Mekong cooperation so that 2021 can be another starting point for the development of Korea-Mekong relations."

This content was produced with the assistance of AI translation services.