Yoon Begins 'Sales Diplomacy' in Second Half of Southeast Asia Tour

Keynote Speech at B20 in Bali, Host of G20 Summit
South Korea-Indonesia Business Roundtable Attended by President Jokowi
Focus on Southeast Asia Investment, Expanding from Vietnam to ASEAN Region

[Image source=Yonhap News]

[Bali, Indonesia = Lee Ki-min, Asia Economy] On the fourth day of his Southeast Asia tour, President Yoon Suk-yeol attended various economic events, including the B20 Summit, in Bali, Indonesia, where the G20 Summit is being held on the 14th (local time), launching sales diplomacy. This is interpreted as an effort to emphasize the significance of the South Korean government's investment in ASEAN, showcase the excellence of Korea's economic policies and technologies, and actively attract investments related to Korea.

According to the presidential office, President Yoon will deliver a keynote speech at the B20 Summit in the afternoon on the theme of "The Role of Businesses in Overcoming Global Complex Crises and Global Cooperation in the Era of Digital Transformation." It is reported that President Yoon will emphasize in his speech that "the core of private-sector-led supply-side innovation lies in 'digital transformation'." This aligns with his emphasis in September in New York on the need to establish a new digital order.

Choi Sang-mok, the chief economic secretary to the president, said in a local briefing in the morning, "President Yoon will propose discussions on the global digital order at the B20, a 'platform for inter-company cooperation,' and emphasize that the Korean government will lead G20-level discussions to establish a new digital order." The B20 is a forum where economic leaders from G20 member countries gather, launched in conjunction with the 2010 Seoul G20 Summit.

The summit will be attended by Jeff Bezos, Chairman of Amazon's Board; Elon Musk, CEO of Tesla; Zheng Yuqun, Chairman of CATL; and Liu Yangwei, Chairman of Foxconn. President Yoon is expected to meet them naturally at the conference venue.

There is also a plan to expand South Korea's investment hub in Southeast Asia from Vietnam to the entire ASEAN region. President Yoon will attend the "Korea-Indonesia Business Roundtable" alongside Indonesian President Joko Widodo to discuss various economic cooperation projects, including investment, supply chains, and defense industry collaboration between the two countries. Chief Secretary Choi introduced this as significant, stating, "This is the first economic cooperation initiative with ASEAN countries since President Yoon officially proposed upgrading to a 'Comprehensive Strategic Partnership (CSP)' through the 'Indo-Pacific Strategy' and the 'Korea-ASEAN Solidarity Initiative (KASI)' announced at the Korea-ASEAN Summit on the 11th."

Choi explained that for open, mutually beneficial, and sustainable solidarity and cooperation between Korea and ASEAN to be possible, economic cooperation concentrated in Vietnam and others must be expanded to all ASEAN countries. In addition to addressing immediate challenges such as supply chain strengthening, active promotion of solidarity and cooperation as partners in ASEAN's economic structural transformation, including digital transformation and green growth, is necessary. It is also expected that President Yoon will directly explain the strengthening of cooperation in supply chains, electric vehicles, and battery sectors mentioned at the recent Korea-ASEAN Summit.

Indonesia is a market of great interest, where Korean companies have entered raw material businesses such as nickel mines and palm oil plantations, and Hyundai Motor and LG Energy Solution jointly broke ground on a battery factory last year. Additionally, sectors such as marine infrastructure and power industries, which the Indonesian government is developing, are also areas of interest for Korean companies.

Before the B20 and Korea-Indonesia Business Table, President Yoon plans to hold a luncheon meeting with Korean businesspeople operating locally to hear about their business progress and difficulties and explore ways the government can assist. The presidential office stated, "President Yoon will convey the message that the Korean government and overseas businesspeople are a 'one team,' regardless of domestic or international location, and will firmly support and encourage their business activities locally."

[Image source=EPA Yonhap News]

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