Yoon Focuses on Economy at ASEAN and G20 Summits... Bilateral Talks and Separate Events Scheduled

ASEAN and India Account for 21% of Our Exports, Key Markets
Over 10 Bilateral Talks... Strengthening Exports, Supply Chains, and Digital Cooperation

President Yoon Suk-yeol will attend the ASEAN (Association of Southeast Asian Nations) Summit and the G20 Summit next month from the 5th to the 11th, spanning 5 nights and 7 days. During this period, he will participate in multilateral meetings, bilateral talks, and separate economic events. Through this schedule, President Yoon aims to create a turning point for expanding export markets, diversifying supply chains in advanced industries, and strengthening digital leadership.

Choi Sang-mok, Senior Secretary for Economic Affairs at the Presidential Office, stated at a briefing at the Yongsan Presidential Office this afternoon, "Through bilateral talks with key leaders at ASEAN and G20, we will concretize the Indo-Pacific Strategy and the Korea-ASEAN Solidarity Strategy announced last November. At the same time, we plan to focus on economic diplomacy through numerous bilateral meetings and separate economic events."

Since ASEAN and India account for about 21% of South Korea's exports and are important markets, it is interpreted that President Yoon, who has positioned himself as South Korea's No. 1 salesman, intends to turn this into an opportunity for economic diplomacy. Secretary Choi said, "President Yoon will create momentum to put an end to negative export growth through active sales diplomacy," adding, "He will actively promote promising export sectors such as nuclear power, defense, and infrastructure during the ASEAN and G20 summits, check the status of free trade agreement (FTA) negotiations and implementations by country, and also raise the difficulties faced by our companies."

[Image source=Yonhap News]

President Yoon also plans to explore cooperation measures for diversifying supply chains in advanced industries during multilateral meetings and bilateral talks. This is because, following the US-China trade conflict, the importance of securing supply chains for essential core minerals such as lithium and copper, which are indispensable for advanced industries, has been elevated to the level of national security, making cooperation with the ASEAN region, which has abundant reserves, essential. Kim Tae-hyo, First Deputy Director of the National Security Office, also introduced at the briefing, "President Yoon will directly attend the ASEAN-related summit to emphasize our stance on prioritizing ASEAN," and added, "Through plans to strengthen cooperation in cyber and maritime security and announcements of cooperation projects in digital innovation, our government will declare its full-scale promotion of the Korea-ASEAN Solidarity initiative."

Secretary Choi also explained, "ASEAN and India are strategic countries rich in core minerals where our companies are expanding their presence to diversify supply chains," adding, "We will expand advanced industry cooperation with countries such as Indonesia and the Philippines, which are closely connected to our electric vehicle battery supply chains, and discuss cooperation plans within the Indo-Pacific Economic Framework, which includes seven ASEAN countries and us."

Taking advantage of the ASEAN Summit, President Yoon will hold bilateral talks with about ten countries including Indonesia, Malaysia, the Philippines, Singapore, Cambodia, the Cook Islands during the G20 Summit, as well as India, Mauritius, Spain, and Argentina. Deputy Director Kim mentioned, "Additional bilateral talks with other ASEAN member states and partner countries are being coordinated, so the number may increase." Among these, President Yoon is scheduled to hold an official welcoming ceremony, summit meeting, signing of major cooperation documents, and joint press conference with Indonesian President Joko Widodo on the 8th of next month, when the ASEAN Summit concludes.

At the G20 Summit held in New Delhi, India, President Yoon is expected to emphasize South Korea’s specific contributions to overcoming climate change in addition to upholding a rules-based international order. Deputy Director Kim explained, "We aim to concretely realize our global responsible diplomacy by proposing expanded support for climate-vulnerable countries and international cooperation for clean energy transition." The Presidential Office explained that this is part of responsible diplomacy to become a global pivotal country, and it is anticipated that various business opportunities will arise through cooperation to overcome the climate crisis.

Schedules for cooperation in the private sector economic fields such as supply chains and infrastructure between Korean and Indonesian companies have also been prepared. Regarding strengthening digital leadership, President Yoon will attend the ASEAN Artificial Intelligence (AI) Youth Festa on the 6th of next month to support exchanges among future generations and encourage their challenges. The ASEAN AI Youth Festa will involve digital companies and youth from Korea and ASEAN exchanging on AI technology.

Additionally, President Yoon will attend the Korea-Indonesia Business Roundtable hosted by the Korea Chamber of Commerce and Industry and the Indonesian Chamber of Commerce on the 7th of next month to evaluate economic cooperation achievements and propose cooperation for the next 50 years. About 40 top executives and CEOs from major companies, including Chung Eui-sun, Chairman of Hyundai Motor Group, Koo Kwang-mo, Chairman of LG Group, Shin Dong-bin, Chairman of Lotte Group, and Koo Ja-eun, Chairman of LS Group, are expected to attend.

Efforts to attract the 2030 World Expo to Busan will also continue. Deputy Director Kim said, "With the 2030 World Expo vote just three months away, President Yoon will launch an all-out campaign to attract the Expo by actively utilizing summit diplomacy during his visits to Jakarta and New Delhi," adding, "He will emphasize the special ties between Busan and ASEAN leaders, having hosted the Korea-ASEAN Special Summit twice in 2014 and 2019."

He continued, "We will actively urge countries to support the Expo bid so that the world, including ASEAN, can share Korea’s successful development experience," emphasizing, "The all-out diplomatic effort to attract the Expo will continue relentlessly until the host country is decided in late November."

[Image source=Yonhap News]

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