Yoon Focuses on Economic Diplomacy in Indonesia and India... "Putting an End to Export Decline"

May 5-11 Indonesia and India Tour
Expanding Export Markets and Diversifying Supply Chains
Strengthening Digital Leadership Among 3 Main Goals

President Yoon Suk-yeol plans to attend the ASEAN (Association of Southeast Asian Nations) and G20 summits held in Indonesia and India, respectively, from the 5th to the 11th of this month, aiming to create a turning point for South Korea's currently negative export growth. In addition to the host countries Indonesia and India, he has set a goal to hold bilateral talks with more than 10 other countries to establish opportunities for exporting and securing orders in nuclear power, defense, and infrastructure sectors.

According to the Presidential Office on the 1st, President Yoon embarks on this Indonesia-India tour with three economic objectives: expanding export markets, diversifying supply chains in advanced industries, and strengthening digital leadership. Since ASEAN and India account for about 21% of South Korea's exports, enhancing cooperation in supply chains, defense, and advanced industries with these regions will enable active export and order-attracting activities in promising export sectors. Furthermore, as these countries are rapidly digitalizing, expectations for cooperation are high. Chief Economic Secretary Choi Sang-mok explained, "President Yoon will create momentum to put an end to negative export growth through proactive sales diplomacy. Taking advantage of the ASEAN and G20 summits, he will actively promote promising export sectors such as nuclear power, defense, and infrastructure, review the status of free trade agreement (FTA) negotiations and implementations by country, and focus on raising the difficulties faced by our companies."

[Image source=Yonhap News]

From the 5th to the 8th of this month, President Yoon will serve as the coordinator representing the three countries (South Korea, Japan, and China) at the ASEAN+3 summit, and as the chair of the Korea-China-Japan summit, emphasizing not only regional issues such as North Korea and the South China Sea but also the role of economic cooperation including the development of various infrastructure and IT environments. At the G20 summit held on the 9th and 10th, in addition to upholding a rules-based international order, South Korea will present specific contributions and cooperation plans between governments and companies to address climate change, overcome the food crisis, and transition to clean energy.

Bilateral talks aimed at economic cooperation and export promotion are also prepared. During the ASEAN summit, bilateral meetings will be held with Indonesia, Malaysia, the Philippines, Singapore, Cambodia, and the Cook Islands in Jakarta, Indonesia. During the G20 summit in New Delhi, India, bilateral talks will be held with India, Mauritius, Spain, Argentina, and about 10 other countries. Among these, Indonesia and India are both cooperation partners celebrating the 50th anniversary of diplomatic relations with South Korea this year. Indonesia is the largest economy among ASEAN member states, and India is the most populous country in the world with the greatest growth potential, making the visits to these two countries optimal for President Yoon to achieve sales diplomacy success.

President Yoon will also engage in private sector economic activities. Regarding strengthening digital leadership, he will attend the ASEAN Artificial Intelligence (AI) Youth Festa on the 6th to encourage exchanges in the AI field between Korean-ASEAN companies and youth. The following day, he will urge economic cooperation between South Korea and Indonesia at the Korea-Indonesia Business Roundtable hosted by the Korea Chamber of Commerce and Industry and the Indonesian Chamber of Commerce and Industry. About 40 business leaders and CEOs, including Chung Eui-sun, Chairman of Hyundai Motor Group, Koo Kwang-mo, Chairman of LG Group, and Shin Dong-bin, Chairman of Lotte Group, are expected to attend the Korea-Indonesia Business Roundtable, raising expectations for export and order contract signings.

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