Relentless Summit Diplomacy... Yoon's 'Economic Hub' Sales from Day One

President Yoon Begins Full-Scale Multilateral Diplomacy with Korea-ASEAN Summit
Plans to Develop Substantive Cooperation with ASEAN... Focus on Securing 'Business Hub'
Indonesia Attractive with Large Population, Big Domestic Market, and Established Supply Chain Base

President Yoon Suk-yeol will embark on full-scale multilateral diplomacy on the second day of his visit to Indonesia on the 6th (local time). This is the first diplomatic stage following the establishment of a consultative body at the Korea-US-Japan summit held in the United States last month. Since the principles and spirit announced at Camp David include strengthening cooperation with ASEAN, President Yoon is expected to present a practical cooperation plan with ASEAN. The presidential office also anticipates tangible benefits such as securing a business hub in the Indo-Pacific region.

On this day alone, President Yoon will hold bilateral talks with five countries. Considering that the day starts with the Korea-ASEAN summit in the morning and continues with presiding over the 'ASEAN+Korea-Japan-China summit' as the chair country in the afternoon, it will be a relentless diplomatic marathon. This could also be a time to lay the foundation for economic cooperation as well as diplomatic efforts to attract the Busan Expo.

[Image source=Yonhap News]

President Yoon's determination to focus all diplomacy on the economy is expected to be further intensified during this visit. The government views ASEAN as a global supply chain hub and is preparing to establish economic cooperation partnerships with each country through this visit. The plan is to expand practical cooperation centered on future sectors with high demand in ASEAN such as digital technology, renewable energy, electric vehicles, and smart cities, thereby jointly achieving innovation in the Fourth Industrial Revolution.

In particular, Indonesia has the largest population and domestic market among ASEAN countries. As of last year, Indonesia accounts for about 270 million people, approximately 40% of the 670 million ASEAN population. Unlike Korea, where the average age is 44, Indonesia's average age is 30, making it a young population. Additionally, Indonesia is considered an attractive market for smart city project discovery, order support activities, electric vehicle and battery supply chains, and youth and digital markets leveraging the Korean Wave.

Economic cooperation is essential from the perspective of global supply chain restructuring. Indonesia has a supply chain base from the mining and refining of nickel, a key material for electric vehicle batteries, to the production of anode materials, precursors, battery cells, battery packs, as well as battery distribution and recycling. The domestic industry expects that if Korea, which has excellent battery manufacturing technology, procures key minerals from resource-rich Indonesia, it can significantly reduce dependence on China. Domestic companies have already jumped into supply chain cooperation to secure a foothold in the local market.

A senior official from the presidential office said about this ASEAN summit, "It includes development cooperation, strengthening maritime security, and advanced digital technology by sector," and added, "The formation of norms in ASEAN, the core of the Indo-Pacific region, will expand the scale of economic and trade and provide a foundation for growth."

President Yoon also announced the establishment of practical economic cooperation. Just before the visit, he stated, "Korea will strengthen practical cooperation that faithfully reflects ASEAN's demands in the economic and socio-cultural fields," and "We will also expand mutually beneficial and future-oriented cooperation in security areas such as maritime security, cyber security, defense, and defense industry." He added, "At the Korea-ASEAN summit, I plan to propose future cooperation projects based on Korea's strengths in digital and IT technology." This is expected to be an example of linkage and cooperation between the Korea-ASEAN Solidarity Initiative and ASEAN's Indo-Pacific strategy, 'ASEAN Outlook on the Indo-Pacific,' with the intention to elevate the relationship between Korea and ASEAN to a 'Comprehensive Strategic Partnership.'

On the same day, President Yoon is also scheduled to attend the ASEAN+3 summit. Korea is the chair country of the Korea-Japan-China summit and the coordinating country representing ASEAN+3. President Yoon is expected to emphasize the need to activate cooperation between ASEAN and Korea, Japan, and China to realize the vision of an East Asian community at this meeting. Earlier, President Yoon expressed his willingness to cooperate with Japan and China. In a recent interview with a local Indonesian daily, he said, "Now, cooperation among the three countries, Korea, Japan, and China, must be put back on track," and "To this end, Korea, as the chair country of the trilateral consultative body and the coordinating country representing the three countries in ASEAN+3, will do its best to activate cooperation." He added, "If cooperation among the three Northeast Asian countries regains momentum, ASEAN+3 cooperation will gain greater driving force," and "This is expected to further strengthen 'ASEAN centrality.'"

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