ASEAN - most important investment destination for Korean firms
The Federation of Korean Industries (FKI) said on August 17 that despite the COVID-19 pandemic, investment inflows in ASEAN members states still account for 20.3 percent of the Republic of Korea (RoK)’s outbound investment, making the bloc its most important investment destination.
At a Korean factory in Ba Ria - Vung Tau province (Photo: VNA)
Seoul (VNA) – The Federation of Korean Industries (FKI)said on August 17 that despite the COVID-19 pandemic, investment inflows in ASEANmembers states still account for 20.3 percent of the Republic of Korea (RoK)’soutbound investment, making the bloc its most important investment destination.
In 2014, the RoK’s investment in the Association of Southeast Asian Nations (ASEAN) reached 16.2percent, surpassing China (12.9 percent).
The FKI’s data showed that during the 2016-2020 period, theRoK invested 731 billion USD in ASEAN, up 30.4 percent from 2011-2015.Meanwhile, the figure in China was 698.9 billion USD, up 10.4 percent.
It suggested the RoK soon approve the RoK-Cambodia Free TradeAgreement, the RoK-Indonesia Comprehensive Economic Partnership Agreement, andresume commercial flights to major investment countries in the region.
According to the FKI, the Korean Government should step up policysupport to make it easier for Korean firms to join infrastructure projects inASEAN member states such as Indonesia and Thailand./.
The ASEAN-Korea International Joint Technology Development Project in 2021 is opened for applications from August 11, announced the Ministry of Trade, Industry and Energy of the Republic of Korea (RoK) on June 17.
Vietnamese Deputy Minister of Foreign Affairs Nguyen Quoc Dung has asked the Republic of Korea (RoK) to continue helping ASEAN countries improve their medical capacity at the 25th ASEAN-RoK Dialogue at the deputy foreign ministerial level held in the form of teleconference on July 6.
The Republic of Korea’s trade ministry has launched talks with ASEAN to upgrade their free trade agreement (FTA) and further lower trade barriers, as the country seeks to diversify its trade portfolio and expand its presence in Southeast Asia.
Vietnam officially assumes the role as coordinator for ASEAN-the Republic of Korea (RoK) relations for 2021-2024 at the ASEAN-RoK Foreign Ministers’ Meeting held via videoconference on August 3.
Foreign Minister of the Republic of Korea (RoK) Chung Eui-yong has called for strong global solidarity to combat COVID-19, saying the pandemic is exacerbating inequalities among nations and undermining regional stability.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
At a Korean factory in Ba Ria - Vung Tau province (Photo: VNA) 
