What makes South Korea a great partner of ASEAN?

October 9, 2024

PHNOM PENH – The Republic of Korea (South Korea or ROK) has grown into a dependable ally of ASEAN. Embracing the goals of peace and prosperity, while strengthening their bond over time, has led to advancements in development and cultural connections, as well as bolstered regional safety measures.

The ROK is highly valued as a partner for ASEAN due to their economic partnership ties. The ROK-ASEAN Free Trade Agreement (FTA) has played a major role in boosting trade and investment between the two sides since its implementation in 2007. In 2023, trade between the ROK and the ASEAN nations has soared to record levels, making the ROK a key trade ally for ASEAN. The deal has allowed countries in ASEAN to tap into ROK markets while South Korea has gained from entering a vast and lively ASEAN market comprising more than 680 million people.

The economic relationship between the ROK and ASEAN goes beyond trade; it also involves investments from the ROK in ASEAN nations. ​Throughout Southeast Asia, Korean businesses have established factories,​ joint ventures and regional offices to generate employment opportunities and facilitate the exchange of technology.​ Notable instances include Hyundai’s production facilities in Indonesia and Vietnam and Samsung’s electronic manufacturing plants in the region. ​These investments have boosted ASEAN’s capacity while granting Korean firms access to fresh markets and avenues for growth.

The close bonds between the two sides are further bolstered by the interactions and strong connections among individuals from both regions. Korean music and entertainment have gained a following in Southeast Asia over the years; simultaneously, ASEAN cultural events in Korea have provided South