Event Details
Already in 2019, the ten members states of the Association of Southeast Asian Nations (ASEAN), became South Korea's second biggest trading partner by volume and third largest destination for investment. That same year, it was reported that one famous South Korean chaebol alone accounted for 28% of the GDP of Vietnam. That was before the signing of the Regional Comprehensive Economic Partnership, a free-trade agreement linking South Korea, China, and Japan to ASEAN, which became effective at the start of 2022.
The rising economies of ASEAN are now very attractive to Korea. Barely a month goes by without news of a new free trade pact being signed (such as between South Korea and the Philippines), an electricity project deal inked (Indonesia), financial companies entering Southeast Asian countries (Thailand), or a massive venture capital fund started to invest in high-potential digital businesses in Southeast Asia.
Money is flowing in both directions: for example, Vietnam has become the source of Korea's largest trade surplus, bigger than that with the United States, while Korea has become the largest investor in Vietnam. The Economist Intelligence Unit expects Asia to account for 60% of global GDP growth in 2024, and a lot of it outside China, whose economy is struggling in the post-Covid long tail.
But it's not a guaranteed easy ride. In September exports to ASEAN nations from South Korea fell 8% to $9.41bn. Meanwhile, recent anger has grown in Thailand about deportations from Korea of arriving Thai tourists because of concerns they might overstay their tourist visa and work illegally, and in Vietnam there has been accusations of cultural invasion levelled at Korean music and entertainment imports.
What does it all mean? In our first event for 2023, we bring together a specialised panel to discuss the growing importance of rising Asian economies as regional business partners. Improving business environments and trade deals, a large and youthful labour market and progress in infrastructure and trade regulation make them increasingly important. What opportunities or consequences are there for South Korea?
Dress code: Business attire
Please note that this event is limited to senior-level executives and per invitation only. If you are not an existing member of The Economist Intelligence Corporate Network, but would like to learn how you can attend our events, please contact us.
Please note that this event is limited to senior-level executives and per invitation only. If you are not an existing member of The Economist Intelligence Corporate Network, but would like to learn how you can attend our events, please contact us.
