PETALING JAYA: Given the importance of Asian regionalism in the 21st century today, South Korea foresees the Look East Policy (LEP) framework it established with Malaysia in 1983 could be further upgraded.
The policy introduced by then prime minister Dr Mahathir Mohamad first made waves with Japan in 1982. Entering its 40th anniversary next year, South Korea is optimistic the policy it shares with Malaysia can boost growth amidst the current global challenges.
South Korean ambassador to Malaysia Yeo Seung Bae told Bernama in an interview recently that people-to-people exchanges and industrial cooperation had continued to expand, growing at a level not imagined when the policy was initiated 40 years ago.
The ambassador said with more South Korean companies ramping up investments in Malaysia over the past two years, next year’s 40th anniversary commemoration of the LEP envisages an elevation of bilateral ties.
“South Korea is a country that achieved industrialisation from the ashes of war, transforming from an aid recipient into a donor. There are great hopes it will play an even bigger role at the global level.
“Given that Malaysia has been working together with South Korea through the LEP, there is huge potential for cooperation between the two sides.”
Yeo was confident of finding areas for cooperation for the next 40 years, and making 2023 a “Look East Again Policy’ year”.
He added both nations are continuing discussions to elevate ties to the strategic partnership level, covering political, economic and cultural fields, as well as defence and the defence industry sectors.
“Hopefully, we can announce it at a suitable time next year. I am confident that 2023 will open a new chapter for South Korea-Malaysia relations,” he said.
Bilateral trade between Malaysia and South Korea surpassed US$20 billion (RM88.8 billion) for the first time, exceeding US$23 billion (RM102.1 billion) for the first 10 months of 2022, driven by the semiconductor, electrical and electronic products industries and petrochemical products. The republic is Malaysia’s ninth-largest trading partner.
South Korea has become one of Malaysia’s largest foreign investors over the past 40 years in terms of implemented projects, with a total investment value of more than US$10 billion (RM44.4 billion) last year.
In conjunction with the 40th anniversary celebration next year, the South Korean Embassy recently launched a new logo with the flag colours of both countries to reflect the robust bilateral linkage.
Asean-South Korean Framework
In line with South Korea’s foreign policy vision of becoming a “Global Pivotal State”, the key concept of its new Indo-Pacific Strategy, Yeo said Asean is one of the most important partners to promote that strategy.
President Yoon Suk Yeol unveiled the Indo-Pacific Strategy at the Asean-Republic of Korea Summit in Cambodia last month.
He said with an Asean-specific plan called the Korea-Asean Solidarity Initiative (KASI), the direction of cooperation should encompass security to establish regional peace and stability, trade promotion and high-technology in promoting shared prosperity and growth.
“President Yoon has stressed that we live in an era of the Indo-Pacific region, a part of the world that accounts for 65% of the world’s population and 60% of the global gross domestic product.
“Thus, joint efforts are needed to address emerging regional and international challenges such as climate change, the environment and healthcare.”
Yeo said it is imperative to find ways to effectively align its Indo-Pacific Strategy, KASI, and Malaysia’s Look East Policy, noting Malaysia is the republic’s third-largest trade partner in Southeast Asia.
Yeo said the South Korean government had announced the plan to double the funding for Asean Cooperation Funds, including the ROK-BIMP-EAGA Cooperation Fund.
“Since the BIMP-EAGA Facilitation Centre is located in Malaysia, I believe there will be a greater need for cooperation with Malaysia regarding this matter as well,” he said.
BIMP-EAGA is the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area cooperation initiative established by the four countries in 1994 to spur development.
Source: https://www.freemalaysiatoday.com/category/business/2022/12/21/south-korea-sees-new-take-on-malaysias-look-east-policy/