Opening Remarks
by H.E. Mr. Lee Taeho
Vice Minister of Foreign Affairs
on the occasion of the 6th Mekong-ROK Business Forum
Seoul, December 13, 2018

Mr. Kim Moon-hwan, Director-General for Global Market Policy, Ministry of Small and Medium-sized Enterprises and Startups,
Ambassador Lee Hyuk, Secretary-General, ASEAN-Korea Centre,
Mr. Kim Jong-kil, Vice Chairman of the INNOBIZ Association,
Mr. Chan Aye, Director-General, Ministry of Foreign Affairs of Myanmar,
Senior officials from the Mekong countries: Cambodia, Lao PDR, Myanmar, Thailand, and Vietnam,
Ambassadors and other members of the Diplomatic Corps in Korea, Business representatives, Distinguished Guests, Ladies and Gentlemen,

On behalf of the Korean Government, I have the honor to declare the opening of the 6th Mekong-ROK Business Forum. I welcome you all and it is a great honor to be here with you. I would first like to thank the Ministry of SMEs and Startups, our co-host, as well as the ASEAN-Korea Centre and INNOBIZ for their efforts in organizing this Forum. I would also like to take this opportunity to extend my appreciation to the Republic of the Union of Myanmar for its support as the Co-Chair of the Mekong-ROK’s meetings this year.

Distinguished guests,

Korea attaches great significance to its partnership with the Mekong region. Considering its abundant natural resources and young labor force, it has great potential. Yet there is no denying that Mekong countries are late comers to ASEAN’s economic and social development. In recent years, however, Mekong countries have grown quickly. As a matter of fact, most of them experienced annual GDP growth rates exceeding 6 percent in 2017.

Given such trends, the Mekong region has a special place under Korea’s New Southern Policy that my President, President Moon, announced last year. Under the Policy, Korea seeks stronger cooperation with Southeast Asia by focusing on three pillars -- People, Prosperity, and Peace. As such, in 2019, the Korean Government will host the ASEAN-ROK Commemorative Summit as well as the 1st Mekong-ROK Summit.

Korea’s own experience provides useful insights to Mekong countries as they encounter challenges to development. Mekong countries and Korea can collaborate on a wide range of projects, including: infrastructure, ICT, green growth, water resource development, human resource development, and agricultural and rural development. The Korean government stands ready and willing to work with the Mekong region for shared prosperity.

Recent economic interactions between Mekong countries and Korea are remarkable and encouraging. With the Mekong region, between 2010 and 2017, Korea’s imports increased from 7.7 to 22 billion dollars, while exports went from 17 billion to 56 billion dollars. That is growth of 2.8 and 3.3 times in just seven years. Similarly, Korea’s investment in Mekong countries increased 2.3 times during the same period, from 1.3 to 2.9 billion dollars, while the Mekong countries’ investment in Korea rose 2.6 times from 4 to 11 million dollars.

The 1st Mekong-ROK Summit to be held in 2019 will gear further up Korea’s engagement in the economic and social development of the region. Indeed, I am confident that the Summit will turn out to be a historic milestone in the road towards the strategic partnership of the Mekong region and Korea in pursuit of mutual benefits.

Ladies and Gentlemen,

Today, we are gathered here to reaffirm our partnership and explore ways to further strengthen and solidify our relationship. That is why the theme of today’s Business Forum -- ‘Promoting Co-prosperity through Eco-friendly Innovation among SMEs in the Mekong Countries and the Republic of Korea.’ – is both timely and appropriate.

SMEs are an engine for economic growth and employment. With their flexibility and dynamic responses to changing economic environments, SMEs have a comparative advantage. In the Mekong region especially, SMEs feature prominently in their role for economic growth. In Vietnam, for example, SMEs produce 30% of GDP and provide employment for more than 50% of their workforce.

Yet SMEs also face challenges to upgrading capabilities and exploring new grounds. Against this backdrop, today’s Business Forum provides a unique opportunity for government officials and entrepreneurs to discuss the successes and challenges of SMEs seeking to expand businesses across the regions. Together, public and private sectors can support SMEs in moving up their value chain. I hope the representatives of SMEs from both sides make the most of this afternoon’s one-on-one business matching meetings to foster new business opportunities.

Over the past several years, this Business Forum has cultivated a win-win ecosystem in both regions by connecting business representatives and providing invaluable networking opportunities. I hope this Forum will continue to serve its purpose, as we work together to realize co-prosperity with the Mekong under Korea’s New Southern Policy.

Distinguished Guests, Ladies and Gentlemen,

I am pleased to see such a broad range of participants in this year’s Forum, especially since this is the first time it has been held in Korea since its inception in 2013.

Again, despite Seoul’s winter chill, I would like to extend my warmest welcome to all of you at the 6th Mekong-ROK Business Forum. I look forward to a stimulating and fruitful exchange of views.

Thank you.
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