Partnerships with Indo-Pacific countries were highlighted as a pathway for Korea’s stable economic development in the future amid intensifying geopolitical tensions between China and the United States.

The region’s importance was noted at the Jeju Forum for Peace and Prosperity, which wrapped up on Friday. The three-day event gathered around 3,000 participants on Jeju Island, with theme of Working Together for Sustainable Peace and Prosperity in the Indo-Pacific.

“The Indo-Pacific, where 65 percent of the world’s population resides and which accounts for 62 percent of the world’s Gross Domestic Product, is inevitably poised to become the centre of geopolitical competition in areas such as security, economy and advanced technology,” prime minister Han Duck-soo said at the opening ceremony held on Thursday.

Experts viewed that the region’s strategic importance is higher than ever as geopolitical blocs surrounding the two superpowers pose threats to Korea’s economic stability. Last week, members of the Group of Seven, the richest nations agreed to “de-risk” from China, pledging to bolster supply chains with their partner countries.

“The trend toward moving away from China or limiting new investments into China is clear. And the Chinese approach to weaponise trade will accelerate that process,” said Heo Yoon, a professor at the Graduate School of International Studies at Sogang University. “The cost of allowing politics and security to enter the world of business and economics will get higher.”

Heo talked about the issue of diversifying relationships within Indo-Pacific countries in various sectors, including supply chains, trade and finance as crucial for Korea at this moment, to ensure “economic resilience.” He added that the Korean government’s Indo-Pacific strategy can play a role in the process.

Jagannath Panda, the head of the Stockholm Centre for South Asian and Indo-Pacific Affairs, agreed, saying that the current world economy requires more engagement among middle-rising economies in the Indo-Pacific.

Politicians also pledged their roles at the event. High-profile figures such as the President of the Democratic Republic of Timor-Leste Jose Ramos-Horta, National Assembly Speaker Kim Jin-pyo, and former U.N Secretary-General Ban Ki-moon attended the event.

“The National Assembly will join the path of solidarity for the sustainable peace and prosperity of the Indo-Pacific region,” said Rep. Kim. “We will establish a forum for dialogue to share policy positions and perspectives with lawmakers from various countries, and to seek practical alternatives by promoting investment and cooperation between companies.”

In the meantime, Jeju’s potential role was also discussed. Kim Sung-hun, President of Cheju Halla University, urged the establishment of a new offshore financial centre on Jeju Island to pursue new economic opportunities caused by the changing surroundings in trade.

“Reorganisation of the global supply chain in manufacturing requires a large number of funds for the establishment of manufacturing systems and infrastructure in Indo-Pacific economies,” said Kim.

The Jeju Forum for Peace and Prosperity was first launched in 2001 as a platform for international dialogue to seek creative solutions. This year’s forum, which was held from Wednesday to Friday on Jeju Island, hosted 50 sessions, with 400 speakers from 20 institutions.

https://www.koreatimes.co.kr/www/biz/2023/06/488_352219.html

Category: Korea