The Mekong-RoK cooperation has significantly contributed to promoting all-round relations among the six member countries with trade turnover between the Mekong countries and the RoK increasing 250% in the past nine years, said Deputy Foreign Minister Le Hoai Trung. 

Deputy Foreign Minister Le Hoai Trung addresses the event

Deputy Minister Trung made the statement during his opening speech at the eighth version of the Mekong-RoK Business Forum held on December 4 in Hanoi, noting that bilateral FDI reached approximately US$60 billion last year.

Despite the economic downturn caused by the impact of the novel coronavirus (COVID-19), the Mekong countries and the RoK have managed to maintain trade activities at a similar level to last year, whilst continuing to be major trading partners for each other.

Deputy Minister Trung affirmed that during the course of developing mutual ties, the economic sector has consistently played a key role in promoting regional economic integration, while boosting innovation, and enhancing the competitiveness of the various economies.

He therefore called for drastic actions to be taken by respective governments in an effort to support small and medium-sized enterprises to mitigate the damaging consequences caused by the pandemic.

During the recent 37th ASEAN summit, leaders moved to affirm their determination bolster co-operation across multiple fields in order to overcome challenges and agree to upgrade Mekong-RoK co-operation to the status of a strategic partnership.

In line with this, concerned parties will beef up co-operation across seven priority areas in order to improve the resilience of regional supply chains and facilitate operations of enterprises throughout the six member countries of the Mekong.

In response to this, the RoK’s Vice Minister of Foreign Affairs Lee Tae-ho confirmed that the RoK Government will help to intensify co-operation with Mekong countries, with the RoK contributing US$10 billion to the initiative through COVID-19 prevention and co-operation funds, thereby promoting regional connectivity and sustainable development.

With regard to future ties, Deputy Minister Lee Tae-ho underlined the need to enhance co-operation in water resource management, respond to climate change and natural disasters throughout the region, and encourage the participation of localities and businesses.