Seoul wants to expand cooperation with 'important partner' Dhaka: Deputy FM Choi Youngsam

South Korea seeks a "free, peaceful and prosperous" Indo-Pacific region, and wants to expand its "substantial cooperation" with Bangladesh – considering it as one of the most important countries in the South Asia region.

"Bangladesh is one of the most important countries in the South Asia region. The South Asian nations are key partners in pushing forward our Indo-Pacific Strategy. Bangladesh and our country share common values including democracy, freedom and human rights," Deputy Foreign Minister of South Korea, Choi Youngsam, told UNB today on the sidelines of World Journalists Conference 2023 at Hotel President in Seoul.

He said the partnership and cooperation with Bangladesh have been growing in many areas, including in economy, and that they believe that the two countries can "further strengthen" the bilateral relations.

Responding to a question, the South Korean deputy foreign minister said mutual high-level visits may take place in the coming days as the two countries seek to expand the relationship.

South Korea is Bangladesh's 5th largest FDI provider with USD 1.3 billion invested here. Almost 200 South Korean companies have already invested in various sectors in Bangladesh.

Recently, South Korea's investments have been diversified in infrastructure, energy, and consumer goods such as electronics – thereby contributing to further expansion of collaboration.

The South Korea International Trade Association (SKITA) estimates that the two nations' bilateral trade volume reached USD 3.035 billion in 2022 – a 38.71 percent increase from USD 2.188 billion the year before.

Earlier, speaking at the inaugural session of the World Journalists Conference at the same venue, he said they will enhance strategic partnership with India and expand cooperation with other South Asian countries as part of exploring regional opportunities.

The South Korean Deputy Foreign Minister described its relations with Japan as "future-oriented" while it seeks to have a healthy and mature relationship with China.

He mentioned that South Korea will host a third "Summit for Democracy". The United States and the Republic of Korea share deep bonds, rooted in their common democratic values and respect for human rights.

The two countries are committed to further strengthening robust political, economic, security, and people-to-people ties.

Based on South Korea's unwavering support for ASEAN Outlook on the Indo-Pacific, the country will also reinforce substantive and strategic cooperation with the regional body. "We will work closely with ASEAN," said the deputy foreign minister.

Polycrisis and Working Together

The South Korean deputy foreign minister said they are living in a "polycrisis" and mentioned the impacts of Covid-19, climate change, supply chain disruption and Russia-Ukraine war – noting that these are affecting everyday life in an unprecedented manner.

"We have to resolve these challenges together because we are interconnected," Youngsam said while addressing journalists from around the world. 

In line with its Global Pivotal State Initiative, South Korea seeks to take on a more active role in promoting freedom, peace and prosperity in the Indo-Pacific region.

The deputy minister said his country unveiled the details of its Indo-Pacific strategy in December last year, with a focus on promoting freedom, peace and prosperity through the establishment of a rules-based order and cooperation on human rights.

"It is a concrete policy roadmap," he said, adding that it is not only seeking South Korea's national interest but also peace and prosperity in the whole Indo-Pacific region.

He said it will be implemented on the principles of cooperation – inclusiveness, trust and reciprocity.

He also highlighted regional scopes in the North Pacific, Oceania, African coast, Europe and Latin America.

The core lines of the efforts are: building regional order based on norms and rules; cooperate to promote rule of law and human rights, strengthen non-proliferation and counter-terrorism efforts across the region; expand comprehensive security cooperation; build economic security networks, regional cooperation on climate change and energy security; engage in "contributive diplomacy" through tailored development cooperation partnerships; and to promote mutual understanding and exchanges.

Youngsam said South Korea will promote international peace and security, eying a non-permanent seat in the Security Council (2024-25).

President of Journalists Association of Korea Kim Dong Hoon and Professor Emeritus at Chungnam National University Sung Kyum Cho, among others, spoke at the event.