SEOUL, 22 October 2015 – The ASEAN-Korea Centre hosted the 3rd ASEAN Connectivity Forum entitled “ASEAN-Korea Partnership for ASEAN Economic Community Building.” The forum, jointly hosted with the Federation of Korean Industries (FKI), took place today at the Convention Center of the Federation of Korean Industries. Through this forum, delegates from 10 ASEAN Member States introduced infrastructure projects and policy directions in the fields of transport, energy, and ICT (Information and Communications Technology) to Korean business people.

The delegates also provided latest information on the current status and challenges of projects being implemented under the Master Plan on ASEAN Connectivity (MPAC). One-on-one business meetings were conducted to enable network building among the Korean business community, ASEAN government organizations and experts in the infrastructure field.

H.E. Le Luong Minh, Secretary-General of ASEAN, attended the Forum for the first time. H.E. Hasnudin Hamzah, Chair of ASEAN Connectivity Coordinating Committee (ACCC), H.E. Cho Tae-yul, Vice Minister of Foreign Affairs of Korea, and Mr. Seung-Cheol Lee, Vice Chairman of the Federation of Korean Industries (FKI) also attended.

The forum consisted of sessions on “Master Plan for ASEAN Connectivity – current status and challenges” and on “Financial Solutions for ASEAN Connectivity” where experts from ASEAN Secretariat, UNESCAP, ERIA, ADB, Korea EXIM Bank presented and discussed on each theme.

The amount of investment required for infrastructure projects in ASEAN is the second largest in the world after the Middle East. McKinsey, a global consulting company, assessed that USD 3.3 trillion in investments will be required in transport, water, energy and ICT areas in the ASEAN countries between now and 2030. When ASEAN Economic Community consisting of about 620 million people and a combined total GDP of UDS2.4 trillion is established, enormous opportunities for large-scale infrastructure projects will be created. Against this backdrop, the forum will be the only venue in Korea where latest information related to ASEAN Connectivity are shared and one-on-one business meeting takes place.

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ASEAN Master Plan on Connectivity is a concept that envisions a well-connected ASEAN to bring the peoples, goods, services and capital closer together. Adopted at the 17th ASEAN Summit in 2010, the master plan has made continuous progress to enhance physical connectivity, institutional connectivity and people-to-people connectivity.