(VOVworld) – The 4th Mekong – Republic of Korea Foreign Ministers’ Meeting, which concluded on Tuesday, adopted a 2014-2017 Action Plan and the use of the Mekong-Republic of Korea Cooperation Fund. This is an important stride since the establishment of the Mekong-Republic of Korea cooperation mechanism in 2011. Attending the meeting, Vietnam has confirmed its effort to boost the Mekong-RoK cooperation and Vietnam’s strategic partnerships with other countries.
The Mekong-RoK cooperation was formed in 2011 consisting the Republic of Korea, Cambodia, Laos, Myanmar, Thailand, and Vietnam. Since the 1st Mekong-RoK Foreign Ministers’ Meeting in 2011, this cooperative mechanism has become more effective politically and economically.
From the Han River Declaration to the Mekong-RoK Action Plan
The meeting in 2011 adopted the Han River Declaration on establishing a comprehensive partnership between Mekong sub-region countries and the Republic of Korea for common prosperity. Priority was given to three cooperative sectors including ASEAN connectivity, sustainable development, and development for the people. The cooperative mechanism focused on infrastructure and human resources development, information technology, the environment, water management, agriculture, and food security. The Republic of Korea committed to doubling Official Development Assistance for ASEAN countries until 2015, mainly for the Mekong region.
The Republic of Korea established a fund for development projects in 5 Southeast Asian nations in 2012. The 4th Ministers’ Meeting passed a 3-year Action Plan to expand cooperation in infrastructure development, green growth and information technology. Vietnamese Deputy Foreign Minister Bui Thanh Son said: “First, we increase connectivity among Mekong sub-region countries in the areas of transport infrastructure, forwarding and energy to boost regional economic integration. Second, we focus on projects in the common value chain of Mekong sub-region countries to make the most of their potentials in manufacturing, agricultural processing, and green growth. Third, we enhance the public-private partnership to effectively engage enterprises in the Mekong-RoK cooperation.”
Over the next 3 years, the Republic of Korea will form a transport research center in the Mekong River and fund forest plantation in 5 regional countries through the Asia Forest Cooperation Organization.
Prime time for cooperation
The Republic of Korea and Mekong sub-region countries have great potential for cooperation including young workforce, stable growth, and cultural similarities. The scheduled establishment of an ASEAN community next year is the biggest driving force for the Mekong-RoK cooperation. When ASEAN becomes a common market, it will open big opportunities for ASEAN member countries and investors in Asia including the Republic of Korea.
Vietnam exerts efforts to boost the Mekong-Rok cooperation mechanism
As one of the biggest recipients of investment from the RoK, Vietnam has actively advocated for more effective cooperation between the Mekong region and the RoK. Vietnam has been an effective mediator and a lucrative destination to South Korean investors. Dang Xuan Quang, Deputy Head of the Foreign Investment Agency, the Ministry of Planning and Investment, said: “The Republic of Korea has been one of Vietnam’s biggest investors and Korean businesses have invested a great deal in Vietnam. This shows their long-term confidence in Vietnam’s investment environment.”
Vietnam has made significant contributions to the Mekong-RoK cooperation. Vietnam will continue to play an active role in implementing the Mekong-RoK Action Plan and raising the efficiency of the cooperation mechanism.