Korea Providing Developmental Support to its Asian Neighbors

Korea has strengthened its diplomatic tie with the Southeast Asian countries that are eager to improve their living standards through economic growth. Korea that has achieved rapid economic growth through technological innovation is promising to share its technology and infrastructure building knowhow in exchange for its access to their resources and further expansion of trade exchanges in terms of scope and volume.

In a summit with Cambodian prime minister Hun Sen this month, the Korean president Lee pledged to expand its technological assistance in Cambodia’s agricultural modernization. The two leaders also agreed to engage in joint feasibility studies on mineral development.

Furthermore, the Korean president held a summit with the Vietnamese president Nguyen Minh Triet agreeing to forge their strategic partnership. The Korean president pledged to help Vietnam’s economic growth while the Vietnamese president promised to let Korean firms involve in major infrastructure building projects to develop the Red River in Hanoi.

I hope that the developing countries in the Southeaster Asia take the right lessons away from the East (e.g., downsides of state-led economy) and West (e.g., consequences of corporatism). They may have to be beware of speculative capital inflows in the course of industrialization.

I also hope that they don’t lose sight of human values by building a productive economy, putting the interests of the common people first.