SEOUL, 8 July 2014 – South Korea’s Deputy Prime Minister Hyun Oh-seokinvited Philippine Ambassador Raul S. Hernandez and nine other ASEAN heads of mission in Seoul to a dinner to affirm close ties on the occasion of the 25th year of the Southeast Asian grouping’s dialogue partnership with the Republic of Korea.

In a banquet he hostedat GoSang Korean temple cuisine restaurant on Tuesday, 8 July 2014, Deputy Prime Minister Hyun spoke at length about his country’s relations with ASEAN, which haveexpanded and deepened since South Korea achieved sectoral partnership status in 1989 and full Dialogue Partnership status in 1991. Mr Hyun, who is concurrent Minister of Strategy and Finance, also spoke about relations with the United States, Japan and China, the Korean economy’s current and future prospects, government measures to support SMEs, address the aging population, adjust taxation to spur businesses and the flagging real estate market. In response, Ambassador Hernandez made brief remarks in his capacity as head of the six-month rotating chairmanship of the ASEAN Committee in Seoul starting in July 2014. “It is not an exaggeration to note that [South Korea] has in recent years punched consistently above its weight in international affairs,” he said. “This increase in your country’s importance as a ‘middle power’ has resulted in closer relations with all the ASEAN member states”. ASEAN is the top destination of Korean foreign investment, and ranks second only after China in terms of trade. For ASEAN, Korea is the sixth-largest foreign investor, and the fifth-largest trading partner. This high standing is also reflected in people-to-people and cultural exchanges. Almost 16,000 visitors travel between South Korea and ASEAN countries everyday, and over 4 million Koreans visit the region annually. In addition, about 60,000 immigrants from ASEAN have settled in Korea, mainly through marriage. Political and security cooperationhas been boosted with the elevation of ties to a comprehensive and then strategic partnership in 2004 and 2010, respectively. Seoul posted an ambassador to ASEAN in Jakarta in 2012 and has sat regularly in the ASEAN Regional Forum, the only multilateral security forum to include North Korea. The Korea-ASEAN Commemorative Summit, scheduled for December this year in Seoul, attests to the two sides’ commitment to upgrading their bilateral strategic partnership, which has been expanding remarkably in the areas of economy, culture and security. “These heartening facts and figures are expected to continue their climb and find affirmation” when President Park Geun-hye hosts ASEAN leaders at the ASEAN-Korea Commemorative Summit in December this year on the occasion of the 25thyear of ASEAN’s dialogue partnership with Korea, Ambassador Hernandez said. He also expressed confidence that DPM Hyun, in his capacity as Minister of Strategy and Finance, will contribute to the formulation of a three-year economic innovation plan as part of the government’s overall reform strategy. A revitalized South Korea would make for an even closer partner of the Philippines, with which it is observing this year the 65th anniversary of the establishment of diplomatic relations, he noted.