16 January 2009 – Philippine Ambassador to Seoul Luis T. Cruz reported to the Department that the Philippines assumed chairmanship of the ASEAN Committee in Seoul (ACS) this month, kicking off a six-month term as head of the ten-nation committee with a series of meetings with Korean investors and government officials.

“The Philippines will focus on three major tasks during its chairmanship,” explained Amb. Cruz, who delivered his first public speech today as ACS Chair during a New Year’s luncheon meeting with officials from the Korea International Trade Association (KITA).

These priorities are, namely: the development of close and strong working ties with the ASEAN-Korea Center, which is due to be inaugurated in mid-March this year; the promotion of awareness among the Korean public of ASEAN and its newly acquired legal personality via the ASEAN Charter; and preparatory activities for the ASEAN-Korea Commemorative Summit in the middle of the year to celebrate the 20th anniversary of dialogue relations.

During the meeting with KITA officials, Amb. Cruz highlighted the significance of the economic partnership between ASEAN and Korea, which is currently the regional grouping’s 5th largest trading partner. Trade between the two sides increased by 17.8% last year, with Korean exports to ASEAN amounting to US$46 billion and imports totaling US$38.6 billion.

Since 1962, Korean investments in the region have increased to US$12.8 billion, representing 18.3% of Korea’s total investments to the world. “As we become more integrated into one market of 567 million people, having one production base, one investment area where there is free movement of labor and capital, Korea can all the more benefit with increased markets and investments,” Amb. Cruz told the meeting participants.

As the largest business association in Korea composed of some 65,000 trading companies and manufacturers, the KITA will dispatch a delegation to ASEAN this year and host a seminar promoting investment in the region.

Earlier this week, Amb. Cruz met with officials from the ASEAN-Korea Center and the Ministry of Foreign Affairs and Trade to discuss possible collaborative projects for the year.

The assumption of chairmanship by the Philippines comes at an opportune time as 2009 also marks the 60th Anniversary of Philippines-Korea relations. As one of the founding members of ASEAN, the Philippines has taken a leading role in helping determine the direction of the regional group, including its relations with dialogue partners.

The ASEAN Committee in Seoul is composed of the heads of mission of the ten ASEAN member-nations in South Korea. The ACS is tasked to promote ASEAN activities in the host country. Chairmanship is rotated every six months among the members in alphabetical order.