South Korea is committed to cooperating with the Association of South East Asian Nations (Asean) in improving connectivity in the region.
This what South Korean President Moon Jae In said in a keynote speech during the ongoing Asean Business & Investment Summit.
“Asean and Korea are important partners for each other. Asean is Korea’s second largest partner and investment destination. Korea is also the fifth [biggest]trading partner of Asean,” he noted.
Moon said Seoul was ready to share its experiences in the area of transportation to help Asean’s member-
economies resolve overcrowding and traffic congestion.
Subways, he noted, are the “solution to big city traffic problems”.
Moon also said that South Korea’s accumulated experiences in the construction and operation of high-speed railway systems would be available to interested Asean countries.
In the Philippines, the government looking to use South Korean funds for Metro Manila’s P36.76-billion Bus Rapid Transit Line 2 central corridor.
The Export-Import Bank of Korea (Kexim), which manages South Korea’s Economic Development Cooperation Fund, earlier this year offered to provide $1 billion in concessional loans — to be spread out over six years — for public infrastructure projects.