Singapore, a major player in S. Korea's peace drive under New Southern Policy

싱가포르, 신남방 경제, 평화 정책의 핵심

South Korea is looking to strengthen ties with ASEAN countries in general, but Korea's relations with Singapore are especially important, not just in terms of the economy, but also when it comes to the peace drive on the Korean peninsula.
Our Lee Kyung-eun explains why.
Singapore is well known for its harmony between the city and nature.
Located on the Southern tip of the Malay Peninsula, the so-called "garden city" boasts attractions like the 150-year-old Singapore Botanic Gardens World Heritage Site, and the high-tech landmark cultural complex Marina Bay Sands.
But what really makes the city-state stand out is its economy.
It 3rd largest economy in ASEAN, but in terms of GDP per capita, it is ranked 7th in the world at around $64,000 U.S. dollars - the highest in the whole of Asia.
And its economic growth has been attributed to its geographical advantage and economic policies.
"Located between the South China Sea and Indian Ocean, Singapore connects Asia and Europe.
Also, historically, Singapore has been pursuing the so-called "Politics of Survival" to withstand neighboring countries' threats, and that led the country to take very aggressive economic policies."
Another driving force of Singapore's economy is exports,... and South Korea -- as one of its top 10 trading partners, plays a key role.
Trade volume between the two countries has grown steadily since the start of diplomatic ties in 1975.
And their 2006 bilateral FTA - Korea's first FTA with an Asian country -- gave trade a major boost, helping trade volume grow by more than 300 percent in just 10 years.
Singapore's main export goods to Korea include machinery, petroleum products, and chemical products,...while Korea sends Singapore petroleum products, electronics, and ships.
Also, it is the one of the most lucrative markets for Korea's foreign investment, with a prime example being,..local builder Ssangyong's construction of Marina Bay Sands.
But Singapore is even more important to South Korea when it comes to the Korean peace drive, as North Korea chose the country for the historic first North Korea-U.S. Summit in 2018.
"Singapore has significance to North Korea because it is one of only a few non-hostile countries. Also, the country suggests a possible economic model, as it achieved rapid development while maintaining a one-party regime."
Given this wide-ranging connection between South Korea and Singapore, there are high hopes that the upcoming summit could contribute to further expanding their bilateral ties.
Lee Kyung-eun, Arirang News.

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