South Korea to double Asean development funds to US$48mil by 2027

From left: Vietnam's Prime Minister Pham Minh Chinh, South Korean President Yoon Suk-yeol, Laos' Prime Minister Sonexay Siphandone and Malaysia's Prime Minister Anwar Ibrahim applaud after a group photo session during the 25th Asean-South Korea Summit in Vientiane on Oct 10, 2024. - AP

VIENTIANE: President Yoon Suk-yeol said on Thursday (Oct 10) that South Korea will double its cooperation funds with the Association of Southeast Asian Nations (Asean) to US$48 million by 2027 to support key projects in the region.

Yoon made the pledge during a summit with Asean leaders in Laos after elevating South Korea's relations with the 10-nation regional bloc to a "comprehensive strategic partnership," diplomatic parlance that refers to the highest level of relations that Asean can forge with a dialogue partner, according to Yonhap news agency.