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SOUTH Korea stands as a remarkable example of democratic resilience, cultural influence, and economic transformation, said Deputy Investment, Trade and Industry Minister Liew Chin Tong, at the opening of the 33rd Maekyung Global Forum on Wednesday.
Welcoming more than 200 regional leaders and participants to Kuala Lumpur, Liew said, “The Maekyung Global Forum has become a premier platform for dialogue and partnership across the Asia-Pacific. Malaysia is honoured to host it again, especially as we mark the 65th anniversary of Malaysia-Korea diplomatic ties.”
Themed “Strategic Hub for Opportunities – Inclusivity and Sustainability”, this year’s forum is jointly hosted with the Maeil Business Newspaper and aims to further deepen collaboration between Korea and the ASEAN region.
Recalling his personal experiences in Korea as a student in 2006, Liew said Korea’s development had deeply influenced his own political and policy perspectives.
“There are three things that the rise of Korea inspired me: Korea became a democracy, a globally relevant cultural powerhouse, and most importantly, grew very rich – all within a generation’s time,” he said.
He praised Korea’s democratic journey, referencing the experiences of the country’s “386 generation” and their role in resisting authoritarianism.
“It is not without challenges, but as the failed December 2024 coup demonstrated, Korean democracy is not just a form – it is deeply ingrained in the minds of ordinary people,” said Liew.
He also noted the immense global impact of Korean popular culture. “K-pop and K-dramas are big in Malaysia. Many Malaysians enjoy visiting Korea. We have much to learn from Korea’s creative industry ecosystem that fuelled this global phenomenon.”
On economic development, Liew pointed to Korea’s industrial and technological rise as a model for Malaysia and the region.
“Malaysia and Korea were at a similar GDP per capita in 1960, but Korea grew rapidly to become a technology owner by the 1980s,” he said, crediting economists like Professor Ha-Joon Chang and Professor Keun Lee for their insights on Korea’s strategic state-led development.
He cited Korea’s attention to supply chain resilience, driven by its national security circumstances, as an example for Malaysia to emulate—particularly in the wake of the COVID-19 pandemic.
However, he acknowledged that Korea, like other advanced economies, faces its own structural challenges, including an ageing population, income inequality, and youth disenchantment.
Looking at the broader global picture, Liew said, “Some years later when we look back to 2025, historians will probably say this is a year when the world order shifted.”
He warned of the economic consequences of increasing protectionism, such as the Trump administration’s March 2025 steel tariffs, which have led to surges in exports to countries like Malaysia.
“If this spreads across industries, it risks triggering a deflationary race to the bottom for the region,” he said.
Liew urged for a new economic vision for Asia that reduces over-dependence on the United States and prioritises strengthening middle-class consumption across Korea, Japan, China and ASEAN.
“We need to make our citizens richer and economically more secure,” he said.
As Malaysia chairs ASEAN and Korea leads APEC in 2025, Liew called for deeper collaboration between both nations in steering Asia through an era of transformation.
“In geopolitics, we look to Korea’s leadership in Asia with Japan, China and ASEAN to maintain the peace. In economics, we hope Korea can take a more active position to help others grow rich.”
He concluded, “We must work together to ease Asia into this new chapter of global history – with inclusivity, sustainability, and shared prosperity at the core.” - August 27, 2025
