By Yoon Ja-young (2014-02-10 21:01)

A seminar on the Association of Southeast Nations’ (ASEAN) functionality as an economic community will be held at the Westin Chosun Hotel in Seoul, today.

The ASEAN-Korea Center, a Seoul-based inter-governmental organization, has invited experts to address relevant aspects of the regional bloc’s economic opportunities as it strives towards greater regional integration.

ASEAN is a regional cooperative group composed of the 10 Southeast Asian countries of Indonesia, Thailand, the Philippines, Malaysia, Vietnam, Singapore, Myanmar, Cambodia, Laos and Brunei.

The region is steadily gaining attention as an attractive investment destination, thanks to its large youthful population, relatively low wages and abundant natural resources. The total foreign direct investment (FDI) to the ASEAN region more than doubled to $116.5 billion in 2011 from $47.4 billion in 2009.

It is also Korea’s second biggest trading partner as well as its most preferred investment destination.

In the light of its promising economic outlook, the bloc is taking measures to accelerate its integration efforts aimed at creating a single market and a production base of over 600 million people by 2015.

The single market is expected to provide more opportunities for Korean companies investing in the region to maximize their benefits from intra-trade and production. The geopolitical significance of the region has also come under the spotlight, amid the growing tension between China, Japan and some ASEAN member states over territorial issues.

Hosted by the ASEAN-Korea Center and organized by the Korea Institute for International Economic Policy (KIEP), the seminar will include discussions by experts from organizations in related fields such as the ASEAN Secretariat, the Economic Research Institute for ASEAN (ERIA) and the Korea Trade-Investment Promotion Agency (KOTRA).

The seminar will begin at 1:30 p.m.