ASEAN-ROK Cooperation Fund Report

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 The ASEAN-ROK Cooperation Fund (AKCF) has been a pivotal cornerstone in fostering regional cooperation and solidarity between ASEAN and the Republic of Korea since its establishment in 1990. Commemorating the milestones of ASEAN-ROK relations over the past 34 years, the ROK government has continued to increase its contribution from USD1 million in 1990 to USD20 million in 2023. Furthermore, upon the announcement of KASI (Korea-ASEAN Solidarity Initiative) in 2022, President Yoon Suk Yeol pledged to further increase the annual volume of the AKCF to USD32 million by 2027 as a part of eight core lines of effort under KASI; increase ASEAN-ROK Cooperation Resources.

Since its establishment, the AKCF has supported more than 456 projects with USD174 million in the priority areas mutually agreed upon by ASEAN and ROK in response to emerging challenges and opportunities at the regional and global levels. In this regard, the AKCF has embodied the collective commitment of both ASEAN and ROK to cultivate a cooperative partnership across diverse sectors, encompassing education and training, culture and tourism, public health, economic resilience, and environment, safety and peace, thereby contributing to realizing the ASEAN Community Vision 2025. By nurturing collaboration in these sectors and implementing the projects together, the AKCF continues to serve as a vital instrument to fortify the partnerships between ASEAN and ROK while yielding sustainable impacts that resonate in the region.

Framework for the AKCF 2021-2025

The strategic direction of AKCF is guided by the Framework for the ASEAN-ROK Cooperation Fund 2021- 2025. The Framework clarifies that AKCF should be utilized to advance the strategic partnership between ASEAN and ROK, and stands by the objectives laid out in ‘ASEAN-ROK Joint Vision Statement for Peace, Prosperity and Partnership,’ ‘ASEAN-ROK Plan of Action 2021-2025’, ‘ASEAN Comprehensive Recovery Framework’ (ACRF) and the ROK’s ‘Korea-ASEAN Solidarity Initiative (KASI)’.

For AKCF Project Development and Consultation

ASEAN-ROK Programme Management Team (AKPMT)

The ASEAN-ROK Programme Management Team (AKPMT) was established at the end of 2016 and settled in the ASEAN Secretariat in 2020. In close coordination with the ROK Mission to ASEAN and the ASEAN Secretariat, the AKPMT works to effectively utilize, manage, and execute the AKCF. The AKPMT manages the AKCF projects during the whole project cycle, including formulation, implementation, and completion of programmes. As of 2023, the AKPMT consists of eight members: six Jakarta-based members (a Team Leader, three Programme Managers, a Programme Officer, and a Finance Officer) and two Seoul-based members (two Programme Consultants).

Jakarta-based AKPMT members are stationed at the ASEAN Secretariat to

• Consult with potential partners for the formulation of quality proposals

• Review project proposals and support the project appraisal and approval process

• Keep track of the project implementation progress and expenditure

• Monitor and evaluate the approved projects

• Promote the AKCF to relevant stakeholders and the public Seoul-based AKPMT members are stationed at the ASEAN Cooperation Division, Ministry of Foreign Affairs of ROK to

• Consult with potential partners for the formulation of quality proposals

• Review project proposals and facilitate the ROK’s preliminary and final approval process

• Monitor and evaluate the approved projects

• Promote the AKCF to relevant stakeholders and the public