The Asia Foundation has been in Korea for over 65 years assisting the country’s development transition. As a loyal friend, we were there during
the most important times in Korea’s modern history: post-war reconstruction in the 1950s, nation-building in the 1960s and 1970s, the transition
to democracy in the 1980s and 1990s, and helping Korea to become a global player since 2000s. We moved from traditional grants and
donations such as books and scholarships towards collaborative programs and partnerships to help build capacity in developing countries.
Through the decades, friends and partners in Korea and across Asia have turned to The Asia Foundation for hope and friendship in difficult
times.

By building upon such support, South Korea has grown to become one of the most successful stories in Asia. In less than a generation, Korea
has gone from a war-torn country to a leader in technological innovation and global brands. Korean dramas, movies, and music are everywhere.
The country’s rapid response to COVID-19 has been admired around the world. Suddenly, Korea has become cool. But within Korea, there is a
realization of deep problems at home. With such a wide range of experiences, Korea has many valuable lessons and experiences to share with
developing countries and neighbors.

As we enter a new decade, The Asia Foundation recognizes that our role as connectors and positive change agents must adapt to an era of
technological innovation and emerging development cooperation models in Korea and the rest of Asia. Our increasing partnership with the
private sector is reflected in our work in entrepreneurship development, responsible business models, and impact investment solutions.
The Asia Foundation has extraordinary access to leaders at the highest levels of government, and to highly effective grassroot groups on the
ground. By building and igniting such partnerships, we are applying our expertise and resources to address the multi-dimensional challenges and
opportunities facing Korea and Asia in an inclusive, focused, and sustained way:

Social inclusion and economic inequality are major threats to national and regional cohesion among the marginalized, including young and
old, refugees, and women. Pressing social problems require interconnected solutions. For example, the rising social innovation in South Korea
(including the private sector) can be a driving force. The Asia Foundation has launched initiatives to enhance women entrepreneurship in Korea
and in the region, involving governments, the private sector, community groups, and multilateral organizations. We are also working with
North Korean refugee entrepreneurs in South Korea incorporating lessons from the East German experience on innovative training approaches.
Moreover, our 2020 Asian-Approaches to Development Cooperation (AADC) conference with KDI School has brought together leaders in Korea and all over Asia to share responses and lessons to COVID-19.

International diplomacy and security are constant challenges in the Korean peninsula. If the security alliance with the US is renewed and strengthened, the US-ROK alliance could serve as the rock in the region in uncertain times. The Asia Foundation has facilitated policy dialogue in Asia and in the US, including recommendations to U.S. policy-makers through its Asian Views of America’s Role in Asia initiative. Moreover, The Asia Foundation has been asked by the Friends of the Asia Foundation Korea (FOTAF) to prepare for the opening of North Korea and other engagement opportunities.

Inclusive growth and competitiveness in South Korea have been flat in the past years. Despite the global economic disruption due to
COVID-19, the country’s future continues to have infinite economic potential if new sources of growth are identified that are less dependent on
a few products (semiconductors), markets (China), and raw materials (from Japan). The Asia Foundation’s response includes launching inclusive
growth initiatives, including sustainable finance and new business models such as Economics of Mutuality (EOM). We worked with
the Mars Corporation and with top business schools in Vietnam and Korea to advise one of Vietnam’s largest logistics companies on responsible
business strategies.

Demographics is an existential challenge for South Korea, with one of the lowest birth rates and fastest aging population in the world. How it
responds to these challenges is critical, and perhaps become a model to other emerging Asian countries. The Asia Foundation in Korea has an
explicit focus on the future generation as key beneficiaries of our work in Korea and Asia. We also invest in future leaders through our annual
Asia Foundation Development Fellows program as well as exchanges with the United States through the Luce Scholarship.

Across Asia, while there are differences in context and challenges, there are similar common yearnings for hope, friendship, and models to be
inspired by, in a way that dignifies and lifts those it intends to support. The outcome of our efforts in Korea today will improve lives and help
inspire the rest of Asia, just as our partnership during Korea’s economic growth period inspired the developing world.

The Asia Foundation’s network - which covers Korea and across 18 country offices together with our offices in San Francisco and Washington
DC - exists to serve Asia and help fulfill dreams and the aspirations of Korea and Korea’s role in Asia. We invite you to partner with us and start
the change in Korea, Asia, and the world.