As a consequence of Korea’s close economic and diplomatic ties with ASEAN members, ASEAN is now the second significant trading partner and third largest FDI destination for Korea. Such accomplishment can be chiefly attributed to mutual benefits on both sides. Considering such strong ties, it is not surprising that a large share of Korea’s official development assistance (ODA) is directed toward ASEAN members. From 1987 to 2013, ASEAN was Korea’s largest ODA destination in cumulative terms, with the figure amounting to USD 2.4 billion. Currently, there is growing recognition in Korea to share its experience and knowledge with ASEAN member states in order to contribute to the regional partnerships for sustainable development. Korea shall reinforce and explore cooperative programs that target regional cooperation with the ASEAN, especially at such a time when integration among ASEAN is being highlighted. In the initial stage of project design and development, reflecting the needs and interest of ASEAN countries is of utmost importance. Such consideration will also promote strategic cooperation to bolster mutual benefits and economic integration, with a goal of integrating the entire ASEAN economic community by 2015.