5 Action Plans for the Future Unveiled What ‘actions’ do we take to create a better future for East Asia? Asia Future Forum 2011 that closed on the 16th put out 5 actions plans as a solution to this question. The Great Earthquake in Eastern Japan and the global financial crisis accelerated Korea, China and Japan to realize that they need to collaborate more. Regional trades in East Asian foreign trades have exceeded 50%. Through the cultural exchanges like Korean Wave and Japanimation, a cultural community has already been established. The 5 action plans will be a compass for the governments, corporations, media and civil societies of the three countries to find ways of making East Asian Community more potent. 1.Sustainable Development The first action plan that the participants came up with was that the core principle for operating East Asian Community must be ‘sustainable development’. Tokyo Electricity that had neglected the risk of radiation leaks set up a good example that shows the detrimental effects that the corporations with only one focus on maximizing profits for the shareholders and the principles of market economy that prioritize growth may have on the society. We need to create a ‘responsible market economy’ that strives to provide decent job opportunities, to eradicate poverty and to protect the environment, escaping from the greed for simple economic achievement. Sohn Byung-hae, a professor at Kyungpook University, said, “The East Asian traditional thoughts that value the harmony between the nature and humans may arise as a solution to the current crises.” 2.CSR So far, East Asian corporations and pension funds were busy mimicking the Western CSR (Corporate Social Responsibility) or SRI (Socially Responsible Investment). However, they need to deliberately find a unique model that is appropriate for Asian regional and cultural contexts. It is significant that Asia Future Forum is selecting East Asia 30 every year according to its unique evaluation standards. Pension Funds’ SRI that Korea and Japan are partially implementing needs to be more activated. 3.Mutual Agreement on Broadcasting for Korea, China and Japan In 1989, European Parliament adopted ‘Television without Frontiers’ quota to prevent American Hollywood from taking over. The quota promoted the European broadcasting stations to have European productions account for more than 50% of the program schedule. This eventually created a tie that integrates European countries. Media is a bridge that can unite the society. Lee Bong-hyun, a research fellow at Hankyoreh Economic Research Institute, said, “Before integrating Asian politics and economics, we need to raise the cultural sense of community. In order to do that, we should give it a try in the establishment of a joint cultural channel or making an agreement on broadcasting.” 4.Establishing Social Economy Social enterprise and cooperatives are rising as alternatives that would fill the empty spaces that the existing market economic system couldn’t fill such as unemployment, poverty, environmental pollution and protecting the socially underprivileged. Therefore, East Asian governments and civil society need to polish the foundation for establishing a social economy that is driven by social enterprises and cooperatives, apart from the market economy driven by ordinary corporations. They also resonate with Asia’s unique culture that emphasizes on collaboration and solidarity. 5.Promoting Renewable Energy Industry In the wake of the Fukushima accident, renewable energy industry such as solar and wind power has gained more interest than ever as people started to resent the energy policy that depends on nuclear power. Participants agreed that the governments of Korea, China and Japan needs to deliberately support the development of renewable energy industry and corporations need to increase investment in this field.