Request for Interest in Latin America Expansion by Korean Companies
[Asia Economy Reporter Lim Cheol-young] Choi Jong-geon, First Vice Minister of Foreign Affairs, held the first meeting on the 28th with the diplomatic corps of the Latin American countries (GRULAC) in Korea, including ambassadors from 15 Latin American countries, at the request of the Latin American diplomatic corps in Korea, the Ministry of Foreign Affairs announced.
The diplomatic corps meeting included representatives from Paraguay, Argentina, Brazil, Chile, Colombia, Guatemala, Honduras, Mexico, Panama, the Dominican Republic, Bolivia, Costa Rica, Ecuador, El Salvador, and Peru.
In his opening remarks, Vice Minister Choi said, "I am pleased to have my first regional group diplomatic corps meeting since taking office with the Latin American region," adding, "Korea and Latin America share cultural homogeneity that values ‘family and community spirit,’ and the long-standing ties with Latin America, established over half a century ago through Korean immigration, have now developed into a deep mutual understanding between the peoples of both countries through cultural content such as K-POP."
He then emphasized cooperation on climate change and Korea’s Green and Digital New Deal policies. Vice Minister Choi stated, "In order to prepare for global challenges such as climate change in the post-COVID-19 era, there is increasing demand for eco-friendly policy promotion, new drug development, and cutting-edge technology development," and added, "Through our government’s Green and Digital New Deal policies, let us explore ways for Korea and Latin America to cooperate in fostering new digital industries, building 5G networks, cybersecurity, and establishing e-government."
He continued, "Our government has provided humanitarian aid worth 10.4 million dollars to 24 Latin American countries based on the spirit of ‘solidarity and cooperation’ and ‘freedom for all,’" and added, "Let us work together to overcome the COVID-19 crisis and expand future health cooperation between Korea and Latin America."
He also requested strong interest in the Korea-Latin America Future Cooperation Forum scheduled for November. Vice Minister Choi said, "The forum will discuss ways to enhance practical cooperation in the health and medical fields under the theme of the new normal in the post-COVID-19 era," urging Latin American countries for strong interest and active participation.
He requested attention to Korean companies’ expansion into Latin America. Vice Minister Choi noted, "Latin American countries, striving to overcome the economic recession caused by COVID-19, are announcing plans to promote large-scale infrastructure projects as part of their ‘Latin American-style economic revival New Deal,’" and said, "I am confident that Korean companies, which can share industrial technology and know-how, will be the optimal cooperation partners in promoting infrastructure development projects in Latin American countries." He further emphasized, "Korea has been steadily contributing to economic development through Latin American infrastructure projects since joining the Central American Bank for Economic Integration (CABEI) and becoming an extraregional member of the Inter-American Development Bank (IDB)."
He also mentioned actively promoting Free Trade Agreements (FTA) and Trade Agreements (TA) to create a mutually beneficial trade and investment environment. Vice Minister Choi evaluated the achievements so far in revitalizing economic and trade relations, including bilateral FTAs with Chile, Colombia, and Peru, and urged the countries involved to expedite the conclusion of trade negotiations between Korea and the Southern Common Market (MERCOSUR) and Korea’s accession as an associate member of the Pacific Alliance (PA). He also requested Latin American countries’ active support for Yoo Myung-hee, Chief Trade Negotiator, to be elected as Director-General of the World Trade Organization.
In response, the Latin American ambassadors in Korea expressed their gratitude for the Korean government’s humanitarian support to Latin American countries in response to COVID-19 and agreed on the need to revitalize practical cooperation between Korea and Latin America for economic recovery after COVID-19. The ambassadors also noted that Korea is a more important cooperation partner in the post-COVID-19 era and hoped to strengthen practical cooperation in areas such as eco-friendly policies, digital technology, and infrastructure.
Meanwhile, Vice Minister Choi expressed his gratitude for Latin American countries’ continued support for the Korean government’s peace policy on the Korean Peninsula.
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