President Moon Invited to Video Summit of '8 Central American Countries' (Comprehensive)

Participation in Summit on the 25th at the Invitation of the President of Costa Rica... First Multilateral Summit in the Latin America Region

[Asia Economy reporters Ryu Jeong-min and Lee Ji-eun] President Moon Jae-in will hold a video summit with SICA, the integrated system of eight Central American countries including Costa Rica, on the 25th.

Park Kyung-mi, spokesperson for the Blue House, said at a briefing at the Chuncheon Press Center on the 22nd, "President Moon will attend the 4th Korea-SICA Summit via video conference on the 25th at the invitation of Carlos Alvarado, President of Costa Rica and chair of SICA."

SICA is a regional consultative body for the political, economic, social, and cultural integration and development of eight Central American countries. The summit will be attended by the heads of state of Costa Rica, the chair country, and member countries Belize, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama.

[Image source=Yonhap News]

Spokesperson Park explained, "SICA member countries are traditional allies, and the Central American region is a geographical and economic key point connecting North and South America, as well as a base for our companies to enter the American market," adding, "The importance of cooperation with SICA is increasing."

This year marks the 25th anniversary of the 1st Korea-SICA Summit and the 200th anniversary of Central American independence. It is also the 30th anniversary of SICA's establishment. This event is being held for the first time in 11 years since the 3rd Korea-SICA Summit in 2010.

Spokesperson Park said, "As the first multilateral summit with the Latin American region since the inauguration of the Moon Jae-in administration, President Moon and the SICA member state leaders will discuss inclusive and sustainable economic recovery after COVID-19 and the future vision of Korea-SICA cooperation."

Latin America accounts for about 20% of South Korea's overseas construction orders in 2020. Korean companies have shown interest in projects such as the Greater Metropolitan Area electric train project in Costa Rica and the natural gas combined cycle power plant construction project in the Dominican Republic, leading to expectations that this summit will be utilized as sales diplomacy.

Spokesperson Park said, "President Moon will evaluate the achievements of Korea-SICA cooperation so far and propose measures to strengthen human exchanges, expand comprehensive cooperation based on green digital transformation, and support the Central American region's overcoming of COVID-19 and economic and social stability."

Spokesperson Park added, "President Moon will explain our government's diplomatic efforts for the complete denuclearization of the Korean Peninsula and the substantial progress toward permanent peace settlement and ask for SICA's support," expressing hope that "this will be an opportunity to strengthen practical cooperation with the emerging promising market of the SICA region and expand the diplomatic horizon toward the Latin American region."