KOTRA Hosts '2022 Korea-Latin America Business Summit'

One-on-One Business Consultation Meeting Held
MOU Signed for Dominican Eco-Friendly Airport Project and Chile Water Treatment Project

KOTRA will hold one-on-one business consultations at the "2022 Korea-Latin America and Caribbean Business Summit (6th Korea-LAC Business Summit)" hosted together with the Ministry of Economy and Finance, Inter-American Development Bank (IDB), and Export-Import Bank over two days starting from the 29th at the Grand Hyatt Seoul. The photo shows KOTRA President Yoo Jung-yeol delivering the opening address. Photo by KOTRA.

[Asia Economy Reporter Han Yeju] KOTRA announced on the 29th that it will hold one-on-one business consultations at the '2022 Korea-Latin America and Caribbean Business Summit (6th Korea-LAC Business Summit),' hosted together with the Ministry of Economy and Finance, the Inter-American Development Bank (IDB), and the Export-Import Bank of Korea.

This event, aimed at expanding economic cooperation between Korea and Latin American countries, consists of one-on-one business consultations and corporate cooperation agreements (MOUs).

Recently, the global trade environment has deteriorated due to supply chain risks originating from China, the intensification of the US-China trade dispute, and the prolonged Russia-Ukraine conflict. In response, as the US-centered global value chain (GVC) restructuring and nearshoring expand, securing growth momentum through economic cooperation with resource-rich Latin American countries is required.

This year marks a meaningful milestone as Korea celebrates the 60th anniversary of diplomatic relations with most Latin American countries. Since starting with Chile in 2004, Korea has signed FTAs with a total of eight Latin American countries, and efforts are underway to expand the scope of bilateral and multilateral economic cooperation within Latin America, including renegotiations of the Korea-Mexico FTA and attempts to join the Pacific Alliance as an associate member.

This event is the largest-scale Latin American economic cooperation project in Korea, involving high-level government officials from Korea and IDB member countries, and is being held for the sixth time following 2007, 2011, 2015, 2017, and 2019.

At the one-on-one business consultations hosted by KOTRA, Latin American government and corporate representatives from the green sector responding to the low-carbon trend, the ICT sector preparing for digital transformation, and the supply chain sector securing strategic materials were invited. The IDB invited export companies mainly in the food and beverage sector from Latin America to provide consultation opportunities with Korean companies.

In particular, this year’s event will hold sourcing consultations in the mineral sector as part of diversifying strategic material supply sources. Three mineral-related government agencies and companies from Argentina, Brazil, and Mexico will visit Korea to conduct consultations focusing on lithium, iron ore, graphite, and fluorite.

Additionally, to meet the global low-carbon trend and the growing demand in the Latin American ICT sector, business consultations will focus on promising industries such as ▲solar power ▲green hydrogen production ▲water treatment and waste treatment ▲smart cities ▲transportation network control systems ▲Internet of Things and software.

During this event, MOUs related to the eco-friendly airport project in the Dominican Republic and the water treatment project in Chile will also be signed. The Dominican Republic Airport Authority and Korea Airports Corporation will strengthen cooperation on new airport construction, operation, and development of surrounding complexes through the MOU. Cleaner Future of Chile and Korea’s Michigan Technology Co., Ltd. will sign a business agreement to establish wastewater and water treatment systems and plan to jointly promote the project over the next year.

KOTRA President Yoo Jung-yeol stated, "To respond to changes in the global trade environment and potential supply chain risks, Korea and Latin America need to strengthen their mutually beneficial partnership," adding, "KOTRA will continue to promote cooperation in the green and ICT sectors and expand Latin American supply sources of key minerals based on regular cooperation with the IDB."