7th Korea-Latin America Business Summit Held on the 27th
Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol stated, "Going forward, Korea and Latin America should focus their economic cooperation on artificial intelligence (AI), critical minerals, and energy infrastructure," adding, "We will work to attract the Inter-American Development Bank (IDB) AI Cooperation Office to Korea and support various forms of financial cooperation."
In his opening remarks at the 7th Korea-Latin America Business Summit held at the Conrad Hotel in Seoul on the 27th, Deputy Prime Minister Koo said, "If Korea's deep-tech capabilities are combined with Latin America's high level of digital affinity, it will become a powerful driving force to lead the global AI transformation." He further stated, "We will attract the IDB AI Cooperation Office to Korea, which will allow us to establish ourselves as a true hub for AI."
Deputy Prime Minister Koo continued, "Latin America is a treasure trove of resources, holding about 30% of the world's critical minerals, while Korea has strengths in advanced manufacturing technologies such as electric vehicles, batteries, and semiconductors. This makes mutually beneficial cooperation possible between the two sides." He also noted, "Latin America is an energy powerhouse, with 60% of its total electricity supply coming from clean energy sources. By combining this with Korea's plant engineering technology, we can take the lead in the global energy transition."
Deputy Prime Minister Koo stated, "We will more effectively support the digital, critical minerals, and energy sectors through various forms of financial cooperation," adding, "We will also continue to support the development of the Latin American private sector through IDB Invest and IDB Lab."
The Inter-American Development Bank (IDB) is a multilateral development bank established in 1959 to support the economic and social development of the Latin America and Caribbean region. Korea became the 47th member of the IDB in 2005 and has participated in development projects in Latin America through capital contributions, technical cooperation, and dispatching experts. This year marks the 20th anniversary of Korea's accession to the Inter-American Development Bank (IDB).
Deputy Prime Minister Koo emphasized, "We must work together to respond to new challenges such as the global economic slowdown and technological change," adding, "Now is the time for the partnership between Korea and Latin America to truly shine."
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