On the 19th, Korea-Latin American Economic System Virtual Conference... Diplomatic Diversification Despite COVID-19

[Asia Economy Reporter Lim Cheol-young] The Ministry of Foreign Affairs, the Korea-Latin America Association, and the Korea International Trade Association jointly announced on the 16th that they will hold a video conference with the Latin American Economic System (SELA) on the morning of the 19th at COEX.

SELA is an economic cooperation organization established in 1975, composed of 26 Latin American countries, engaged in regional integration projects within Latin America.

The video conference will be attended by Jaiver Paulinich, Secretary-General of SELA; Shin Soong-cheol, President of the Korea-Latin America Association; Cho Hak-hee, Director of the Korea International Trade Association; and Kim Won-ho, Dean of the Graduate School of International and Area Studies at Hankuk University of Foreign Studies.

During the video conference, presentations and discussions will be held on ▲ South Korea's economic and financial policies in response to the novel coronavirus infection (COVID-19), ▲ the economic impact and recovery prospects of COVID-19 in the Latin American region, and ▲ South Korea's experience related to COVID-19 and its implications for Latin America. Through this, South Korea's policy experience will be shared and the current economic status between Korea and Latin America during the COVID-19 situation will be reviewed.

Additionally, amid the rapid economic recession expected in the Latin American region due to the COVID-19 pandemic, recent oil price crashes, and social and political instability, the conference will exchange opinions on crisis response measures including support for Korean companies operating there and possible economic cooperation methods between Korea and Latin America. The International Monetary Fund (IMF) has projected Latin America's economic growth rate this year at -5.2%.

The Ministry of Foreign Affairs plans to continue consultations with Latin American economic cooperation organizations such as the Southern Common Market (MERCOSUR) and the Pacific Alliance (PA) to explore economic cooperation measures with Latin America, a key target region of the government's diplomatic diversification strategy and an emerging market, and to support Korean companies' expansion into Latin America despite the global economic downturn caused by COVID-19.

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