Daewoe-yeon Holds the 24th Korea-Latin America Business Forum

Discussion on Cooperation Measures Including Healthcare, Untact Industry, Infrastructure, and SME Market Entry...

Kim Heung-jong, President of the Korea Institute for International Economic Policy, delivering the opening address at the 24th Korea-Latin America Business Forum held at Lotte Hotel Seoul on the 17th. (Photo by Korea Institute for International Economic Policy)

[Asia Economy Reporter Moon Chaeseok] The Korea Institute for International Economic Policy (KIEP), a government-funded research institute, announced on the 17th that it held the "24th Korea-Latin America Business Forum" at Lotte Hotel Seoul.

The forum was attended by experts from Korea and Latin America in various fields, including Kim Heungjong, President of KIEP; Shin Soongcheol, Chairman of the Korea-Latin America Association; Shin Seungkwan, Executive Director of the Korea International Trade Association; and Jung Daejin, Director General of Trade Policy Bureau at the Ministry of Trade, Industry and Energy.

Notably, Rodolfo Solano Quiros, Minister of Foreign Affairs of Costa Rica, representing the Latin American region, sent a congratulatory message.

In his opening remarks, President Kim said, "I am very honored that a place has been prepared to discuss cooperation measures between Korea and Latin American countries amid changes in the international political and economic order due to the US-China conflict and protectionism, as well as the unprecedented crisis caused by the novel coronavirus disease (COVID-19)."

President Kim forecasted, "With the outbreak of the second pandemic prolonging the COVID-19 situation longer than expected, the two regions will be able to seek cooperation opportunities in healthcare, non-face-to-face industries, infrastructure, and construction sectors."

Executive Director Shin evaluated in his welcoming remarks, "Although trade between the two regions has significantly declined this year, cooperation has rather strengthened through the implementation of the Korea-Central America Free Trade Agreement (FTA), membership in the Central American Bank for Economic Integration (CABEI), and activation of non-face-to-face networking channels."

Director General Jung said in his congratulatory speech, "I highly appreciate the timeliness of the forum theme, 'Post-COVID Era Korea-Latin America Economic Cooperation,'" adding, "I hope this will be a valuable opportunity to overcome the COVID-19 crisis and discuss new future cooperation measures."

Minister Quiros, in a video message, anticipated, "The world’s various waves such as the COVID-19 pandemic, economic reconstruction demands, biodiversity deterioration, immigration issues, and climate change can be overcome through comprehensive and strategic solidarity and cooperation."

He added, "Especially, the themes of this forum are closely related to ways to overcome risks and challenges," and expressed confidence that "it will serve as a platform to strengthen friendship and ties between the two regions, enhance business partnerships, and improve mutual competitiveness."

Forum speakers presented on ▲ policy cooperation measures in healthcare with Latin America, market entry for pharmaceuticals and medical supplies ▲ cooperation opportunities in the untact (non-face-to-face) sector between the two regions ▲ cooperation measures for regional small and medium enterprises including the Latin American Economic System (SELA) involving 26 countries ▲ and ways to strengthen trade cooperation between Korea and Latin America.

Under the chairmanship of Lee Seunghoon, Director of the Overseas Construction Association, officials from public institutions such as the Ministry of Land, Infrastructure and Transport, Korea International Cooperation Agency (KOICA), Export-Import Bank of Korea, and Central American Bank for Economic Integration (CABEI) introduced characteristics of the Latin American infrastructure and construction market and emphasized the importance of market entry.

Participants stated, "Considering large-scale projects that Korean companies have won or are scheduled to order in Latin America, expansion of investment development-type (PPP) projects, utilization and enhancement of cooperation with Latin American multilateral development banks, and increased support from government and public financial institutions are required."

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