President Moon attends SICA virtual summit... Emphasizes comprehensive economic cooperation

First Multilateral Summit with Latin American Countries... "A Market Our Companies Must Secure, An Alternative Production Base"

[Asia Economy reporters Ryu Jeong-min and Lee Ji-eun] On the 25th, President Moon Jae-in held a virtual summit with the Central American Integration System (SICA) at the Blue House Yeomin-gwan and emphasized comprehensive cooperation for economic growth. This event marks the first multilateral summit between the Moon Jae-in administration and Latin American countries.

In his greeting, President Moon said, "Korea actively supports the efforts of SICA member countries to establish stable governance and achieve regional integration and sustainable economic development," adding, "I hope that the inclusive and future-oriented cooperation between Korea and SICA will further expand."

SICA is a regional organization for the integration and development of eight Central American countries: Costa Rica, Panama, Nicaragua, the Dominican Republic, Honduras, Guatemala, El Salvador, and Belize. The Blue House expects that the Korea-SICA summit will broaden diplomatic horizons and contribute to expanding economic exchanges with Latin America, a geographic and economic hub connecting North America, South America, the Pacific, and the Atlantic.

[Image source=Yonhap News]

In particular, over 200 Korean companies have entered Panama and Guatemala. Latin America, which has emerged as a major import route for U.S. oil and natural gas following the opening of the Panama expanded canal, is a strong candidate for U.S. 'nearshoring' (relocation of production bases to neighboring countries).

A Blue House official explained, "(SICA member countries) represent a market of 60 million people with a $330 billion economy, which Korean companies need to preempt," adding, "Given the U.S.-China conflict, alternative production bases are also needed at this time."

Furthermore, President Moon emphasized that efforts toward the 'Korean Peninsula peace process' will continue. SICA member country leaders expressed their agreement on the need for the prompt resumption of inter-Korean dialogue and North Korea-U.S. talks. The Korea-SICA summit also adopted a joint declaration establishing a new relationship based on economic cooperation and other areas.

This content was produced with the assistance of AI translation services.