Colombian President Duque: "Samsung, Hyundai, LG, and POSCO Interested in Investing in Colombia"

Hope for Bilateral Cooperation in Renewable Energy and Vaccine Production
Expanding Private Sector Collaboration through Korea-Colombia Economic Cooperation Committee

[Asia Economy Reporter Hwang Yoon-joo] Colombian President Iv?n Duque M?rquez encouraged not only government cooperation between the two countries in fields such as electric vehicles, renewable energy, vaccine production, and 5G, but also investments from Korean companies. President Duque is visiting Korea for a summit ahead of the 60th anniversary of bilateral relations next year. Through this state visit, he emphasized strengthening cooperation and expanding private sector investment in new growth engines, healthcare, and eco-friendly sectors.

On the afternoon of the 25th, at the 'Colombia-Korea Trade and Investment Forum' held at the Four Seasons Hotel in Seoul, President Duque stated, "Colombia will provide tax and non-tax benefits to many companies investing in our country to offer more employment opportunities to youth (ages 18-28)."

Colombia established diplomatic relations with Korea in 1962 and elevated the relationship to a strategic partnership in 2011. Notably, Colombia is the only country in Asia to have implemented a Free Trade Agreement (FTA) with Korea in 2016 and the only Latin American country to have participated in the 6.25 War.

President Duque highlighted the special ties between the two countries and expressed expectations for expanding Korean companies' investments beyond the traditional agricultural and livestock trade into electric vehicles, renewable energy, vaccines, and 5G sectors.

He said, "I understand that Hyundai is seriously considering investment in the electric vehicle sector, and Samsung, LG, and POSCO are showing great interest in entering the 5G and telecommunications industries," adding, "We hope to attract Korean investment to Colombia through close cooperation between our governments."

President Duque also encouraged Korean companies to invest in vaccine development and production. During a summit meeting at the Blue House that morning, he conveyed Colombia's intention to join the International Vaccine Institute (IVI), headquartered in Korea.

He stated, "I hope Korean companies will enter Colombia to package vaccines produced there and distribute them to other Latin American countries," and added, "We hope to activate a passport system that promotes vaccine development and vaccination to facilitate smooth economic activities."

He further expressed, "We hope to establish a new relationship looking forward to the next 60 years," and said, "In this regard, the 'Korea-Colombia Economic Cooperation Committee' will be formed to strengthen cooperation in the private sector."

Meanwhile, the Korea Chamber of Commerce and Industry signed a Memorandum of Understanding (MOU) with the Bogot? Chamber of Commerce of Colombia to establish the Economic Cooperation Committee on the occasion of President Duque's state visit. The Korea-Colombia Economic Cooperation Committee plans to collaborate both face-to-face and virtually every six months.

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