"Strengthening Korea-Colombia Economic Cooperation"... KOTRA Hosts Online Business Consultation Meeting

30 Colombian Companies Participate
Focus on Promising Sectors Such as Consumer Goods, ICT, and Healthcare

KOTRA is holding the "Korea-Colombia Business Partnership Consultation" until the 3rd of next month, during which domestic participating companies are conducting online consultations with Colombian buyers.
[Photo by KOTRA]

[Asia Economy Reporter Kim Heung-soon] KOTRA announced on the 31st that it will hold the 'Korea-Colombia Business Partnership Consultation' online until the 3rd of next month.

Starting on the 24th, this consultation event features 32 Korean companies from the medical devices, construction machinery and materials, pharmaceuticals, consumer goods, and ICT sectors participating to conduct about 60 one-on-one online consultations with 30 Colombian companies.

Colombia is the only Latin American country that dispatched combat troops to the Korean War, and this year marks the 70th anniversary of its participation. In 2011, Korea and Colombia established a 'Strategic Cooperation Partnership,' which has been maintained for 10 years. Economically, with a population of over 50 million, Colombia is classified as the third largest market in Latin America after Brazil and Mexico.

Since the Korea-Colombia Free Trade Agreement (FTA) came into effect in July 2016, Korea's export competitiveness in intermediate and consumer goods to Colombia has increased, and imports of Colombian primary products have risen. The total trade volume has steadily increased, and both countries have abolished tariffs on more than 96% of all product categories.

This consultation was organized to strengthen economic cooperation between the two countries on the occasion of Colombian President Iv?n Duque's visit to Korea and to support the entry of Korean small and medium-sized enterprises into Colombia. At a previous summit between the two heads of state, President Duque expressed his intention to expand trade by stating, "Let's make more use of the FTA going forward."

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