Korean Prime Minister Finds Pharma After 13 Years, Promotes Public Infrastructure Exports Sales

First Summit-Level Visit in 13 Years Since President Lee Myung-bak
Discussing Busan Expo Sales and Cooperation Enhancement in Panama

Prime Minister Han Duck-soo, after completing his visit to the Caribbean Community (CARICOM), continued his efforts to promote the Busan Expo bid in Panama. He engaged in 'export sales' by highlighting the technological capabilities and competitiveness of South Korean companies in public infrastructure projects. This visit marks the first time in 13 years that a South Korean head of government has visited Panama since President Lee Myung-bak in 2010.

According to the Prime Minister's Office on the 7th, Prime Minister Han has been visiting Panama for three days since the 5th (local time). Panama is a member of the International Bureau of Expositions (BIE) and the largest trading partner in the Central American region. As of last year, South Korea's trade with Panama totaled $1.76 billion (exports $1.17 billion, imports $593 million), accounting for 47% of total trade with the eight Central American countries ($3.75 billion).

South Korean companies are also actively involved in public infrastructure projects. The $2.8 billion Panama Metro Line 3 project and the $1.1 billion underwater tunnel project are underway, initiated by a consortium of Hyundai Engineering & Construction, POSCO E&C (formerly POSCO Construction), and Hyundai Engineering (HPH). POSCO E&C (formerly POSCO Construction) has also started projects including the Gatun natural gas combined cycle power plant ($500 million) and the Colon LNG terminal expansion ($100 million).

During his visit to Panama, Prime Minister Han met with ▲ President Cortizo of Panama ▲ Panamanian cabinet ministers ▲ held a Korea-Panama infrastructure cooperation meeting ▲ hosted a dinner meeting with overseas Koreans and local company representatives ▲ and visited infrastructure construction sites of Korean companies operating locally.

Prime Minister Han Meets with Panama President: Requests Interest in Participation of Korean Companies in Public Infrastructure Projects

Prime Minister Han Duck-soo meeting with President Cortizo of Panama (Photo by the Prime Minister's Office)

On the 6th (local time), Prime Minister Han met with President Cortizo to discuss strengthening bilateral cooperation. Prime Minister Han evaluated that the two countries, sharing universal values such as democracy, human rights, and peace, have developed close and friendly cooperative relations across various fields including economy and trade, infrastructure, resources and energy, and the international stage. President Cortizo expressed gratitude for Prime Minister Han’s visit to Panama and hoped to expand cooperation not only in trade and investment but also in areas such as science and technology, digital government, and waste management.

Prime Minister Han also mentioned the participation of Korean companies in several projects, including Panama’s largest infrastructure project, the urban railway Line 3. He stated, “I ask for the President’s interest and support so that Korean companies, which possess world-class technological capabilities and financing capacity, can participate in public infrastructure projects such as railways and highways promoted by the Panamanian government.”

PM Han: "We Will Explore Ways to Enhance Participation of Korean Companies Including Financial Support"

Prime Minister Han Duck-soo and Vladimir Franco, Acting Minister of Foreign Affairs of Panama (Photo by the Prime Minister's Office)

On the same afternoon, Prime Minister Han attended the ‘Korea-Panama Infrastructure Cooperation Meeting’ with Panamanian cabinet ministers related to infrastructure projects. Panama expressed its desire to cooperate with Korea in future infrastructure construction projects such as ports and highways. Prime Minister Han said, “We will explore various measures, including financial support, to ensure stable funding for infrastructure projects planned by the Panamanian government and to enhance the participation of Korean companies.”

That evening, Prime Minister Han attended a meeting with overseas Koreans and representatives of local Korean companies, appreciating their hard work and listening to their difficulties. Participants stated that although geographically distant from Korea, they live with pride locally, supported by Korea’s economic power and soft power such as K-pop. On the 7th, Prime Minister Han visited the construction site of Metro Line 3, Panama’s largest infrastructure project, to hear about the project status and challenges and to encourage Korean company officials operating there.

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