RIO DE JANEIRO, Brazil – The Inter-American Development Bank (IDB) says trade relations between South Korea and Latin America and the Caribbean (LAC) show great dynamism, with record trade in goods, high levels of Korean investment in the region, and potential for future growth.
A report released by the IDB during the Korea-LAC Trade and Innovative Forum showed that bilateral trade in goods grew from US$10 billion in 2000 to US$56.8 billion in 2023 and Korea’s foreign investment in Latin America and the Caribbean exceeded three billion in 2023.
According to the report, titled “Korea and Latin America and the Caribbean: Advancing Together in an Evolving World”, Seoul and the region have the opportunity to deepen their economic and trade ties by boosting value chain resilience, improving food security, promoting a smooth and rapid energy transition, and spreading the benefits of digital transformation.
Over 250 business and public sector leaders from Korea and Latin America and the Caribbean are ending a two day meeting Friday in Rio de Janeiro for the Korea-LAC Forum.
The event is also serving as a platform to present BID for the Americas, a programme that aims to foster business opportunities and strengthen economic ties between IDB’s non-borrowing member countries and Latin America and the Caribbean.
“The Korea-LAC Forum has been over the years an essential vehicle for integrating Korea with Latin America and the Caribbean and expanding bilateral trade and investment,” said Ilan Goldfajn, president of the Inter-American Development Bank (IDB).
“To facilitate and deepen these ties, today we are pleased to bring to our Korean partners Bid for the Americas, a programme that will serve as a bridge for Korean companies to access business opportunities in the region. Utilizing an innovative platform, our program seeks to connect companies with procurement, trade and investment and co-financing opportunities,” Goldfajn added.
Participants are being provided with an opportunity to gain an in-depth understanding of several development and collaboration areas, including: sustainable agriculture to address food insecurity; public-private partnerships to attract foreign investment; agile and smart supply chains to enhance efficiency and competitiveness in global markets; and leveraging technology, blockchain and digital economy to foster innovation and economic development.
The meeting is also being attended by South Korea Deputy Prime Minister, Choi Sang-mok, the President of Export-Import Bank of Korea, Yoon Hee-Sung, and Oi Young Jung, Executive Vice President, Korea Trade and Investment Promotion Agency.
This is the eighth edition of the Korea-LAC event series, which began in 2007 by the IDB in collaboration with the Korean Ministry of Economy and Finance (MOEF), the Korea Trade and Investment Promotion Agency (KOTRA) and the Korea Export-Import Bank (KEXIM).
In its seven previous editions, the event brought together high-level public and private sector leaders from both sides to explore concrete avenues for cooperation and opportunities to strengthen their trade and investment ties. This is the second time the event is held in a Latin American and Caribbean country.
