KITA News and Reports
  • KITA Held ‘22nd Korea-South America Business Forum’
    2018-09-17

    KITA Held ‘22nd Korea-South America Business Forum

     

    - Discussed the changes of economic geography due to presidential elections in the countries in Latin America and the Korea-Latin America trade cooperation measures -

     

    The Korea International Trade Association (chairman, Kim Young-joo) hosted the '22nd Korea-South America Business Forum' at Lotte Hotel Seoul on September 11, in cooperation with the Korea Council on Latin America and the Caribbean, the Korea Institute for International Economic Policy (KIEP) and the International Construction Information Service 

     

    During the forum, the participants discussed the changes in political and economic geography due to the presidential elections in Latin American countries such as Chile, Costa Rica, Venezuela, Paraguay, Colombia, Mexico and Brazil, and introduced the opportunities to make inroads into the Latin American markets as the Korean government is working on the negotiations to join the Pacific Alliance (PA) as an associate member as well as the negotiations for the Korea-MERCOSUR trade agreement was launched last May. 

     

    The Pacific Alliance is an economic bloc composed of four countries: Mexico, Colombia, Chile and Peru. If Korea acquires the status of an associate member of the Pacific Alliance by signing free trade agreements (FTA) with all three countries except for Mexico, Korea will be able to enjoy the equivalent economic benefits to the real Korea-Mexico FTA.

     

    Chairman Shin Soong-chull of the Korea Council on Latin America and the Caribbean said in his opening speech, "It is the perfect time to improve the relations with the countries in Latin America as many of the countries' regimes are changing now." The chairman also said, "We need to pay more attention to Latin America as an alternative market in the face of rising uncertainties in the global economy."


    A research professor Son Hye-hyun at the Korea National Diplomatic Academy made the first speech and anticipated, "This year and next year, there are 12 presidential elections in Latin America, including Brazil, and left-right ideological confrontations are likely to be ruled out due to economic recession." Kim Jon-oh, a senior researcher at KIEP stressed, '"Joining the Pacific Alliance as an associate member will upgrade Korea's bilateral trade diplomacy to multilateral diplomacy in Latin America and create various business and investment opportunities." Kwak Dong-chul, a researcher at the Korea International Trade Association, said, "Once the Korea-MERCOSUR trade agreement is signed, exports of wireless communication devices, pharmaceuticals, and condensers are expected to expand."

     

    At the special session, 'Seminar on Entering into Latin America for Young People', jobs and internship programs at multinational development cooperation, job opportunities at nongovernmental organizations (NGOs) in Latin American and were introduced. For the companies who want to make inroads into Latin America, one-on-one consultations on FTA, customs, intellectual property, and law.

     

    Cho Hak-hee, head of International Affairs Group at the Korea International Trade Associaiton, who organized the forum, said, We expect that today’s forum will be an opportunity for Korean companies to understand better the changing market environment in Latin America and their trade with Latin America will be revitalized.

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