RIO DE JANEIRO, Brazil, CMC – The Inter-American Improvement Financial institution (IDB) says commerce relations between South Korea and Latin America and the Caribbean (LAC) present nice dynamism, with document commerce in items, excessive ranges of Korean funding within the area, and potential for future development.
A report launched by the IDB throughout the Korea-LAC Commerce and Revolutionary Discussion board confirmed that bilateral commerce in items grew from US$10 billion in 2000 to US$56.8 billion in 2023. Korea’s overseas funding in Latin America and the Caribbean exceeded three billion in 2023.
Based on the report titled “Kora and Latin America and the Caribbean: Advancing Collectively in an Evolving World,” Seoul and the area have the chance to deepen their financial and commerce ties by boosting worth chain resilience, enhancing meals safety, selling a clean and speedy vitality transition, and spreading the advantages of digital transformation.
Over 250 enterprise and public sector leaders from Korea Lat, in America, and the Caribbean are ending a two-day assembly Friday in Rio de Janeiro for the Korea-LAC Discussion board.
The occasion additionally serves as a platform to current BID for the Americas. This program goals to foster enterprise alternatives and strengthen financial ties between IDB’s non-borrowing member nations and Latin America and the Caribbean.
“The Korea-LAC Discussion board has been, through the years, an important car for integrating Korea with Latin America and the Caribbean and increasing bilateral commerce and funding,” mentioned Ilan Goldfajn, president of the Inter-American Improvement Financial institution (IDB).
“To facilitate and deepen these ties, at this time we’re happy to carry to our Korean companions Bid for the Americas, a program that may function a bridge for Korean firms to entry enterprise alternatives within the area. Using an progressive platform, our program seeks to attach firms with procurement, commerce inv, vestment, and co-financing alternatives,” Goldfajn added.
Individuals are being supplied with a possibility to achieve an in-depth understanding of a number of improvement and collaboration areas, together with sustainable agriculture to deal with meals insecurity, public-private partnerships to draw overseas funding, agile and clever provide chains to reinforce effectivity and competitiveness in world markets, and leveraging know-how, blockchain and digital economic system to foster innovation and financial improvement.
South Korean Deputy Prime Minister Choi Sang-mok, the President of the Export-Import Financial institution of Korea, Yoon Hee-Sung, and Oi Younger Jung, Government Vice President of the Korea Commerce and Funding Promotion Company, are additionally attending the assembly.
That is the eighth version of the Korea-LAC occasion collection, which started in 2007 by the IDB in collaboration with the Korean Ministry of Financial system and Finance (MOEF), the Korea Commerce and Funding Promotion Company (KOTRA) and the Korea Export-Import Financial institution (KEXIM).
In its seven earlier editions, the occasion introduced collectively high-level private and non-private sector leaders from either side to discover concrete avenues for cooperation and alternatives to strengthen their commerce and funding ties. That is the second time the occasion has been held in a Latin American and Caribbean nation.
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