- Korea-LAC Trade and Innovation Forum opens in Rio de Janeiro.
- IDB Group presents BID for the Americas, a program that serves as a bridge for Korean companies to access business opportunities in the region.
KOREA / THE CARIBBEAN – Trade relations between Korea and Latin America and the Caribbean show great dynamism, with record trade in goods, high levels of Korean investment in the region, and potential for future growth, according to a report from the Inter-American Development Bank (IDB) released today during the Korea-LAC Trade and Innovation Forum.
Bilateral trade in goods grew from $10 billion in 2000 to $56.8 billion in 2023 and Korea’s foreign investment in Latin America and the Caribbean exceeded $3 billion in 2023, the report found.
According to the publication “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 convened in Rio de Janeiro July 25-26 for the Korea-LAC Forum.
The event also served as a platform to present BID for the Americas, a program 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.
“To facilitate and deepen these ties, today we are pleased to bring to our Korean partners BID for the Americas, a program 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 had the chance 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.
In addition to president Goldfajn, the event was attended by Choi Sang-mok, deputy prime minister of Korea; Yoon Hee-Sung, president, Export-Import Bank of Korea; Oi Young Jung, executive vice president, Korea Trade and Investment Promotion Agency; and Geraldo Alckmin, Brazil’s vice president and minister of development, industry, trade and services.
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.
Other notable findings of the newly released publication include:
- Bilateral trade in services reached $11 billion in 2021, according to the latest available data.
- The region’s agrifood exports to Korea, led by Brazil, have grown at an annual rate of 20% over the past four years.
- Trade between Korea and Brazil, home to 50,000 Koreans, reached $10 billion in 2023.
- The challenges facing the global economy necessitate a cooperation agenda between Latin America and Korea that prioritizes policies and regulations.
