Daewoo Internationl to open a branch office in the Caribbean

Daewoo International, Posco’s trade arm, said it is expanding its business to the Caribbean by establishing a branch office in Panama.

The Korean trading company said on Wednesday that it plans to open up the office in Panama this month and aims to expand into the Caribbean region’s steel, chemical and automotive parts trading businesses as well as the plant and power plant infrastructure market there.

It said the Caribbean region, which includes Panama, has strong potential as an economy that could expand into a $300 billion market. The company said the region will play a particularly significant role as a trade center that could connect North America with South America, supported by the normalization of relations between the U.S. and Cuba.

Daewoo International is one of the leading trading companies in Korea with 101 branch offices in 55 countries.