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Business forum explores Korea-Latin America partnerships as U.S. policy changes loom

Published: 02 Dec. 2024, 09:58

Minister for Trade Ahn Duk-geun speaks during a Boom-up Korea event held on Oct. 23. [NEWS1]

Korea's industry ministry on Monday hosted a business forum aimed at expanding economic partnerships with Latin American nations while addressing trade uncertainties stemming from the incoming U.S. administration.

During the event, the government discussed strategies for Korean businesses to penetrate deeper into the region with officials from think tanks and delegations from 17 Central and South American countries, according to the Ministry of Trade, Industry and Energy.

"Amid the anticipated changes in the global economic and trade order, especially in the Americas, Korea, and Central and South America need to work together to stabilize the supply chain and seek future-oriented cooperation," Deputy Minister for Trade Park Jong-won said.

The government plans to seek closer partnerships with Latin American countries during next year's Asia-Pacific Economic Cooperation summit, set to be held in Gyeongju, North Gyeongsang, the ministry added.

Korea's trade volume with Central and South American countries, meanwhile, reached $54.8 billion in 2023, rising sharply from just $13.4 billion in 2003.

Yonhap