Furthermore, last year, Korean foreign investment in Latin America and the Caribbean exceeded US$3 billion.
Trade in goods between Latin America and South Korea grew from US$10 billion in 2000 to US$56.8 billion in 2023, which is a new record figure.
Furthermore, last year, Korean foreign investment in Latin America and the Caribbean exceeded US$3 billion, according to the publication 'Korea and Latin America and the Caribbean: "Advancing together in a changing world", published by the Bank. Inter-American Development Bank (IDB).
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 with the potential to grow even more in the future.
According to the same report, the Asian country and the region have the opportunity to deepen their economic and trade relations by increasing the resilience of value chains, improving food security, promoting a fluid and rapid energy transition, and disseminating the benefits of digital transformation.
Bilateral trade in services exceeded US$11 billion in 2021 (latest available data). Additionally, the region's agri-food exports to Korea, led by Brazil, have grown at an annual growth rate of 20% over the past four years.
BUSINESS FORUM BETWEEN LATIN AMERICA AND SOUTH KOREA
The IDB report was presented during the Korea-LAC Forum, which has brought together more than 250 business and public sector leaders from Korea and Latin America and the Caribbean since last Thursday in Rio de Janeiro.
During the forum, "IDB for the Americas" was presented, a program that seeks to promote business opportunities and strengthen economic ties between non-borrowing member countries of the IDB and Latin America and the Caribbean.
"Over the years, the Korea-LAC Forum has been an indispensable vehicle to integrate Korea with Latin America and the Caribbean and expand bilateral trade and investment," said Ilan Goldfajn, president of the IDB.
Attendees had the opportunity to learn in-depth about various areas of development and collaboration, including sustainable agriculture, public-private partnerships to promote foreign investment, agile and intelligent supply chains to increase efficiency and competitiveness in global markets, and technology, blockchain and digital economy to promote innovation and economic development.
