By Kim Sue-young
Staff Reporter

A high-level South Korea-Latin America forum will open at COEX in southern Seoul today to discuss cooperation, especially in energy and resources, a ranking government official said Monday.

Participating countries will adopt the Seoul Statement containing promises for strengthened cooperation, he said.

Local companies can find business opportunities during the two-day High-Level Forum on Korea-Latin American Countries Partnership.

Colombia will give a presentation for the first time on how to participate in the bidding for new oil exploitation projects, in 2010, said the official at the Ministry of Foreign Affairs and Trade.

"Colombia is expected to publicize information on new mining areas online in December but South Korean companies can get it early through this forum," he said on condition of anonymity.

Armando Zamora, head of Colombia's National Hydrocarbon Agency, will introduce details today, the official said.

Colombia's oil production reached 600,600 barrels a day, the world's 29th largest, and its reserves were proved as 1.35 billion barrels last year, according to the ministry.

The high-level forum is part of annual gatherings following last year's meeting on economic cooperation. Participants will discuss a range of issues including resources, trade, investment, culture industries, finance and green growth, the official said.

Costa Rican Minister of Economy Eduardo Sibaja will talk about ways to enhance trade and investment between Korea and Latin America.

Germanico Pinto, Ecuador's oil and mining minister, and Hernan Martinez Torres, Colombian minister of mines and energy, will also speak on promising projects on resource development in their homelands.

Additionally, Brazilian Minister for Ports Pedro Brito will introduce policies on the ports sector of his country.

Cultural exchange will be also put on the table with Luis Manuel Escobar, Guatemalan minister of tourism and sports, speaking about ways to boost cultural exchanges between Korea and Latin America.

The second and last day's session will mainly focus on economic policies and environment-friendly green growth, according to the official.

Sixteen ministerial-level figures from 12 Latin American countries will participate in the forum and Michelle Bachelet Jeria, the first female president of Chile, will deliver a closing address.

After the forum ends, one-to-one meetings will take place Thursday in order to offer local companies a chance to meet with their future business partners in Latin America. For more information, visit www.klacforum.org.

Latin America is an emerging partner as Korea is witnessing brisk trade and exchanges.

Korea's exports to Latin American countries include ships, cars and flat display devices, while imports include natural resources such as copper and iron.

Korea saw the second largest trade surplus of $10.7 billion between January and September this year.

Currently, local companies are engaged in 19 projects in oil-well development and 15 other projects in resource development in the continent.

Latin American countries are also considered a new big market for local investors as they are seeking to expand infrastructure.

Mexico and Brazil reportedly plan to invest $250 billion and $251.9 billion, respectively, in infrastructure construction.

Korea has been contributing to developing countries in the continent through Official Development Assistance (ODA) and is mulling over expanding aid as part of efforts to boost economic cooperation.

In 2007, the country offered about $55 million, 7.8 percent of its total ODA, to Latin American nations, according to the ministry.

ksy@koreatimes.co.kr