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Staff reporter
Korea plans to strengthen relations with Central American countries by initiating projects to share its economic growth experience and offering financial assistance for their economic development, officials here said Friday.
President Lee Myung-bak will present such a vision when he meets with the leaders of the Central American Integration System (SICA), an economic bloc of eight countries; Panama, Costa Rica, El Salvador, Nicaragua, Dominican Republic, Guatemala, Honduras and Belize, next week.
During the third Korea-SICA Summit, which will take place in Panama, Tuesday, the leaders will focus on enhancing bilateral economic and cultural ties.
"Lee will propose a package of deals to develop industrial infrastructure in the region and pledge to increase Korea's development assistance for the countries," a presidential aide said.
At the meeting, SICA will approve Korea's membership as an observer, which will pave the way for closer bilateral ties in politics, economy and culture.
"SICA grants the status to a country only when the group regards it as a strategic partner for regional development," the official said. "Currently, only five non-American countries, Spain, Germany, Japan, Taiwan and Italy, are acting as observers."
SICA provides virtually untapped markets for Korean firms as annual trade between Korea and SICA reached $6.68 billion in 2009. Korea's exports to the region stood at $5.3 billion last year, only 1.45 percent of its total exports.
Many firms are now participating in projects to build power plants, roads and energy facilities. As of the end of 2009, some 100,000 people are employed by 280 Korean firms operating in the region.
In particular, Central American countries are paying keen attention to Korea's plan to increase economic aid to underdeveloped countries around the world.
They are also eager to learn how Korea, once one of the poorest nations in the world, has become a major economic power over some five decades, the official said.
"We will implement joint programs with SICA to share our growth experience. We believe such efforts will deepen economic partnerships with SICA, which can become one of the country's major trade partners in the long term," he said.
President Lee will arrive in Panama Monday after attending the Group of 20 Summit in Toronto, Canada. He will depart for Toronto Saturday.
Later in the day, he will hold a summit with Panamanian President Ricardo Martinelli to discuss bilateral cooperation on trade, investment, resources and development.
Lee will then make a state visit to Mexico from June 30 to July 2 as the final leg of his weeklong trip for a summit with Mexican President Felipe Calderon on boosting economic ties.
