Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Korea urged to expand investment in Colombia
Colombian Ambassador to Korea Juan Carlos Caiza delivers a speech during bicentenary celebrations marking Colombian's independence, at Lotte Hotel in downtown Seoul, July 23. On his right is Deputy Minister for Political Affairs Yoon Soon-gu, representing the Ministry of Foreign Affairs. / Embassy of Colombia
By Yi Whan-woo
Latin American country steps up economic reform on independence bicentenary
By Yi Whan-woo
Colombian President Ivan Duque Marquez, sworn into office in August 2018, has been pushing for economic reforms for his country under a plan called “Pact for Colombia.”
Against this backdrop, Colombian Ambassador to Korea Juan Carlos Caiza promoted
his country as an international investment destination for Koreans last week during celebrations marking the bicentenary of national independence.
He listed “tempting” facts and statistics, ranging from Colombia joining the OECD in May 2018 to free trade agreements (FTAs) with 60 countries, being one of the world's 30 top recipients of foreign direct investment (FDI), having the world's second-highest biodiversity, and its projected GDP growth of 3.6 percent in 2019, well above the average 2.2 percent for Latin America and the Caribbean as a whole.
Beginning his term in Seoul this year, Ambassador Carlos also highlighted how Colombia and Korea could expand economic cooperation based on their unwavering friendship.
He referred to Colombia being the only South American country to send troops to fight among U.N. forces during the 1950-53 Korean War, and the countries' strategic cooperative partnership and bilateral FTA.
“President Ivan Duque is executing his government plan called a Pact for Colombia with which he seeks to increase productivity,” Carlos said during a bicentenary reception at Lotte Hotel in downtown Seoul on July 23.
The plan is aimed at digital transformation of the economy.
It also seeks to link small and medium producers in agribusiness; regulatory and tax improvements to foster entrepreneurship and business activity; greater efficiency of public spending; modernizing social policy centered on the family; helping the poor and vulnerable get access to markets; and improving land use by connecting territories, governments and people.
Carlos said the Colombian government deeply appreciated Korea's support, having undergone “difficult times,” including decades of armed conflict with rebels until a peace treaty was signed in 2016.
He suggested a vision for continued Colombia-Korea cooperation based on a high level of education, trade and investment, technological innovation in accordance with the Fourth Industrial Revolution, and cultural exchanges.
As part of efforts to expand cultural exchange, the Colombian Embassy in Korea plans to launch a salsa dance championship.
It will be open to all regardless of experience, and finalists will be invited to the final to Cali.
Cali, about 450 kilometers southwest of the capital Bogota, is the self-proclaimed salsa capital of the world.
The reception commemorated the Battle of Boyaca on Aug. 8, 1819, a decisive moment for Colombian independence against Spanish rule.
The reception also marked the 209th anniversary of the establishment of Colombia's first representative council against Spanish rule and the declaration of independence on July 20, 1810.
Representing the Ministry of Foreign Affairs, Deputy Minister for Political Affairs Yoon Soon-gu said he “would like to extend my sincere congratulations to the government and people of Colombia.”
Yoon assessed said 2016 was the year that Colombia “made great strides” in strengthening its democratic regime by taking historic steps to establish a long-lasting peace.
“I applaud Colombia for these achievements, and I am excited to witness its continuous journey toward a more prosperous future,” he said.
He called Colombia “a true friend” for sending troops during the Korean War and said such cooperation “laid a foundation for deep trust between the two countries” that had stretched into a strategic cooperative partnership in 2011.
Yoon noted that Prime Minister Lee Nak-yon's visit to Colombia in May brought bilateral ties closer in terms of politics, economy and culture.
“I am very pleased to see the recent noticeable rise in mutual cultural exchange between the two countries, and I expect that this will lead to diversification of cooperation and an even stronger bilateral friendship in the coming years,” he said.
Among other guests was Oh Jae-sae, a ruling Democratic Party of Korea (DPK) lawmaker and also head of the Korea-Seoul parliamentary friendship group.