Trade minister discusses expanding trade with Latin America in meeting with IDB official
Trade Minister Yeo Han-koo / Courtesy of the Ministry of Trade, Industry and Resources
Trade Minister Yeo Han-koo met with the visiting vice president of the Inter-American Development Bank (IDB), Anabel Gonzalez, on Thursday to discuss ways to expand trade and investment between Korea and Latin America, Yeo's office said.
During the meeting in Seoul, Yeo called for stronger cooperation between the two sides in critical mineral supply chains, the defense industry and infrastructure, according to the Ministry of Trade, Industry and Resources.
"Amid the global rise of protectionism and resource nationalism, Latin America serves as an important partner for Korea in diversifying markets and ensuring supply chain stability," Yeo said.
Latin America is a massive market with abundant natural resources, such as lithium and copper, and a combined gross domestic product of around $7 trillion, according to the ministry.
Yeo noted that IDB, which has an extensive network with Latin American nations, can play a key role in helping Korea deepen its economic ties with the region, according to the ministry.
He also proposed that Korea and the IDB launch additional joint development projects in Latin America, noting Seoul has been supporting industrial technology development and the green energy sector in the region through official development assistance programs in Colombia, Honduras, Paraguay and other countries.