By Kim Se-jeong
Staff Reporter
Minister of Foreign Affairs and Trade Yu Myung-hwan said the government of President Lee Myung-bak would pay more attention to South American countries and was willing to enhance cooperation with the region.
Yu made the remarks at a luncheon he hosted for 16 South American diplomats and representatives from Korean companies which invest in the region at the Lotte Hotel in central Seoul, Thursday.
``The luncheon with South American ambassadors is the first among many meetings that the minister plans with foreign ambassadors in Korea. This reflects attention from the Korean government to the region to enhance our relationship in a more practical and visible level,'' the minister said in his speech. Yu met the diplomats from South American states, which have rich natural resources, in line with the government's ``energy diplomacy.''
Panama Ambassador Juan Jose Amado III, who concurrently heads the Global Latin America and the Caribbean Countries Association, answered: ``I hope occasions like this would contribute to fortifying the relationship between Korea and Latin and Caribbean states further.''
Although the cornerstone of Korea-South America relationship was laid out almost half a century ago when Korea established diplomatic relations with Brazil in 1959, exchanges have only been brisk recently.
Bilateral trade reached $37 billion in 2007, triple 2002's $12.6 billion. Direct investment from Korean companies has also risen to $1.5 billion from $400 million during the same period.
Korea is a big consumer of natural resources such as copper, iron ore and coal from Latin America and a big supplier of electronic appliances and automobiles.
Lee Dong-hee, senior executive vice president of POSCO, said the meeting was useful in that it allowed networking for meeting people from more than 10 countries at the same time and getting some fresh ideas.
Currently, POSCO is making inroads in Mexico and Brazil in the automobile industry, and the natural resource-rich continent has a huge potential for the company, he said.
The minister also thanked guests for their long-time support.
South American states have long backed Korea's stance on international and inter-Korean issues and former Korean Foreign Minister Ban Ki-moon's bid for the United Nations secretary-general post.
Last year, South American states gave collective support to Yeosu, which enabled it to win the right to host the 2012 Expo.
The minister's personal connection to the region seems to have played a role in the first luncheon.
In 1999, Yu persuaded then President Kim Young-sam, who was on a visit to the region, to separate the Latin American and Caribbean Affairs Bureau within the ministry.
Additionally, Yu was posted in Barbados in 1983 when Korea opened its first representative office there.