Developing links between Korea, Latin America

Chung Jin-ho, left, executive vice president of the Korean Council on Latin America and the Caribbean (KCLAC), gives directions to participants of the Korea-Latin America Business Forum, held last year in Seoul co-hosted by the KCLAC, in commemoration of the 50th anniversary of the relationship between South Korean and Latin America countries. / Courtesy of KCLAC

By Chung Min-uck

Chung Jin-ho, 67, a career diplomat and Executive Vice President of the Korean Council on Latin America and Caribbean, has devoted his career to enhancing relationships with Latin American countries.

“I chose Spanish as my second language in the foreign ministry’s entrance exam,” said Chung in an interview with The Korea Times, Friday, explaining how he became interested in the region. “Thus, naturally, I guess, my regional expertise became Latin America.”

Joining the Ministry of Foreign Affairs in 1974, the former diplomat served as ambassador to Peru and director general of the Latin America and Caribbean Affairs bureau. Chung assumed his current post in 2008 after retiring from the civil service and has since been actively engaged in promoting exchanges between Korea and that region.

“Latin America is very important to South Korea in the sense that domains of our life can expand via increasing cooperation,” said Chung. “Many South Koreans tapped into the United States with footholds in Latin America.”

South Korea currently has diplomatic ties with all Latin American nations except Cuba. At present, over 100,000 South Korean nationals are resident in the region.

“The 32 nations that we have official relationships with, have been our reliable supporters, politically, and a key source of raw materials and export market,” he said.

The former diplomat said efforts to strike a balance are currently required.

“The volume of trade between South Korea and Latin America has reached more than $60 billion,” he said. “South Korea gained a trade surplus of $20 billion against the nations there. There should be more balance in trade.”

Chung said the Korean Council on Latin America is making efforts to close that gap.

The private non-profit organization was launched in 1966 to build networks and increase cooperation between Korea and the region. Since its establishment, the council has helped Korean firms tap into the Latin American market through organizing various forums and seminars, and facilitating as a consulting body.

“South Korea should actively ride on the growing economies there,” he said. “But at the same time, we should also increase import of their products.”