S. Korea to expand economic ties with Latin America

SEOUL, Nov. 9 (Yonhap) -- South Korea said Monday that it will intensify economic
cooperation with Latin American countries in a bid to diversify its trading
partners and encourage local companies to advance into the region's resource-rich
markets.
Under the plan recently endorsed by the nation's economy-related ministers, the
government will push for cooperation with the region's countries in trade,
investment, energy, green growth, construction and other areas over the next
several years, according to the Ministry of Strategy and Finance. It will also
step up efforts to solidify infrastructure for bilateral tie-up between the two
areas.
The plan comes as Latin American countries are fast emerging as major trading
partners of South Korea, with bilateral trade and investment tripling over the
past five years, the ministry said.
In the trade and investment sectors, Seoul's government said that it will push to
sign free trade agreements and double-taxation avoidance pacts with countries in
the region in a bid to lower market barriers. In a related move, it plans to
launch negotiations on an FTA with Columbia "earlier than initially scheduled."
Advances into the region's oil fields, mines and other energy-related sectors
will also be intensified, the ministry said, adding it will bolster efforts by
local companies to tap into the resource-rich markets. South Korea will also push
for government-level deals aimed at boosting local companies' moves into the
construction and infrastructure sectors.
In a bid to lay a firmer groundwork for future bilateral ties with the region's
nations, the Seoul government plans to provide 260 billion won (US$223 million)
from its economic development fund to Latin American countries over the next four
years to help support the region's economic and social development programs, the
ministry said.
"We will seek to establish a future-oriented and win-win economic cooperation
partnership by striking a balance between our own interests and those of our
counterparts, given that both regions have complementary economic and industrial
systems," the ministry said.
kokobj@yna.co.kr
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