Lee begins state visit to Peru ahead of APEC summit

LIMA, Nov. 20 (Yonhap) -- South Korean President Lee Myung-bak arrived in Peru on Thursday from Brazil to begin his state visit to this resource-rich Latin American country and attend the annual Asia Pacific Economic Cooperation (APEC) forum summit.

Lee will hold summit talks with Peruvian President Alan Garcia on Friday to discuss closer bilateral cooperation in energy and infrastructure construction, according to Lee's spokesman, Lee Dong-kwan.
At the summit, the two leaders will agree to work toward a comprehensive cooperative relationship through closer economic and commercial exchanges and declare the launch of negotiations on a two-way free trade agreement, said the spokesman.
While in the Peruvian capital of Lima, Lee will also meet with South Korean residents and Peruvian business and parliamentary leaders.
"One of the reasons for the decision to seek an FTA with Peru is that the Peruvian market is now flooded with Chinese products," Lee said in an interview earlier this week. "The free trade deal will help improve the price competitiveness of Korean products in Peru, resulting in greater economic and trade benefits to Peruvian consumers."
The president also noted Peru could be very attractive to South Korean companies
seeking to build new manufacturing plants in Latin America, due to the country's
"stable sovereign credit rating, abundant labor force, superior geopolitical
location" and other outstanding qualities for investors.
At the annual APEC summit, set to open in Lima on Saturday for a two-day run, Lee
will deliver a keynote speech stressing the increasing role of Asia in the global
economy and the implications of the region's rising economic power.
On the sidelines of the APEC event, Lee will hold a tripartite summit with U.S.
President George W. Bush and Japanese Prime Minister Taro Aso for discussions
mainly on the North Korean nuclear issue.
Lee will return home on Nov. 26 after stopping over in Los Angeles.
ycm@yna.co.kr
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