S. Korea, Peru agree to boost economic ties

By Lee Chi-dong

SEOUL, Sept. 1 (Yonhap) -- South Korea and Peru agreed Tuesday to deepen their cooperation in the energy sector to follow up on an agreement between their leaders last year, officials here said after talks between Foreign Minister Yu Myung-hwan and his counterpart Jose Garcia Belaunde.

Belaunde arrived in Seoul on Monday for a three-day stay, during which he also
plans to tour oil refineries and chemical factories in Ulsan, an industrial city
420km southeast of Seoul, for discussions on South Korea's bid to participate in
facility construction in his country.
"In their talks, the ministers agreed to step up efforts to implement the
agreement reached during President Lee Myung-bak's trip to Peru last November," a
foreign ministry official said. "In particular, they talked about South Korean
companies' investment in Peru's energy, natural resources, and infrastructure
development, as well as other development projects and cooperation in the science
and technology fields."
At that time, Lee agreed with President Alan Garcia to upgrade their nations'
relations to a "comprehensive partnership."
Peru is an advance base for Seoul's "energy diplomacy" in Latin America, a
campaign intended to secure a stable supply of energy.
The ministers also discussed an envisioned free trade agreement between South
Korea and Peru, the official said.
South Korea's direct investment in Peru totaled US$1.18 billion in 2008. South
Korean firms are seeking to take part in Peru's ethylene plant construction
project and exploration of uranium.
lcd@yna.co.kr
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