Earlier this year, Korea marked its 60th anniversary of the beginning of diplomatic relations with 15 of the Latin American nations. The nations include- Mexico, Argentina, Nicaragua, Honduras, Colombia, Chile, Dominican Republic, Costa Rica, Paraguay, El Salvador, Costa Rica, Haiti, Panama, Jamaica, Ecuador and Guatemala.
In the 1990s, Korea’s diplomatic relations with Latin American nations expanded rapidly. As of that, Koreans have remained firm with these nations. As those nations are struggling to recover from the pandemic caused by COVID-19, Korea is already about to boost ties, mainly in the green and digital economy field.
Even the Ministry of Foreign Affairs has set it up as a priority project this year for strengthening bilateral relations with Latin America.
The Ministry of Foreign Affairs said, “Korea marks the 60th anniversary of holding diplomatic relations with Latin American nations. The Korean government is about to commemorate the occasion to boost the understanding between both the nations and its people. Korea and Latin American nations aim for recovery and achieve sustainable developmental goals post-COVID-19. We are planning more in the field of digitization, healthcare and infrastructural development.”
Meanwhile, the United Nations Economic Commission for Latin America and the Caribbean (UNECLAC) have already projected the regions will grow by 2.9% in 2022 due to the COVID-19, following 5.9% in 2021.
A specialist in the Latin American economy at the Korea Trade-Investment Promotion Agency(KOTRA0 Park Min-kyoung said, “COVID-19 has paved the momentum of the region’s digitalization scheme, which has provided an opportunity for Korea to operate in the field, a global leader in digitalization.
“Digitalization might be a familiar phrase with the people of Korea, whereas it is quite different with the people of Latin American nations. Even though online shopping has taken pace explosively over there,” Park said.
“Demand for digital technology is pacing up in Latin America in terms of production. Even Korea can find new ways to advance Latin America in smart city projects and 5G networks.”
“Even the distance between Latin America and Korea is reduced as Latin America opts for digitalization, which will allow Korean start-up companies find better partners there,” Park added.