S Korea to expand economic co-op with Latin American countries

South Korea said on Monday it is planning to expand economic cooperation with Latin American countries.

Under a plan mapped out by 15 ministries in the country, the government will promote cooperation with the region's countries in trade, investment, energy, green growth, construction and other areas and step up efforts to solidify infrastructure for bilateral ties, the Ministry of Strategy and Finance said.

In related moves, Seoul plans to launch negotiations on a free trade agreement with Columbia, and discuss with Brazil and other Mercosur members ways to remove trade barriers. The government also plans to provide 260 billion won (about 233 million U.S. dollars) from its overseas economic cooperation funds to the Latin American countries to help support the region's economic and social development programs, the ministry said.

The country's move came before a two-day high-level South Korea-Latin American forum kicks off in Seoul on Tuesday.

The forum, which will be attended by 12 countries from the region such as Brazil, Mexico, Peru, Uruguay, El Salvador, and other international agencies like Inter-American Development Bank, will focus on trade, investment, infrastructure construction, resource, energy, cultural industry, development, financial issues, green growth and environment.

The forum, the second annual event since the South Korea-Latin American economic cooperation forum held last year, will be a good opportunity for South Korean companies to advance into the region, and to strengthen the cooperation in resource and energy fields, as well as promote mutual understanding between the two sides, spokesman of the Ministry of Foreign Affairs and Trade Moon Tae-yong said.

Source: Xinhua