South Korea is confident that strengthening its relations with Central American countries will generate bilateral benefits, according to the Deputy Minister of Economy and Finance of the Asian country, Kim Yong-beom.
Regarding the inauguration of a meeting with the Central American Bank for Economic Integration (CABEI) held here, the official expressed he was hopeful in the benefits that the entry of that country will bring to the banking entity.
According to information from the Yonhap news agency, Kim said that such cooperation will increase access between regions for an additional benefit by complementing the economic structure between both sides and will create fruit thanks to an active exchange between firms and human resources.
In relation to the alliance, the bank’s chief executive, Dante Mossi, also said that bilateral cooperation is expected to expand through the conclusion of South Korea’s entry into the agency.
Currently, the Asian nation has free trade agreements signed with several Central American countries such as Costa Rica, El Salvador, Panama, Nicaragua and Honduras.
Although with the last two the agreements entered into force on the first day of October, the rest is expected to materialize when the process is concluded in these Latin American nations.
CABEI is a multilateral development bank that was created in 1960 for investment and economic integration of Central America, with 14-member countries and to which South Korea joined last year.
In order to strengthen ties with Latin America, the Asian country recently held a trade summit in which one of the agreements was the formation of an alliance with the Inter-American Development Bank.
As the South Korean Ministry of Land, Infrastructure and Transport informed in a timely manner, the memorandum of understanding signed between the parties was established in order to make a joint investment in smart city projects and infrastructure development in Latin America. (https://www.plenglish.com/index.php?o=rn&id=48143&SEO=south-korea-seeks-to-strengthen-trade-ties-with-central-america)
