Seoul: Trade Minister Yeo Han-koo met with the visiting vice president of the Inter-American Development Bank (IDB), Anabel Gonzalez, to discuss ways to expand trade and investment between South Korea and Latin America, Yeo's office said. During the meeting, Yeo emphasized the importance of strengthening cooperation in critical mineral supply chains, the defense industry, and infrastructure.
According to Yonhap News Agency, Yeo highlighted the significance of Latin America as a partner for Korea amid the global rise of protectionism and resource nationalism. The region's vast market, rich in natural resources such as lithium and copper, coupled with a combined gross domestic product of around US$7 trillion, makes it a key area for diversifying markets and ensuring supply chain stability.
Yeo noted that the IDB, with its extensive network in Latin America, can play a pivotal role in deepening economic ties between Korea and the region. He proposed the launch of additional joint development projects, highlighting Seoul's ongoing support for industrial technology development and the green energy sector in countries like Colombia, Honduras, and Paraguay through official development assistance programs.