Seoul: Finance Minister Koo Yun-cheol met with Ilan Goldfajn, president of the Inter-American Development Bank (IDB), on Monday to discuss cooperation in key sectors, the finance ministry said. The meeting took place on the sidelines of the seventh Korea-Latin America and the Caribbean (LAC) Business Summit in Seoul, as South Korea marks the 20th anniversary of its membership in the IDB.
According to Yonhap News Agency, the two sides signed a letter of intent (LOI) for a partnership aimed at strengthening strategic cooperation in artificial intelligence (AI), key minerals, and energy to promote joint development between South Korea and Latin America. Based on the agreement, the two parties plan to establish an AI cooperation hub in South Korea to support local companies’ entry into Latin American markets.
“The AI cooperation hub will play a key role in helping our companies, which have strong capabilities in the AI and digital sectors, expand into Latin America,” Koo was quoted by the ministry as saying. In response, Goldfajn emphasized the need for talented Korean professionals at the bank and noted ongoing efforts to attract more Korean applicants through recruitment sessions and the IDB’s Korean-language website.