SEOUL– South Korea’s industry ministry vowed Wednesday to forge deeper economic ties with Colombia by expanding cooperation in emerging industries and further utilizing their bilateral free trade agreement (FTA).
The two countries held a business forum in Seoul in line with Colombian President Ivan Duque’s three-day visit to South Korea, which started on the previous day, according to the Ministry of Trade, Industry and Energy.
During the forum, South Korea suggested to its counterpart that the two should make joint efforts to find new business opportunities in the field of artificial intelligence, clean energy and future cars.
The Korea Chamber of Commerce & Industry and the Chamber of Commerce of Bogota also signed a memorandum of understanding to establish a new committee on economic cooperation to promote business ties.
“The two countries should further utilize the bilateral FTA to promote trades,” Industry Minister Moon Sung-wook said during the forum. “To overcome the crisis stemming from the COVID-19 pandemic and to revitalize trade and investment, Seoul and Bogota should also cooperate in the healthcare sector.”
South Korea and Colombia launched their bilateral free trade agreement (FTA) in 2016.
Outbound shipments to the Latin American nation came to US$593 million in 2020, down 48 percent from a year earlier amid the pandemic, according to the data compiled by the Korea International Trade Association (KITA).
Moon also plans to meet Colombian Energy Minister Diego Mesa Puyo in a separate meeting later in the day to share ideas on promoting the use of clean energy and going carbon neutral by 2050.
Source: Yonhap News Agency