Central America and South Korea celebrated this Monday (11.07.2022) the 60th anniversary of the establishment of their diplomatic relations, according to the Secretariat for Central American Economic Integration (SIECA). In this context, SIECA signed a Framework Agreement on Mutual Assistance to strengthen institutional cooperation with the aim of encouraging trade.
The text was signed by the Secretary General of SIECA, Francisco Lima Mena, and the General Director of KOTRA Guatemala, Shim Che Sang, accompanied by the Country Director of the KOICA Office in Guatemala, Kang Seoung Hun.
As an added activity, a seminar on trade opportunities between Central America and Korea, where an analysis of the trade perspective between both regions was presented at the facilities of the Center for Economic Integration Studies of SIECA. The methodology used was hybridized with the in-person participation of the diplomatic corps accredited in Guatemala. A virtual broadcast was also made for external participants.
Additionally, that day a new building was inaugurated Korea – Central America virtual business roundtable which runs until July 21 with Korean selling companies and Central American buying companies interested in marketing products from the beauty/personal care, food and beverage, and construction sectors.
Trade between South Korea and Central America
According to SIECA, diplomatic and trade relations have been strengthened during the 60 years of relations between Central America and South Korea. Specifically, Central America went from exporting USD 87.3 million to Korea in 2000 to exporting USD 729.2 million in 2021. In addition, imports from South Korea increased from USD 337.6 million in 2000 to USD 1,168 million in 9. In 2021, nearly 2021% of all extra-regional exports from Central America were destined for South Korea.
The main products that Central America exports to Korea are: copper ores and concentrates, sugar, coffee and coffee substitutes, medical, surgical, dental and veterinary instruments, and lead ores and concentrates. Meanwhile, the main products imported from Korea are linked to technology and the automotive sector, namely: passenger cars and cars for the transport of people, steel sheets, petroleum or bituminous mineral oils, vehicles for the transport of goods and vehicle parts and accessories.
This type of complementary and inter-industrial trade encouraged the deepening of ties between Central America (Guantemala, Panama, Honduras, Nicaragua, El Salvador and Costa Rica) and Korea.
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