KITA (Chairman: Jin Sik Yoon) hosted Korea - Latin America Exchange Committee launching ceremony on Friday, 3 July at KITA HQs in Seoul.
The Committee is a private sector platform for bilateral economic cooperation aimed at establishing networks and supporting Korean businesses' entry into the Latin American market, which boasts a huge market with a population of 650 million with large reserves of key minerals, including lithium and copper. Being aware of high potential of bilateral economic cooperation, KITA established São Paulo Centre last year, which eventually led to launching of a new Committee, thereby establishing a standing channel for exchanges between exporter companies and institutions focusing on promoting exports to devise ways to make inroads into the Latin American market.
The ceremony was atteded by KITA Chiairman Jin Sik Yoon along with 20 representatives from companies currently doing business in the Latin American market and relevant institutions, including Hyundai Motors, Posco International, Korea Zinc, Hyosung Heavy Industries, Nongshim and Korea Exim Bank.
In his welcome remarks, KITA Chairman Jin Sik Yoon mentioned, "Although the aggregate GDP of just six key Latin American nations, including Brazil and Mexico, comfortably outsizes the total GDP of ASEAN, Korea's trade with the Latin American region merely stands at a quarter of our trade with ASEAN." He added, "As there is much room for opporotunities, KITA is committed to lending support to have our companies discover new growth opportunities in Latin America by leveraging Korea - Latin America Exchange Committee's advice."