South Korea's top economic policymaker on Sunday called for more cooperation with Latin America in order to help both sides take full advantage of the mutually complementary economic structures.
In a news conference wrapping up the annual Inter-American Development Bank's board of governors meeting in Busan, 453 kilometers southeast of Seoul, Choi Kyung-hwan said that connecting South Korea's prowess in information technology and manufacturing with Latin America's abundant mineral and energy resources will benefit all sides.
The finance minister, who was tapped as the rotating chairman of the IDB for the next year on Saturday, said Seoul will seek to better share its past development experiences with Latin American countries and strive for joint prosperity.
The official also pointed out that during the business forum gathering held last week ahead of the board of governors meeting, more than 400 companies from South Korea and Latin America engaged in some 1,100 one-on-one talks that could lead to future business deals.
Choi said two-way cooperation will be fueled by the $1.1 billion South Korea-Latin America development cooperation plan announced by Seoul, along with the separate Economic Development Cooperation Fund support deals reached with Bolivia and Nicaragua.
South Korea agreed to provide $250 million in EDCF loans to Bolivia from 2015 to 2019, while extending $66.3 million in low-interest loans to Nicaragua to update the country's sewerage network. (Yonhap)