By Diplomacy Journal Lee Jon-young

South Korea and Peru have agreed to expand cooperation in the security sector, including joint development of naval vessels, and increase investment and trade in the mining sector to secure key mineral supply chains.

President Yoon Suk-yeol, who is visiting Peru for the Asia-Pacific Economic Cooperation (APEC) Summit, held a summit with Peruvian President Dina Boluarte on Nov. 16 and adopted a joint declaration.

In the joint declaration, President Yoon and President Boluarte said, “Defense and defense industry cooperation has become a milestone in the development of a comprehensive strategic partnership between our two countries,” and “will contribute to strengthening Peru's defense industry capabilities.”

On the occasion of the summit, HHI signed a memorandum of understanding (MOU) with the Peruvian State Shipbuilding Corporation (SIMA) to jointly develop naval vessels. 

HHI and the Peruvian Armed Forces Armament (FAME) signed a 'General Agreement for Cooperation on Army Ground Equipment' and Korea Aerospace Industries (KAI) and the Peruvian National Aviation Authority (SEMAN) signed a 'MOU for Joint Production of Air Force KF-21 Parts'.

The MOU on Cooperation in the Key Mineral Sector was also signed in the presence of the two leaders. Under the agreement, the two countries will exchange information on the supply chain of key minerals, conduct joint geological surveys and exploration, technical cooperation, and people-to-people exchanges.

Peru is considered a mineral resource-rich country with the world's second and fourth largest reserves of copper, silver, selenium, and zinc, respectively.

The two countries also signed an MOU to operate a digital government cooperation center. Through this, the two countries will exchange knowledge and experience in the field of digital government and transfer technology.

In addition, the two countries will work to expand the production and export of high-value agricultural and marine products.