By Diplomacy Journal Lee Kap-soo

The Ministry of Trade, Industry and Resources (MOTIR) held the 29th Korea–Latin America Business Forum on November 28, at COEX in Seoul, together with the Korean Council on Latin America and the Caribbean and other private sector organizations.

The forum brought together diplomatic representatives from 18 Latin American countries in Korea, Korean companies operating in the region, and officials from trade and investment support institutions.

Established in 1997, the forum is held annually. This year’s session examined the Latin American business environment in light of global trade shifts following the launch of the Trump administration in the U.S. and explored strategies for Korean companies to expand into high-potential sectors such as digital technologies and infrastructure.

Latin America is a major global market with a population of about 690 million and a GDP of roughly USD 7 trillion. The region is also a key source of critical minerals, including lithium and copper, giving it significant potential as a partner for Korea in market diversification and supply chain stability.

Since signing its first FTA with Chile in 2004, Korea has expanded its FTA network in the region to eight countries. Over the past two decades, bilateral trade has more than quadrupled, and Korean investment has increased more than twenty-fourfold.

In his welcoming remarks, Park Jung-sung, Deputy Minister for Trade at MOTIR, underscored the need for Korea and Latin America to broaden their trade networks and strengthen cooperation on critical minerals and other supply chain issues to ensure sustainable growth amid growing global uncertainty.

MOTIR will continue to expand cooperation with Latin American partners through existing resource cooperation platforms and bilateral and multilateral high-level engagements, while actively supporting Korean companies seeking to enter regional markets.