President Park Geun-hye laid out proposals for economic cooperation between Korea and Chile to upgrade the existing bilateral relationship into a comprehensive strategic partnership.
"Our bilateral trade increased sharply after the free trade agreement (FTA) between the two nations took effect, but traded goods are very limited as minerals account for 88 percent of Chile's exports and automobiles make up 76 percent of Korea's exports," said President Park at the Korea-Chile Business Forum in Santiago on April 22.
The president said that both nations can accomplish great results with minimum expenditure by utilizing electronic commerce more actively, opening up local distribution chains, and effectively reorganizing logistics. "Chile is an FTA hub in Latin America while Korea is a free trade hub in Northeast Asia," said the president. "If the two nations can take advantage of each other's free trade networks, they will gain a foothold into new markets."
President Park noted the relative insignificance of cooperation on investment, compared to dynamic bilateral trade. "Since both nations want to provide the best investment environment for foreign investors, we will expand joint investments beyond the mining industry into various areas including construction, manufacturing and distribution."
Regarding new growth industries, the president said, "Demand for medical services, information and communications technology (ICT), cyber security and digital content has been growing rapidly in Chile due to its economic development and the rising national income level, areas which are equivalent to industries promoted by Korea in a bid to find new growth engines." She expressed her hope that bilateral cooperation will begin on high value-added industries soon.
"Korea is trying to promote new energy industries including renewable energy, electricity storage systems and smart grid technology in order to provide a stable electricity supply," said the president. "I look forward to increased bilateral cooperation in the electricity industry including power generation facilities, renewable energy and smart grid technology development."
Limb Jae-un
Korea.net Staff Writer
Photos: Cheong Wa Dae
jun2@korea.kr
"Our bilateral trade increased sharply after the free trade agreement (FTA) between the two nations took effect, but traded goods are very limited as minerals account for 88 percent of Chile's exports and automobiles make up 76 percent of Korea's exports," said President Park at the Korea-Chile Business Forum in Santiago on April 22.
The president said that both nations can accomplish great results with minimum expenditure by utilizing electronic commerce more actively, opening up local distribution chains, and effectively reorganizing logistics. "Chile is an FTA hub in Latin America while Korea is a free trade hub in Northeast Asia," said the president. "If the two nations can take advantage of each other's free trade networks, they will gain a foothold into new markets."
At the Korea-Chile Business Forum in Santiago, President Park recommends both nations utilize electronic commerce more actively, open up local distribution chains, and effectively reorganize logistics.
President Park noted the relative insignificance of cooperation on investment, compared to dynamic bilateral trade. "Since both nations want to provide the best investment environment for foreign investors, we will expand joint investments beyond the mining industry into various areas including construction, manufacturing and distribution."
Regarding new growth industries, the president said, "Demand for medical services, information and communications technology (ICT), cyber security and digital content has been growing rapidly in Chile due to its economic development and the rising national income level, areas which are equivalent to industries promoted by Korea in a bid to find new growth engines." She expressed her hope that bilateral cooperation will begin on high value-added industries soon.
President Park Geun-hye signs a guestbook during the Korea-Chile Business Forum in Santiago.
"Korea is trying to promote new energy industries including renewable energy, electricity storage systems and smart grid technology in order to provide a stable electricity supply," said the president. "I look forward to increased bilateral cooperation in the electricity industry including power generation facilities, renewable energy and smart grid technology development."
Limb Jae-un
Korea.net Staff Writer
Photos: Cheong Wa Dae
jun2@korea.kr
