Kim Myung Jin (right), director of the Strategic Partnerships Team at the Korea International Cooperation Agency (KOICA), and Alexandra Palencia Garnica, director of the Colombian Presidential Agency for International Cooperation, on May 6 take a photo in Santa Marta, Colombia, after signing a memorandum of understanding. (KOICA)

By Jeong Euiseok

The Korea International Cooperation Agency (KOICA) and Colombia are joining forces to support countries in Latin America and the Caribbean.

KOICA on May 6 signed a memorandum of understanding with the Colombian Presidential Agency for International Cooperation (APC Colombia) at an extended bureau meeting of the High-level Committee on South-South Cooperation in Santa Marta, Colombia, to launch a triangular cooperation hub involving Seoul and Bogota.

Triangular cooperation is a development model in which two or more donor countries jointly support beneficiary states.

Under the agreement, KOICA and APC Colombia will pursue joint projects to help countries in Latin America and the Caribbean based on their accumulated experience and knowledge.

The key areas of cooperation include digital governance, climate and the environment, industry, innovation and startups, agriculture and regional development. Both organizations will jointly provide technical and financial support to work together throughout the entire process, from program identification to implementation, mainly in priority sectors.

KOICA plans to identify how to apply triangular cooperation by exploring ongoing projects and new training programs.

KOICA President Chang Won Sam said, "We expect this collaboration to boost the basis for cooperation between our two organizations and expand cooperation models customized for middle-income countries."

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