KITA launches Korea-Latin America exchange committee, vows full support for firms

Latin America emerges as key economic cooperation hub

18 companies and institutions join, including Hyundai Motor and Export-Import Bank of Korea

Committee to dispatch economic missions and pursue substantive cooperation

Participants pose for a photo at the launch ceremony of the KITA Korea-Latin America Exchange Committee, held Friday at Trade Tower in Samsung-dong, Gangnam-gu, Seoul. KITA Chairman Yoon Jin-sik (front row, fifth from left) is among those pictured. [Korea International Trade Association]

The Korea International Trade Association (KITA) launched the KITA Korea-Latin America Exchange Committee on Friday at Trade Tower in Samsung-dong, Gangnam-gu, Seoul.

The committee is a private-sector economic cooperation platform established to help Korean companies enter the Latin American market — home to about 650 million people and rich in critical minerals such as lithium and copper — and to build a regional cooperation network.

The launch follows KITA's opening of a São Paulo office in Brazil last year, giving exporters and support institutions a permanent channel through which to jointly explore strategies for entering Latin America.

About 20 representatives from companies and related organizations attended the event, including KITA Chairman Yoon Jin-sik and officials from Hyundai Motor, Posco International, Korea Zinc, Hyosung Heavy Industries, Nongshim and the Export-Import Bank of Korea.

In his opening remarks, Yoon said the combined GDP of six major Latin American economies — including Brazil and Mexico — exceeds that of ASEAN, yet South Korea's trade with the region stands at only a quarter of its trade with ASEAN. "There are still many untapped opportunities," he said. "Through this committee, KITA will spare no effort in helping companies find new growth engines in Latin America."

KITA Chairman Yoon Jin-sik delivers opening remarks at the launch ceremony of the KITA Korea-Latin America Exchange Committee, held Friday at Trade Tower in Samsung-dong, Gangnam-gu, Seoul. [Korea International Trade Association]

At an expert presentation session that followed, Ha Sang-seop, a professor at the Korea National Diplomatic Academy, spoke on strategies for Korean companies entering Latin America amid the global supply chain realignment.

Ha said Latin American countries are moving away from simply extracting and exporting minerals and energy, treating them instead as strategic assets and pursuing industrial policies aimed at moving up the value chain into higher-value-added industries. "If Korean companies shift from simple transactional approaches to industry-cooperation models — local production, technology transfer, joint investment — they can expect sustainable results," he said.

The committee plans to send economic missions to major Latin American countries in the second half of the year, hold a Korea-Latin America business forum, and operate joint economic cooperation committees with Latin American business organizations to help Korean firms establish a local presence. It will also strengthen its role as a bridge between companies and relevant government ministries by gathering and relaying on-the-ground difficulties, and will regularly provide market information through Latin America-focused seminars.

Meanwhile, KITA has been actively working to help Korean companies find pathways into the region. In September last year, it held a Latin America investment and market-entry strategy briefing at Trade Tower in Samsung-dong, Gangnam-gu, Seoul, in coordination with three Latin American member countries — Chile, Mexico and Peru — to raise awareness of opportunities in the Global South.

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