Dana : Welcome to our exploration of the dynamic relationship between South

Korea and Latin America. South Korea's increasing engagement with Latin
America stands as a testament to the evolving landscape of global trade,
diplomacy, and cultural interchange. In this video we are going to talk about the
relation between Corea del Sur and Perú.

South Korea's strategic interest in Latin America is on the rise, reflecting a

broader trend of deepening connections between regions across the globe.

Luisa: the tlc between Corea del Sur and peru was declared in November 2008
and officially came into effect on August 1. Peru became South Korea’s seventh
FTA partner, following Chile, Singapore, India, and the EU. Peru is recognized for
its substantial economic growth potential and stability. The Peruvian economy
has experienced an average annual growth of nearly 7%, with abundant mineral
resources, making it a key player in Latin America. The Trade Liberalization and
Tariff Removal stipulates the complete removal of tariffs on goods traded
between South Korea and Peru within ten years of the agreement's effectuation.
Certain products, like Korean large-sized cars, color TVs, washers, and
refrigerators, will see immediate tariff elimination.

Dana: the study on the importance of economic cooperation between Korea and
Peru from 2006 to 2009, reveal how cooperation has substantially contributed to
the strengthening of key sectors and the fostering of innovation, yielding mutual
benefits. During this period, trade between Korea and Peru experienced a notable
increase, with exports rising by 30% and imports by 25%. Additionally, foreign
direct investment (FDI) inflows from Korea to Peru surged by 50%, fostering job
creation and technology transfer. These figures highlight the tangible impact of
economic cooperation and lay the groundwork for continued economic
collaboration in the future.

Santi: South Korea's engagement with Peru has been multifaceted,

encompassing various sectors such as mining, manufacturing, technology, and
trade.

In recent years, South Korean investment in Peru has seen significant growth,
with total bilateral trade reaching $3.2 billion in 2020. This trade relationship has
been mutually beneficial, with Peru exporting commodities such as copper, gold,
and zinc to South Korea, while South Korea supplies Peru with machinery,
electronics, and automobiles.
One of the key areas of South Korean investment in Peru has been the mining
sector. South Korean companies have invested heavily in Peru's mining industry,
contributing to the country's status as one of the world's leading producers of
copper and gold. For example, South Korea's investment in the Las Bambas
copper mine project amounted to approximately $10 billion, creating jobs and
stimulating economic growth in the region.

Luisa: In conclusion, the relationship between South Korea and Peru is marked by
mutual economic benefits, cultural exchange, and strategic cooperation. Over the years,
bilateral trade between the two countries has flourished, with South Korea emerging as
one of Peru's significant trading partners. The free trade agreement between South
Korea and Peru has facilitated increased trade volume, leading to economic growth and
job creation in both nations.