This was stressed by the President of the Republic, Laurentino Cortizo, after receiving the Prime Minister of the Asian nation, Han Duck-soo, who is staying on the Isthmus for an official visit at the Palacio de las Garzas (seat of the Executive).
A statement revealed that in those talks, the president stressed that Seoul, the world’s 12th largest economy, was Panama’s second largest trading partner in Asia and the fifth largest user of the canal.
Cortizo and Duck-soo also attended a cabinet meeting with Trade and Industry Ministers Federico Alfaro, Foreign Relations Minister Vladimir Franco, Private Investment Facilitation Minister José Alejandro Rojas, and Chief of Staff and National Secretary for Public-Private Partnership Saleh Asvat.
Also present were Deputy Economy Secretary Jorge Almengor, Deputy Secretary of State Isbeth Quiel and Carmen Gisela Vergara, Administrator General of the Investment Attraction and Export Promotion Agency.
During the meeting, Alfaro stressed that Panama and South Korea have very close economic ties, strengthened by the recent entry into force of the Free Trade Agreement between this Asian country and the Republics of Central America.
According to statistics, exports to the South Korean market increased by 98 percent in 2022, mainly copper shipments, along with roasted or decaffeinated coffee, cane sugar, frozen fish and tuna.
Alfaro also hailed Panama’s potential with a broad platform for services and transportation, particularly in sectors such as logistics, maritime, tourism, distribution and redistribution of goods, and international cargo and passenger air transportation.
Duck-soo’s stay here marks the first official visit to Panama by a senior South Korean official in 13 years. The previous one was that of the then President of that country, Lee Myung-bak, in 2010.
Panama and South Korea have maintained diplomatic relations for 60 years with a positive record in the areas of diplomacy, trade and cooperation, the report said.
Twenty South Korean companies operate in the Channel State and there are seven groups affiliated with the Special Regime for Multinational Corporate Headquarters, creating jobs and contributing to infrastructure and investment, particularly in the construction of new subway lines.
As part of his agenda, the South Korean Prime Minister and the delegation he is leading will visit areas of the Panama Canal and oversee the construction of the third subway line.
npg/ga