Panama and South Korea call for strengthening bilateral cooperation (+ photo)

This was confirmed by the President of the Republic, Laurentino Cortizo, after receiving the Prime Minister of the Asian nation, Han Duk-soo, who is on the isthmus on an official visit at the Palacio de las Garzas (the seat of the executive).

A statement notes that in these talks, the president stressed that Seoul, which has the 12th largest economy in the world, is Panama’s second largest trading partner in Asia and the fifth largest user of the canal.

Cortizo and Dak Su also participated in a cabinet meeting with Ministers of Trade and Industry Federico Alfaro, Vladimir Franco in charge of external relations, Minister of Facilitation for Private Investment Jose Alejandro Rojas, Chief of Staff and Secretary General of the Public. A private partnership, Saleh Asfat.

The meeting was also attended by Deputy Minister of Economy Jorge Almanjur, Deputy Minister of Foreign Affairs Espeth Coel and Carmen Gisela Vergara, Director General of the Investment Attraction and Export Promotion Authority.

At that meeting, Alfaro emphasized that Panama and South Korea maintain a very close economic relationship, which has been strengthened with the recent entry into force of a free trade agreement between that Asian country and the Central American republics.

According to statistics, exports to the South Korean market increased by 98 percent in 2022, mostly copper shipments, as well as roasted or decaffeinated coffee, sugar cane, frozen fish and tuna.

Alvaro also praised Panama’s potential with a broad platform of services and transportation, particularly in sectors such as logistics, maritime services, tourism, distribution and redistribution of goods, international freight and passenger air transportation.

Duck-soo’s stay here is described as the first official visit by a senior South Korean official to Panama in 13 years. The former was for that country’s then president, Lee Myung-bak, in 2010.

The report adds that Panama and South Korea have 60 years of diplomatic relations with a positive balance in the diplomatic, trade and cooperative fields.

There are 20 operating South Korean companies in the Canal State and there are seven groups attached to the private system of the multinational company’s headquarters, which creates jobs and contributes 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 heads will tour the Panama Canal areas and supervise the construction of the third metro line.

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