This was highlighted by the President of the Republic, Laurentino Cortizo, after receiving the Prime Minister of the Asian nation, Han Duck-soo, who is on the isthmus on an official visit at the Palacio de las Garzas (headquarters of the Executive).
A statement indicates that in these talks, the president stressed that Seoul, the 12th largest economy in the world, is Panama’s second largest trade partner in Asia and the fifth largest user of the Canal.
Cortizo and Duck-soo also participated in a Cabinet meeting with the Ministers of Commerce and Industry Federico Alfaro, Vladimir Franco in charge of Foreign Relations, the Minister of Facilitation for Private Investment José Alejandro Rojas and the Chief of Staff and National Secretary of the Public-Private Partnership, Saleh Asvat.
Also present were Vice Minister of Economy Jorge Almengor, Deputy Foreign Minister Isbeth Quiel and Carmen Gisela Vergara, General Administrator of the Authority for Investment Attraction and Export Promotion.
In that meeting, Alfaro highlighted that Panama and South Korea maintain a very close economic link, which was strengthened with the recent entry into force of the Free Trade Agreement between that Asian country and the Republics of Central America.
According to statistics, exports to the South Korean market increased 98 percent in 2022, mostly copper shipments, plus roasted or decaffeinated coffee, cane sugar, frozen fish and tuna.
Alfaro also praised the potential of Panama with a broad platform of services and transportation, mainly in sectors such as logistics, maritime, tourism, distribution and redistribution of merchandise, and international cargo and passenger air transportation.
Duck-soo’s stay here is billed as the first official visit by a senior South Korean official to Panama 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 60 years of diplomatic relations with a positive balance in the diplomatic, commercial and cooperation fields, the report adds.
In the canal nation there are 20 South Korean companies operating and there are seven groups attached to the Special Regime for Multinational Company Headquarters, creating job opportunities and contributing to infrastructure and investment, especially in the construction of new subway lines.
As part of his agenda, the South Korean prime minister and the delegation he heads will tour areas of the Panama Canal and will supervise the construction of the third line of the Metro.
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