on Wednesday reported that Peru and South Korea signed an agreement to strengthen
At the event, the importance of the Asian country for Peru was expressed, as it is a strategic and the sixth-most important business partner, Mincetur indicated.
In this sense,
Minister Sanchez highlighted the need to continue with efforts to strengthen the trading-economic relationship, which was proven through the signing of a technical cooperation agreement to promote the attraction of foreign investment into said Peruvian zones.
On the other hand, the Cabinet member expressed Peru's satisfaction for the upcoming start of negotiations for the Free Trade Agreement between the
Pacific Alliance and South Korea, with a view to becoming an Associated State of the bloc.
Cooperation agreement
On November 21, Peru and South Korea signed a technical cooperation agreement to promote the attraction of foreign investment into Peruvian
Special Economic Zones, Mincetur indicated.
"The agreement was signed at Mincetur facilities," the minister recalled.
The official added that cooperation is a key component of foreign policy, as it contributes to national development.
The implementation of this program is scheduled for 2022-2023.
"We officially start a great project that seeks to identify the existing limitations and, based on this, propose strategies to promote the attraction of foreign direct investment and improve the governance system of our areas," she specified.
The initiative is the outcome of a joint effort by Peru's public sector, with various Korean entities such as the
Korea Development Institute (KDI) and the QIV & MERI consortium, Mincetur highlighted.
Shipments to South Korea
Peruvian exports to South Korea have grown steadily over the past two decades, reaching the highest value in 2021 by totaling US$2.827 billion.
According to data from Mincetur, a total of 167 companies have joined the benefits offered by
Special Economic Zones in tax and customs matters.
This has made it possible to generate, in favor of Peru, US$50 million in exports and US$101 million in imports during the first half of 2022.