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Peru and Korea sign agreement to strengthen Special Economic Zones

Photo: Ministry of Foreign Trade and Tourism of Peru

Photo: Ministry of Foreign Trade and Tourism of Peru

15:12 | Lima, Nov. 23.

The Ministry of Foreign Trade and Tourism (Mincetur) on Wednesday reported that Peru and South Korea signed an agreement to strengthen Special Economic Zones (SEZ).


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.

"In Peru, there are currently four Special Economic Zones in operation. They are located in Tacna, Piura, Moquegua, and Arequipa. Our goal is to position them as competitive and attractive platforms for foreign investment," said Deputy Foreign Trade Minister Miguel Palomino.

The official added that cooperation is a key component of foreign policy, as it contributes to national development.

In turn, Mincetur's General Directorate of Foreign Trade Facilitation Head, Claudia Parra, explained that the signing of said agreement marks the beginning of a project which will favorably influence the country's competitiveness.

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.

(END) NDP/MMG/MVB

Published: 11/23/2022
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