Venezuela and South Korea are exploring ways to strengthen their trade ties in key sectors, such as energy and agribusiness, in addition to facilitating the entry of South Korean capital and industries into the Venezuelan market.

In this regard, the Director General for Latin American and Caribbean Affairs at the South Korean Ministry of Foreign Affairs, Choi Jun Ho, stated that his country “is willing to facilitate the entry of South Korean capital and industries into the Venezuelan market.”

In a meeting between the Vice Minister of Foreign Affairs and International Trade, Yuri Pimentel, and the Director General for Latin American and Caribbean Affairs of the South Korean Ministry of Foreign Affairs, Choi Jun Ho, the strengthening of trade through “cooperation projects in strategic sectors such as electricity, gas, mining, agro-industry, and tourism” was discussed.

The South Korean official conveyed Seoul’s willingness to “boost bilateral trade and facilitate the entry of South Korean capital and industries into the Venezuelan market, with an emphasis on agricultural development and the modernization of the energy sector.”

South Korea can contribute to Venezuela’s technological potential, ideal for modernizing the local petrochemical industry and strengthening the energy and agricultural sectors.

“At the institutional level, the Venezuelan delegation proposed elevating the rank of diplomatic representation between the two countries to the level of ambassadors” in order to institutionalize new mechanisms for high-level dialogue.

M.Pino

Source: bancaynegocios

(Reference image source: Mirko Fabian on Unsplash)

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