500 businesspeople to participate in the Korea-LAC Business Summit

Washington, March 20, 2015.- More than 500 businesspeople from Korea, Latin America and the Caribbean will meet March 26-27 in Busan, Korea for the 2015 Korea-LAC Business Summit, in an effort to boost trade and investment flows between the two regions. The Summit will take place just before the annual meeting of the Inter-American Development Bank (IDB), which is being held this year in Korea’s most important port city.

During the event, businesspeople, export and investment promotion agencies, and top level government officials will explore opportunities for business in areas such as information technology, transportation, the environment and energy. Special panels of experts from both regions will discuss financing options and the great potential of lower-income consumers at the so-called “bottom of the pyramid” in Latin America. There also will be a special presentation on the experiences of Korean companies that have invested in Haiti.

In addition, attendees will learn about ConnectAmericas, a new social network for businesses created by the IDB aimed at helping small and medium size businesses obtain establish contact with potential business clients, suppliers and investors around the world, obtain Information on financing, and take online training courses aimed at helping their companies go international.

Trade between Korea and Latin America and the Caribbean (LAC) has grown at an annual rate of 17 percent over the past 25 years, reaching $54 billion in 2014. According to a new IDB study called Korea and Latin America and the Caribbean: Striving for a Diverse and Dynamic Relationship, Korean investment in LAC has grown ten-fold since 2005, with most of that investment concentrated in manufacturing.

The Korea-LAC Business Summit is being organized by the IDB, by Korea’s Ministry of Strategy and Finance (MOSF), the Korean Trade and Investment Agency (KOTRA), Korea Eximbank, Korea’s International Trade Association (KITA) and the Korean Chamber of Commerce and Industry (KCCI).

Established in 1959, the IDB is the primary source of financing for economic, social and institutional Development in Latin America and the Caribbean, working with its member countries to eliminate poverty and inequality. The Bank has 48 member countries, of which 26 are borrowing members in the LAC region. Korea became a shareholder in the IDB in 2005.