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Uruguay and Korea Foster Private-Sector Relationships

By Federico Mazzella ,
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The two countries are seeking to consolidate economic relations and have planned joint activities for 2017.

Uruguay’s minister of foreign affairs, Rodolfo Nin Novoa, made an official visit to the Republic of Korea, where he met with private-sector executives (link in Spanish) to present the trade and investment opportunities that Uruguay is offering.

At his meeting with Young-jun Chang, vice president of Samsung; Sang-real Kim, vice president of Daewoo; and Myoung-jin-Shin, president of the Korea Importers Association, Mr. Nin Novoa outlined his country’s strengths as an investment destination, touching on legal security, political and economic stability, how foreign investors are treated, the free repatriation of profits, and Uruguay’s free trade zones and free port legal regimes.

The Korean executives expressed their interest in Latin America as a whole, with a particular focus on the MERCOSUR countries as possible focal points for investment. They also said that they were keeping a close eye on Uruguay’s Infrastructure Plan (link in Spanish), as they are highly interested in submitting tenders for some of these projects, especially in relation to energy, roads, railroads, ports, water treatment, and health services.

Myoung-jin-Shin put forward to initiatives for 2017 with the intention of consolidating commercial ties between Korea and Uruguay (link in Spanish), with the Korea Importers Association functioning as a linchpin in this process. He proposed that the Uruguayan ambassador to Korea present Uruguay’s export supply to Korean importers and that the latter undertake a trade mission to Uruguay.

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