Seoul, November 24, : , The top trade officials from South Korea and Costa Rica met in Seoul Wednesday to discuss ways to increase bilateral trade and investment. The meeting saw Seoul’s Trade Minister Yeohan-koo and Costa Rica’s Foreign Trade Minister, Andres Valenciano Yomuni, check the implementation of South Korea-Central America Free Trade Agreement and agree to work closer to facilitate bilateral trade and investment, Yonhap news agency reported, citing Ministry of Trade, Industry and Energy.
In March 2021, South Korea and five Central American countries — Costa Rica (El Salvador), Panama, Honduras, Nicaragua and Honduras — fully implemented their FTA.
“The trade agreement has contributed to increased investment and exchanges between the two countries.Yeo stated that it is expected to strengthen bilateral economic ties and support sustainable economic recovery.
According to government data, South Korea’s 2020 exports to Costa Rica were $111.12 million and its imports came to $156 millions.
Yeo expressed hope for strengthening ties between the two countries in the areas of digital, technology, and innovation as they share the same goal of inclusive economic development and net zero emission by 2050.
According to the ministry, he also requested active participation from Korean companies in Costa Rica’s infrastructure projects, including a project for electric passenger trains.
Moon Jae-in, the South Korean President, and Carlos Alvarado Quesada Quesada, his Costa Rican counterpart, visited Tuesday and vowed to increase cooperation in digital and green sectors to accelerate their post-pandemic economic recovery.
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