Since the beginning of the 2000s, Korea’s economic relations with Latin America and the Caribbean (LAC) have developed quantitatively, but not qualitatively, in terms of trade and investment.

To develop balanced and sustainable economic relations between Korea and LAC, the fol-lowing must take place: First, Korea and LAC need to make active efforts to expand new FTAs and upgrade existing ones. Second, both sides need to support the inclusion of LAC countries in the global supply chain through the transfer of Koreas economic development experiences and technologies. Third, Korea and LAC need to foster interactive FDI. The Korean government should actively attract FDI from LAC, especially from Multilatinas: multinational firms originating in LAC. Lastly, Korea and LAC should boost cooperation in trade facilitation.