In recent years, major Latin American countries, represented by Chile, Colombia and Peru, are actively implementing ‘new industrial policy’ in order to change their economic structures with high dependency on primary goods and then to promote their export competitiveness. One of the reasons that these policies are called new industrial policy is that it characterizes as following: First, they focus more on export promotion unlike the old industrial policy in 1950~1980 whose main focus was an import substitution. Second, the new industrial policies highlights the importance of the innovation. In the industrial policies of Chile, Brazil, Uruguay, and Colombia, the importance of innovation is particularly emphasized. Third, new industrial policies are nowadays backed by sound budget. Last but not least, new industrial policies are aiming at public-private alliances and being more horizontal whereas the old industrial policies are more of a vertical systems presided by the government.
 In this study, new industrial policies of Chile, Colombia and Peru have been analyzed in depth. Also suggestions to the government have been made to enhance cooperation between the two regions and also to the private enterprises to discover their opportunities in Latin America.
 This study has started from the questions of 1) what are the backgrounds for pursuing the new industrial policy of these three countries? 2) what are the differentiated characteristics of these new policies from the old ones? 3) will the sustainable development be possible through these new policies? 4) what are the obstacles for the promoting industrial cooperation between Korea and the Latin American region? 5) how can Korean government and the private enterprises utilize these new industrial policies in order to enhance the industrial cooperation?
 Based on these questions, this study comprises of five chapters. At the introduction, rationale for choosing three Latin American countries for the study, and the concept and the scope of industrial cooperation are described. Recent discussions on the definition and the scope of industrial policy are examined especially focusing on Latin American region.
 The second chapter explains the backgrounds for the three countries implementing the new industrial policies as of year 2000. This study presents the key drivers of implementing the new industrial policy dividing into three parts: necessity of export and economic structure diversification, productivity raising, and competitiveness enhancement.
 In chapter three, each of the three countries industrial policies are analyzed more specifically. For Chile, “Agenda of Productivity, Innovation, and Growth (Agenda de Productividad, Innovacion, y Crecimiento)” is analyzed, which the Bachelet government has been implementing since 2014. For Colombia’s case, “National Development Plan (Plan Nacional de Desarrllo 2014-2018)” and “Productive Transformation Program (Programa de Tranasformacion Productiva)” are studied which President Santos has chosen for his second term. Lastly, Peru’s industrial policy study is conducted based on “National Plan for Productive Diversification (Plan Nacional de Diversificacion Productiva)” which was introduced in 2014 by Humala government. Each country’s case comprises of backgrounds for the new industrial policy, main contents of the policies, and finally the evaluation.
 In the fourth chapter, promising industrial sectors are selected for each coun try and the possibility of cooperation with Korea is evaluated. The selection of promising industrial sectors was made based on policy demands of the country, Korean government’s interest, private companies’ interests, and the result of president Park’s tour to Latin American countries in April. For Chile, “Sart-up Chile Program” is selected as a useful tool for sharing each countries’ experience on SME’s start-up policy and cooperation in innovation sector. For Colombia, automobile/automobile parts, software and IT service, cosmetics/hygienic goods are suggested for the promising sectors as the Colombian government is trying to promote these industries. The selected industries of Peru’s are textile and costumes made of Alpaca, and processing of marine products.
 In chapter five, policy suggestions for enhancing industrial cooperation with these three Latin American countries are made. In order for this, current state of industrial cooperation between two regions is examined and their difficulties are addressed. Based on this survey, basic directions for the enhancement of industrial cooperation were suggested in six points: 1) more share of Korea’s experience of industrialization 2) reciprocal and balanced cooperation 3) triangular cooperation 4) the substantial cooperation through the cooperation choice and concentration strategy 5) customized cooperation strategy 6) proper counter action towards the drastic change of trade environment of these three countries. 
 For the last, four strategies for the industrial cooperation promotion with Chile, Colombia, and Peru were suggested as follows: 1) construction of trade infrastructure, 2) establishment of platform for the SME’s cooperation between the two regions, 3) support for the GVC participation of the three countries, 4) Korea-Latin America Innovation Summit. For more details of the support of GVC participation of the three countries, this study suggests 1) joint advancement to the third market (such as China) through a strategic alliance between Korea and Latin America, 2) encourage the advancement in the sectors of higher potential of GVC.