The Korea Institute for International Economic Policy (KIEP), the Ministry of Economy and Finance, and the Central American Bank for Economic Integration (CABEI) hosted the K-CAFTA Forum on November 12-13, 2024, in San José, Costa Rica. The forum aimed to promote engagement in the Korea-Central America Free Trade Agreement (K-CAFTA), focusing on five key sectors: automotive parts, cosmetics, medical devices, cybersecurity, and digital innovation.

A total of 115 companies participated, 34 from Korea and 81 from Central America. Dr. Sungwoo Hong, Head of the Africa, Middle East, and Latin America Team at KIEP, chaired the session titled “Trade Advancement and Collaboration in Major Sector.” In his remarks on “A Win-Win Partnership: Advancing Strategic Trade and Economic Collaboration Between Korea and Central America in Times of Global Uncertainty,” Dr. Hong outlined the future direction for bilateral cooperation.

Dr. Kyong Hyun Koo, Head of the Trade and Investment Policy Team at KIEP, presented on “The Potential for New Partnership Between Korea and Central America At the Time of Global Supply Chain Reshaping” during the session “Significance of Leverage in K-CAFTA.” He highlighted how South Korea’s extensive FTA experience could serve as a model for future partnerships.

President Rodrigo Chaves of Costa Rica, attending the first day of the forum, emphasized the importance of collaboration with South Korea, praising its skilled workforce and remarkable economic growth. He stressed the need for Costa Rica to learn from Korea’s expertise in technology and innovation.

Emphasizing the need for competition, investment and education,  President Chaves also called for efforts to reduce trade barriers, attract foreign direct investment (FDI), and join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The second day featured business matchmaking programs, with over 306 one-on-one meetings between 25 Korean and 81 Central American companies. The evening banquet was attended by El Salvador's President Nayib Bukele, who shared his reflections on the forum’s outcomes.

- Title: K-CAFTA Forum

- Date & Time: November 12-13, 2024, 09:00-18:00 (local time)

- Venue: San José, Costa Rica

- Hosts: Korea Institute for International Economic Policy (KIEP), Ministry of Economy and Finance, Central American Bank for Economic Integration (CABEI)

- Contact: Dr. Sungwoo Hong, Africa, Middle East, and Latin America Team (swhong@kiep.go.kr)