Alliance between CAF and the Korean Council on Latin America & the Caribbean will promote business cooperation between the Republic of Korea and Latin America

CAF – development bank of Latin America – and the Korean Council on Latin America and the Caribbean (KCLAC) signed a Memorandum of Understanding to establish a general framework for collaboration that promotes economic cooperation and greater relations between the Republic of Korea and Latin America.

With the signing of this Memorandum of Understanding, both institutions seek to promote and develop joint knowledge exchange initiatives so that both Korean and Latin American entrepreneurs can cooperate and help explore appropriate strategies for social and economic development, working toward the sustainable development and integration of the region.

“This agreement will help determine areas in which SMEs can cooperate with Latin American companies with technology, mutual investments, among other things. We’ll additionally be able to conduct studies to analyze the potential rapprochement between the Republic of Korea and CAF,” said Renny López, CAF’s interim executive president. The alliance between the two institutions will be in force initially for 2 years and may be renewed automatically.

KCLAC is a non-profit non-governmental organization established on August 21, 1996. It aims to promote the strengthening of economic, commercial, social, cultural and academic exchanges between the Republic of Korea, Latin America and the Caribbean. It has acted as the axis of cooperation, through extensive information and the exchange of personnel between Korea and Latin America.