Vice President Ulloa meets with the Korean delegation to strengthen bilateral relations between both nations

The Vice President, Félix Ulloa, and senior officials from the Republic of Korea, chaired by the General Director of Affairs for Latin America and the Caribbean, CHOI Jong-Uk, and the Director of Cooperation for Latin America, CHOI Intaek, held an important meeting with the purpose of addressing relevant aspects of the bilateral business and cooperation agenda between both nations.

The meeting discussed El Salvador’s interest in continuing to explore and promote with Korea initiatives of high strategic value for the benefit of the populations of both countries, as well as the solid and historical ties between the two nations in these almost 60 years of friendship and collaboration.

The Vice President thanked Korea for its support for government projects in different areas of the country and recognized the support that the friendly nation has given to the Central American Integration process. It is worth noting that flows of foreign direct investment from Korea into El Salvador have increased significantly in recent years, playing a pivotal role in the national economy. At the end of 2021, an increase of 4% was observed compared to the previous year, generating nearly 7,500 jobs.

Other relevant issues that came to the fore are the large-scale projects that El Salvador is promoting, such as: the Pacific Train, the New Airport, and the expansion of the Port of Acajutla, among others. Ulloa emphasized the great benefits that the country offers as a strategic partner: its important location, territorial extension, its privileged climate, qualified workforce, tourist attractions, and the economic growth projections for this year.

Since January 2020, there has been a Free Trade Agreement with Korea, from which great benefits have arisen for both parties. The economic agenda with Korea is focused on obtaining the greatest benefits from the FTA. The agreement covers 95% of all trade products. In this sense, El Salvador seeks to boost commercial exchange, through Salvadoran products with the greatest potential for the Korean market, such as sugar molasses, textiles, and plastic items, among others.