“It’s Right Time for Korean ‘Soft Power’ Companies to Enter into Latin America”

“Latin America is expected to experience difficulties such as slow growth due to the price decline of resources and the currency devaluation. However, with the opening of expanded Panama Canal, cooperation projects using the policies to discover new growth engine such as online business will be promising.”https://korean-electronics.com//inquiry
The Korea International Trade Association (Chairman, Kim In-ho) held the “2016 Economic Outlook of Latin America ‘Look for Opportunities in the Recession’ Seminar” at the conference room in Trade Tower on January 26 (Tuesday). The abovementioned statement is what the Latin America experts who participated in the seminar as speakers said during their speeches.
Kim Hyung-joo, a researcher at LG Economic Research Institute, has anticipated that the Latin America will struggle with the part several years’ sluggish economic growth and the currency devaluation, but “the additional market expansion will be possible with the reduced tariff s and non-tariff barriers between the countries in the TPP region when the TPP agreement comes into eff ect.” Moreover, he added that it is necessary for Korean companies to develop the strategies to comprehensively use human resources, infrastructure and cumulative rules of origin in each country through the TPP for the long term perspective.
Kwon Ki-soo at Korea Institute for International Economic Policy requested Korean companies to work on the measures as there still are possibilities of partial default of the resource-rich Latin American companies. In addition, as those countries are expected to get out of the commodity dependent economic structure and promote ‘New Industrial Policy’ to discover new growth engine, the customized cooperation projects are required.
President Eduardo of Braxco, Latin American online contents consulting fi rm, selected e-learning, online game and application that are recently called ‘soft power’ as the areas that Korean companies need to pay att ention to in Latin America. He forecasted “Online game market in Latin America will grow at the average rate of over 50 percent every year and e-learning market will grow about 30 percent this year.”
Commercial Att ache Carles Diamedes at the Embassy of Panama in Korea said that the Panama Canal expansion is expected to be completed in May this year and “it will increase vessel capacity from 4,500 to 14,000 TEUs. With the bett er transportation efficiency, the shipping market will expand from the west coast of North America to the east coast of North America as well as Latin America.”
Meanwhile, Kim Jung-soo, director of International Aff airs Department at KITA stressed “The trade between Korea and Latin America has been limited to IT, cars and agriculture areas. However, it is required to expand its scope to new promising industries such as construction, the defense industry, medical and environmental sectors and G2G.” He also mentioned “KITA will actively support Korean companies to enter into Latin America through the marketing officefor Latin America and a variety of seminars on market expansion.”




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