Inter－American Development Bank meeting creates opportunies in Latin America I

An increasing number of Korean businesses are looking to Latin America for expansion and growth. Companies from both regions are attending this year′s Inter－American Development Bank meeting，... which kicked off in the southern port city of Busan. Shin Se－min has more. This local steel product manufacturing company says its business has been hurting. Supplying the shipbuilding and heavy machinery industries has become a lot more complicated. ″Cheaper Chinese ships fueling the global market have made supplying the naval industry more competitive. But opportunities like this could help my company expand in the Latin American region.″ Eun is one of the 3－thousand plus participants from a total of 48 member nations gathered at the annual Inter－American Development Bank meeting in Busan. Through one－on－one summits， entrepreneurs are making valuable connections， and exchanging business practices. ″It′s a vibrant relationship，... and also a high value－added relationship，.... with Korean companies producing some of the most sophisticated products in the world.″ Trade volume with Latin American countries more than doubled last year，... to 54－point－2 billion U.S. dollars，... up from a mere 2－point－2， when Korea first joined the IDB. Direct investment to the region also rose six fold，... to 35 billion. ″The Latin American market is one that many Korean companies have yet to tackle. Countries there are rich in resources with an annual 6－percent growth rate. It′s the next target market for many Korean businesses， both large and mid－sized.″ Although the deals being signed here aren′t huge figures yet， the local trade agency believes that this is a progressive first step for many SMEs expanding into the global market，... creating trust－building opportunities between nations. Shin Se－min， Arirang News， Busan.