Agreement signed to boost trade with the Republic of Korea

According to the MINEC, exports to that country grew 80% this year. The agreement will allow the exchange of information.

The Ministry of Economy (MINEC), the Organization for the Promotion of Exports and Investments of El Salvador (PROESA) and the Korean Importers Association (KOIMA), has signed a memorandum of understanding  as part of the initiatives to promote the Free Trade Agreement (FTA) between El Salvador and the Republic of Korea.

The first approaches between the Central American and South Korean authorities date back to 2012. The FTA was signed in 2018.

The strategy to take advantage of the plan was presented in January of this year. The agreement went into effect that same month.

The plan includes actions to identify products with export potential to the Korean market, preparation of market studies and technical sheets, design of certification programs, identification of regulatory gaps, product promotion, as reported by MINEC on that occasion.

Yesterday, the authorities announced that PROESA and KOIMA will exchange the lists of Salvadoran companies that wish to export to the Korean market; and in turn, the list of Korean importers interested in acquiring said products. “Despite the pandemic, our exports to Korea have increased by 80%. From January to September 2019, we exported $ 28.5 million; while in the same period of 2020 we exported $ 51.3 million”, highlighted the Minister of Economy, María Luisa Hayem.

KOIMA president Kwang-hee Hong said that “with the memorandum of understanding we will be able to convert our trade into direct investment,” according to a statement released by MINEC.