South Korea and Mexico expand economic cooperation beyond manufacturing into advanced industries, energy and culture

South Korea and Mexico agreed to strengthen their economic ties beyond manufacturing, expanding cooperation to cover advanced industries, supply chains, energy and the cultural sector as both nations look for fresh drivers of growth.

The Korea Chamber of Commerce and Industry said Sunday it held the Korea-Mexico Business Forum on Friday at the World Trade Center Mexico City, together with Mexico’s Business Coordinating Council (CCE) and the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE).

About 300 government and business leaders from the two countries attended the forum, held as part of South Korean President Lee Jae Myung’s state visit to Mexico, where he held a bilateral summit with Mexican President Claudia Sheinbaum.

KCCI Chair Chey Tae-won, who also leads SK Group, highlighted Mexico’s strategic importance as an economic hub linking Korea with the wider Latin American and global markets.

“Mexico is a key country in Central and South America and an important economic hub with excellent access to global markets,” Chey said in his welcoming remarks. “If Korea’s technological and investment capabilities are combined with Mexico’s strong manufacturing and talented workforce, the possibilities the two countries can create together will become even greater.”

Chey added that the relationship should now progress beyond traditional economic exchanges toward the joint development of industries and technologies.

“While people have connected our two countries in the past, companies, technology, investment and culture are now crossing the Pacific,” he said. “We can create new opportunities in advanced industries and supply chains and grow together in emerging industries and energy.”

He added that closer ties in culture and content could bring the two markets closer together, saying he hoped the forum would turn such opportunities into concrete cooperation.

At the forum, President Lee also stressed Mexico as a “crucial strategic partner” and called for a swift resumption of negotiations on a comprehensive economic partnership agreement between the two countries.

The business forum was attended by business leaders of both countries, including LG Group Chair Koo Kwang-mo, LS Group Chair Koo Ja-eun, Samsung Electronics President Roh Tae-moon, Kia CEO Song Ho-sung, Posco International CEO Lee Kye-in, Naver CEO Choi Soo-yeon and Korea International Trade Association Chair Yoon Jin-sik.

Mexican participants included Economy Minister Marcelo Ebrard, COMCE Vice President Francisco Gonzalez, Mexico-Korea Economic Cooperation Committee Chairman Humberto Esqueda and Mexican Federation of the Aerospace Industry Executive President Luis Lizcano.

At Friday’s forum KCCI and COMCE signed a new memorandum of understanding to broaden cooperation under agreements first reached in 2010 and 2016.

Under the new agreement, the organizations plan to expand exchanges between Korean and Mexican companies in future-oriented sectors and identify concrete business opportunities.

Several corporate-level agreements were also signed during the forum. Posco International, Korea Aerospace Industries and the Mexican Federation of the Aerospace Industry signed a comprehensive MOU on aerospace industry development, while HS Hyosung Advanced Materials signed an investment MOU with the government of Mexico’s San Luis Potosi state to establish a production base for automotive carpets.