Latin America continues to be a region that faces multiple economic challenges that make it susceptible to the ups and downs of the dynamics of the international economy. A proof of this, according to data from ECLAC (2015)[1], is the fact that the region’s economic growth contracted by 0.4% in 2015, and the average contraction by the end the year 2016 is expected to total 0.6%.

In this context, it is essential to increase regional productivity and make structural changes that promote the development of more diverse activities with higher technological content. These efforts should be aimed at increasing the export base and developing public policies in the fields of innovation, science, technology, employment and education. In this connection, it is clear that the experiences of the Republic of Korea can contribute significantly to the design of a new economic model that is more favourable to Latin America and the Caribbean.

The Republic of Korea, which in 2016 completed 20 years as a member of the Organization for Economic Cooperation and Development (OECD), has been successful in economic and social development, having as fundamental pillars of its efforts the following: investment, innovation and human capital. The country has been able to become a high-income economy, with a strong export industry, broad scientific-technological capital, social cohesion, and educational achievements (OECD, 2015)[2].

Recent leverage of Korea’s model of development has been achieved through the creative economy approach, according to which the revitalization of the economy occurs through the implementation of relevant public policies in the following areas: internationalization of small and medium-sized enterprises; science and technology, and environmental sustainability (green growth), as well as the fostering of innovation in the private sector and collaboration with the public sector (Ibid).

Trade relations between Latin America and the Caribbean with the Asia-Pacific region have been expanding gradually since the 1980s, reaching a value of US$ 54,200 million in 2014.

For its part, the value of trade of the Republic of Korea with the rest of the world exceeded US$ 500,000 in 2014 for both exports and imports (Korea International Trade Organization)[3], and according to recent estimates, it is expected to reach US$ 2 trillion by 2020, demonstrating its future growth potential. However, for these improvements to be reflected also in Latin America and the Caribbean, trade relations between the two must be boosted, since they are still at modest levels and there are high degrees of concentration in terms of trade, in the exported-imported good ratio, the destination markets and the industries that manufacture such goods (ECLAC, 2015).

Cooperation for development of Korea with Latin America and the Caribbean has shown rising levels since 2000, totalling US$ 100 million in 2013 (ECLAC, 2015)[4], with an emphasis on mitigating social inequalities, strengthening administrative capacities, improving transparency of governments, and promoting sustainable development in the region.

Relations between the region and the Asian country must be strengthened, based on the fact that Latin America and the Caribbean can learn from the experience of the Asian country to improve the design and implementation of public policies through the Knowledge Sharing Programme, or decentralize the region’s sources of investment, which so far come mainly from China.

SELA considers that it would be very positive to expand the transpacific relations of its Member States with the Republic of Korea by promoting the necessary mechanisms to go beyond their current status, which is framed only within the Memorandum of Understanding between the Latin American Economic System (SELA) and the Korean Council on Latin America and the Caribbean (KCLAC), of 1999. Within the framework of this spirit of renewal, SELA, with the support of the Ministry of Foreign Affairs of the Republic of Peru and the University of the Pacific in Lima, has organized this Regional Seminar: Analysis of economic, trade and cooperation relations of Latin America and the Caribbean with the Republic of Korea.