Korea, Peru push for stronger business ties at APEC meeting

Korea, Peru push for stronger business ties at APEC meeting

Korean Prime Minister Hwang Kyo-ahn met with Peruvian President Pedro Pablo Kuczynski on the sidelines of the Asian-Pacific summit and pushed for stronger business cooperation in key infrastructure sectors, the government said Sunday.

The premier is in Lima in the place of President Park Geun-hye, to attend the 24th Asia-Pacific Economic Cooperation (APEC) summit, being held in the Peruvian capital on Saturday and Sunday.

During the bilateral talks Saturday, Hwang and Kuczynski came to common ground on Korean cooperation in Peruvian infrastructure, medical health care, and transportation for military and police.

The Peruvian president touched on the bilateral deal on the KT-1P, a turbo-prop trainer made in Korea, pinning high hopes for more deals down the road.

In November 2012, Korea and Peru inked the KT-1P deal. At present 19 of the 20 planes have been delivered to the South American country.

In a follow-up deal, the two countries are in talks over a contract, potentially worth US$900 million, that could involve the sale of 24 FA-50 light attack jets to Peru.

In response, the Korean prime minister said Seoul will actively participate in multiple Peruvian state-led development plans, such as the infrastructure and medical health care sectors.

The bilateral talks came after Hwang’s meeting with Martin Alberto Vizcarra Cornejo, the first vice president of Peru.

In the meeting, Hwang asked that Korean companies be chosen to participate in constructing Lima’s subway lines No. 3 and 4, and the city water supply facilities.

Korean companies plan to submit their bids for the Lima subway deal, which could involve the injection of $5.6 billion worth of funds by 2018. The city’s water supply facilities deal amounts to some $600 million.

Korea and Peru have been actively engaged in trade since they clinched a free trade agreement in 2011.

During the visit, Hwang is anticipated to invigorate the Korean export industry against rising protectionism in global trade in the wake of the lackluster economy at home and abroad.

Source: http://www.koreatimes.co.kr/www/news/nation/2016/11/120_218551.html

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