1. Following his visit to Brazil on December 1, Second Vice Foreign Minister Cho Tae-yul visited Uruguay on December 2 and Argentina on December 3-4, and agreed to strengthen economic cooperation by facilitating a range of intergovernmental consultative mechanisms with Uruguay and Argentina, respectively.

2. In Uruguay, Vice Minister Cho met with his Uruguayan counterpart Luis A. Porto on December 2. The two sides reaffirmed that with this year marking the 50th anniversary of diplomatic relations, the friendly and cooperative relations between the two countries have been further solidified.

o In a bid to implement follow-up measures to the fourth meeting of the ROK-Uruguay Joint Economic Committee, held in Seoul in May this year, the two sides decided to form a working-level group and strengthen substantive cooperation in a variety of areas.

o Vice Minister Cho hoped that the bilateral relations will continue to expand and develop under the Vazquez government, to be launched in March next year following the presidential election on November 30. The Vice Minister also requested the Uruguayan government’s continued interest and support to successfully conduct the Punta del Tigre combined cycle power plant project, which has become a symbol of economic cooperation between the two countries.

o Vice Minister Cho visited Uruguay to reciprocate Deputy Minister Porto’s visit to the ROK in May this year. This visit is seen as having laid a meaningful foundation for further promoting bilateral relations, as this year marks the 50th anniversary of diplomatic relations between the two countries.

3. In Argentina, Vice Minister Cho held the fifth meeting of the ROK-Argentina Joint Economic Committee with Secretary of State for International Economic Relations Carlos A. Bianco of the Ministry of Foreign Affairs. The two sides resumed the bilateral consultative channel on economic cooperation, which had been suspended for 7 years since its fourth meeting in 2007.

o Vice Minister Cho and the Secretary of State shared the view that considering the size of the two countries’ economies and their complementary economic structure, there is ample potential for expansion of trade and investment. As such, they agreed to work together for the governments of the two countries to realize the potential.

- Secretary of State Bianco hoped that Argentina’s agricultural and livestock products, including beef and lemon, will enter the Korean market. He also showed a keen interest in pursuing cooperation in medicine, science, technology, IT and communications, where the ROK have advanced technologies. Vice Minister Cho also offered to operate consultative channels for cooperation in forestry, resources and energy.

o In an effort to create institutional bases to support exchanges between businessmen and peoples of the two countries, the two sides agreed to conclude the ongoing negotiations for a social security agreement, an agreement on mutual recognition of driver's licenses, a working holiday agreement, and a revised agreement on air services as soon as possible, and sign them next year, marking the 50th anniversary of Korean immigration to Argentina.

- Vice Minister Cho touched upon various difficulties faced by Korean companies in Argentina amid Argentina’s economic crisis, and requested the Argentinean government’s efforts to create a favorable environment for businesses. He also shared the ROK’s experience in overcoming its economic crisis and what lessons the ROK learned from it.

o On December 4, Vice Minister Cho met with Deputy Minister for Foreign Affairs Eduardo A. Zuain and offered to continue high-level exchanges to enhance bilateral relations. Vice Minister Cho also hoped that the two countries will advance their cooperation by further facilitating the bilateral high-level policy consultation and joint economic committee meeting, which have been reconvened this year. Vice Minister Cho also explained the situations on the Korean Peninsula and in Northeast Asia, and requested the Argentinean side’s continued cooperation on the North Korean nuclear and human rights issues.

- In response, Deputy Minister Zuain actively welcomed Vice Minister Cho’s visit to Argentina, aimed at enhancing bilateral relations, and conveyed the Argentinean side’s willingness to promote bilateral relations. The Deputy Minister also asked for the ROK side’s understanding on Argentina’s current sovereign debt problems, and requested cooperation on the issue in the international community.

o On December 4, Vice Minister Cho also met with Industry Minister Debora A. Giorgi. In the meeting, the Vice Minister delivered the ROK’s willingness to expand economic cooperation with Argentina and asked the Argentinean side to support Korean companies’ entry into its market. Vice Minister Cho also expected Argentina’s support to expand investment that can benefit both countries, as is the case in POSCO’s lithium pilot plant project.

- Minister Giorgi took note of Korean companies’ efforts to increase their presence in Argentina and expressed his intention to provide active support for the success of the POSCO’s pilot project.

o Vice Minister Cho held a luncheon meeting with representatives of Korean communities in Argentina on December 4. With next year marking the 50th anniversary of Korean immigration to Argentina, he appreciated their efforts to settle in the country and heard about issues facing the Korean communities.

o Vice Minister’s visit to Argentina served as an opportunity to resume bilateral consultations on economic cooperation that have been suspended. The visit also established an important foundation for further improving bilateral relations by conveying the ROK side’s willingness to expand cooperation despite Argentina’s economic difficulties. 


                         Spokesperson and Deputy Minister for Public Relations of MOFA

*unofficial translation