1. The Ministry of Foreign Affairs, the Korean Council on Latin America and the Caribbean, and the Korea International Trade Association (KITA) will co-host a video conference with the Latin American and Caribbean Economic System (SELA) at COEX at 9:00-11:00, May 19.

2. The video conference will feature presentations and discussions on the Republic of Korea’s economic and financial policies in response to COVID-19; economic impact of COVID-19 in Latin America and the Caribbean and an outlook on the recovery; and the ROK’s experiences of COVID-19 and their implications for Latin America and the Caribbean, through which the participants will share the ROK’s policy experiences and review the current economic situations in the ROK as well as Latin America and the Caribbean amid the COVID-19 situation.

° With a sharp economic downturn expected in Latin America and the Caribbean due to the recent plunge in oil prices as well as social and political instability in addition to COVID-19, the participants will exchange views on ways to respond to the crisis, including support for Korean businesses in the region, as well as possible ways for economic cooperation between the ROK and the region.

3. The Ministry of Foreign Affairs plans to continue seeking ways for economic cooperation with Latin America and the Caribbean, the ROK government’s key target region for its diplomatic diversification strategy as well as an emerging market, and holding consultations with economic cooperation forums of the region, including the Southern Common Market (MERCOSUR) and the Pacific Alliance (PA), in a bid to help Korean enterprises build presence in the region,  even amid the global economic slowdown due to COVID-19.