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South Korea and Peru agreed to explore ways to expand industrial and energy
cooperation that can benefit both countries, the government said
Friday.
In a meeting between Knowledge Economy Minister Hong Suk-woo
and Jose Luis Silva Martinot, Peru's minister of Foreign Trade and Tourism, the
two sides exchanged views on how best to achieve the "comprehensive strategic
partnership" arrangement announced at the bilateral summit a day
earlier.
The Ministry of Knowledge Economy said Seoul and Lima agreed
to create an industrial cooperation committee and explore the feasibility of
South Korean construction companies building hydroelectric power stations in the
South American country.
The two sides also touched on South Korea
playing a part in Peru's move to buy a new fleet of patrol cars.
The
ministry in charge of the country's industrial policies said a memorandum of
understanding was reached on ways to support Peru's efforts to create a digital
online trade transaction system. Such a system can raise overall transaction
efficiency, which can attract more businesses and investments.
In
addition, the two ministers concurred on the need to fully exploit the free
trade agreement that went into effect in August 2011.
Trade between
the two countries reached US$3.31 billion in 2011, with Seoul posting a $583
million deficit. South Korea's total investments to Peru stood at $1.77 billion
as of late last year.