In an effort to boost diplomatic efforts for resources cooperation and help Korean firms enter the Southand Central American market, the Korean government dispatched the Korea-Latin America Economication Caravan to Venezuela, Bolivia, Ecuador and Mexico on June 30-July 10.
Co-headed by Shin Soong-chull and Lee Chun-seun, former Ambassadors to Venezuela and Spainrespectively, the Caravan was comprised of officials from government agencies and related organizationsthe Foreign Ministry and Land, Transport and Maritime Affairs Ministry as well as twelve firms inresources and social overhead capital (SOC) sectors.

In addition to building personal networks through meetings with relevant officials from energy andresources-related government agencies, the Caravan gathered information on resources and SOCof the four countries through project presentations by their resources-related organizationsas state-run oil corporations. This served as an occasion to look into the possibility of Koreanentering the said markets in the future.

During the delegation’s visit to Bolivia, the Bolivian government gave a presentation on resourcesand SOC projects and announced its plans for lithium industrialization and the constructionof a water-power plant and main roads.

In Ecuador, the delegation met with Ecuadorian President Correa to seek ways to help Koreanparticipate more actively in SOC construction projects.

Proposing to the Korea Resources Corporation that the two countries seal an agreement for mineralon the occasion of the delegation’s visit, Ecuadorian Mining Under-Secretary Serranodraft agreement to the Korean side and expressed hope for an early conclusion of theproposed.

In the "Forum on Korea-Mexico Business Cooperation" the Caravan held in Mexico, the delegationwith Mexico’s government officials and business leaders ways to expand bilateral economicooperation, in particular, the need to pursue a bilateral free trade agreement.

While in Venezuela, Bolivia and Ecuador, the delegation held the "Seminar of Strategy for EconomicDevelopment of Korea" to share Korea’s experience in economic development and industrialization.The Caravan also introduced the Korean government’s green-growth policies, in which the participantsshowed high interest.

Dasrum, a performance troupe accompanying the Caravan, introduced and promoted Korean cultureheightened interest in it through its performances of Korean traditional-fusion music, serving as anto enhance Korea’s brand value in the region.