Lee tells Korean, Mexican business leaders: 'Crisis is opportunity' to capture global markets

President Lee Jae Myung, on a state visit to Mexico, told business leaders Saturday (local time) that if companies from both countries joined forces, it would be "a golden opportunity to capture global markets ahead of the rest."

Speaking at the Korea-Mexico Business Forum in Mexico City, Lee said "the uncertainty in the North American trade environment, including the USMCA, is a clear challenge."

The USMCA — the United States-Mexico-Canada Agreement — is a trilateral free trade pact that grants preferential tariffs within the bloc to products meeting a specified level of North American content requirements.

Uncertainty in the North American market has grown since the United States declined to agree to an extension of the current agreement at a joint USMCA review held in July, raising the prospect of changes to key trade rules covering automotive rules of origin, steel and aluminum, and economic security.

Samsung Electronics and LG Electronics both use Mexico as a major production base for the North American market, and Kia produces finished vehicles in Pesquería, Nuevo León — making all three sensitive to the outcome of the USMCA review.

Lee responded by saying "crisis is opportunity," adding that he hoped companies from both countries would "organically combine and strengthen Mexico's excellent manufacturing base and local parts ecosystem with Korea's advanced technological competitiveness, and together expand beyond North America into global markets."

Lee also said it was important to broaden the horizon for Korean AI, data centers and other future industries in the Mexican market.

"Building on the success we have firmly established in traditional manufacturing, the two countries must boldly expand the scope of cooperation into future industries such as biotech, healthcare and beauty, as well as digitally innovative fields like energy, power and infrastructure," he said.

He went on to say that "if Mexico's vision for industrial upgrading — which it is pouring its heart into — is combined with Korea's proven manufacturing capabilities, Mexico will be able to raise its industrial competitiveness to a new level."

He also said the two sides should strengthen exchanges and cooperation in the cultural and creative industries, noting that K-pop and Korean drama series are widely popular in Mexico.

Lee highlighted the cultural affinity between the two peoples, saying that "Koreans who hum 'Bésame Mucho' and 'La Cucaracha' also enjoy tacos and tortillas in their daily lives," while "Mexicans enjoy samgyeopsal and bulgogi and sing along to K-pop."

He went on to say that "if the creativity and cultural appeal of both countries are combined with business, an attractive market will open for companies, and Korean and Mexican youth will be given quality opportunities to take on new challenges," adding that "the relationship between the two countries will also grow stronger."

He added that "the Republic of Korea will always stand alongside you, the business leaders of both countries, as a reliable and trusted partner for Mexico, and will provide active support."

Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry and SK Group, echoed Lee's remarks, saying that "if Mexico's solid manufacturing base meets its outstanding talent, the possibilities that the two countries can create together will grow even greater."

Chey drew a parallel between the two countries' most important holidays — chuseok and Día de los Muertos — saying that "the way we celebrate may differ a little, but the heart of remembering those precious to us and reflecting on the meaning of family is very much alike in both countries." He expressed hope that the forum would mark "the first step in opening a new path of growth together for Korea and Mexico."

The forum was attended by 51 Korean business leaders, including Chey Tae-won of SK Group, Koo Kwang-mo of LG Group, Koo Ja-eun of LS Group, Roh Tae-moon of Samsung Electronics, Song Ho-sung of Kia, Lee Gye-in of POSCO International and Choi Soo-yeon of Naver.