Chey Tae-won calls for combining Korea-Mexico tech and manufacturing strengths

Korea Chamber of Commerce and Industry Chairman Chey Tae-won called Mexico "a key country in Latin America and an important economic hub with outstanding access to global markets," adding that the potential for both nations grows when "Korea's technological and investment capabilities meet Mexico's solid manufacturing base and talented workforce."

Chey made the remarks in a welcome address at the Korea-Mexico Business Forum, co-hosted by the Korea Chamber of Commerce and Industry, Mexico's Foreign Trade Council (COMCE) and Business Coordinating Council (CCE) on Friday (local time) at the World Trade Center in Mexico City.

Held under the theme "Korea and Mexico: Building a New Path to Growth Together," the forum brought participants together to discuss ways to deepen bilateral economic cooperation across three areas: advanced industries and supply chains, new industries and energy, and the cultural and creative industries.

Chey said the two countries could "create new opportunities in advanced industries and supply chains, grow together in future industries and energy, and bring each other's markets closer through culture and content." He expressed hope that the forum would serve as a catalyst for turning that potential into concrete cooperation.

He added that "business is ultimately a human endeavor," saying new partnerships can begin "when we know each other, trust each other, and remember each other for a long time." He went on to say he hoped Monday's gathering would be "not a one-time meeting, but the first step toward opening a new path of shared growth between Korea and Mexico."

Korea and Mexico have built their economic relationship around automobiles, electronics and steel, but the scope of cooperation is widening as global supply chains are restructured and industries transform. There is growing pressure to upgrade existing manufacturing and supply chain ties while expanding business opportunities into advanced industries, energy and the cultural and creative sectors.

The forum drew about 300 senior government and business figures from both countries, including President Lee Jae Myung, who was on a state visit to Mexico.

The Korean delegation included Chey alongside LG Group Chairman Koo Kwang-mo, LS Group Chairman Koo Ja-eun, Samsung Electronics President Roh Tae-moon, Kia President Song Ho-sung, Korea International Trade Association (KITA) Chairman Yoon Jin-sik, Korea Chamber of Commerce and Industry Executive Vice Chairman Kim Jong-il, and Export-Import Bank of Korea Governor Hwang Ki-yeon.

The forum also laid the groundwork for cooperation in aerospace and automotive materials manufacturing. POSCO International and Korea Aerospace Industries (KAI) signed MOUs with the Mexican Federation of Aerospace Industries. HS Hyosung Advanced Materials plans to invest in building an automotive carpet production facility in the state of San Luis Potosí under a separate MOU signed with the state government.

The Korea Chamber of Commerce and Industry and COMCE signed a new MOU expanding their cooperation, building on agreements the two organizations had concluded in 2010 and 2016, and pledged to identify concrete business opportunities going forward.