CABEI-Korea Business Forum results in a dozen trade agreements between Central American and Korean companies

San José, November 12, 2024.In addition to important strategic alliances between the Central American and Korean public and private sectors, the First CABEI-Korea Business Forum (K-CAFTA Forum), organized by the Central American Bank for Economic Integration (CABEI) in Costa Rica, concluded with the signing of nine trade agreements representing $582,700 in product purchases between companies in strategic sectors such as medical equipment, cosmetics, pharmaceuticals and auto parts.

Also the important signing of a Memorandum of Understanding (MOU) between CABEI and the Korea Internet Security Agency (KISA), which establishes collaboration in cybersecurity research and training whereby the region's critical infrastructure will be strengthened through training programs and workshops that promote a secure and resilient digital environment.

The participation of the presidents of Costa Rica and El Salvador added a high-level focus to the forum. President Rodrigo Chaves stressed that Costa Rica is open for business and prepared to adopt Korea's best practices in its investment attraction strategy; while at the closing ceremony, President Nayib Bukele reaffirmed his commitment to collaborate with multilateral bodies, Central American nations and friendly countries, such as Korea, to promote the common welfare of the region.

During the forum, CABEI's role as a bridge of opportunities was highlighted by administering Korean cooperation funds for the benefit of the region, such as the Korea Trust Fund (KTF), which are invested in the financing of innovative and sustainable projects, such as a climate-smart greenhouse and an offshore wind energy project in Costa Rica, as well as the modernization of the Guluchapa water system in El Salvador, which reinforces Korea's commitment to sustainable development in the region.

CABEI Executive President Gisela Sánchez highlighted the importance of this forum as a platform of opportunities for Central American micro, small and medium-sized enterprises (MSMEs), which had access to new knowledge, contacts and possibilities for growth in the global market.

In addition, CABEI's 2025-2029 strategy was presented, focused on economic growth, regional integration and investment in sustainable and resilient infrastructure. This forum reinforces CABEI's vision of promoting economic cooperations and inclusive and sustainable development in Central America, hand in hand with strategic partners such as the Republic of Korea.