SEOUL, October 27 (AJP) - South Korea and the Inter-American Development Bank have agreed to establish a cooperation hub focused on artificial intelligence, part of a broader effort to deepen economic and technological partnerships between South Korea and Latin America.
The agreement came during the seventh Korea–Latin America Business Summit in Seoul, where Deputy Prime Minister and Economy and Finance Minister Koo Yun-cheol met with IDB President Ilan Goldfajn. The two leaders signed a letter of intent outlining plans for collaboration in artificial intelligence, critical minerals, and energy.
Under the new framework, South Korea and the IDB will jointly develop an AI cooperation hub aimed at facilitating knowledge exchange and helping Korean companies expand into Latin American markets.
Koo said the initiative would serve as a platform for linking Korean technological expertise with regional development opportunities. Goldfajn congratulated South Korea on the 20th anniversary of its accession to the IDB and thanked Seoul for its continued support of Latin America’s development.
The two sides also agreed to strengthen efforts to expand the presence of Korean professionals within the IDB. Goldfajn emphasized the importance of attracting more Korean talent to the institution, citing ongoing initiatives such as internship programs and a Korean-language website to increase engagement.
Officials said the partnership reflects a growing convergence between South Korea’s technological ambitions and Latin America’s push to modernize key industries, marking a new phase in a two-decade relationship that has evolved from development aid to strategic collaboration.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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