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BCIE - Banco Centroamericano de Integración Económica

09/16/2021 | Press release | Distributed by Public on 09/16/2021 13:18

CABEI and Korea will promote trade and investment exchange in the Central American region

Tegucigalpa, September 14, 2021.- The Central American region will have the opportunity to strengthen its trade relations at the international level with the implementation of a Non-Reimbursable Technical Cooperation approved by the Central American Bank for Economic Integration and its extra-regional partner Korea under the Korea-CABEI Single Donor Trust Fund (KTF) in the amount of US$750,000.

These resources will be used to develop a comprehensive program linked to the Free Trade Agreement (FTA) signed between the countries of Central America and the Korean Republic, enabling the diversification of exports, increased competitiveness, the internationalization of MSMEs, and increased trade flows and integration between the countries.

'We continue to exercise our role as the bridge between Central America and the world, and this initiative opens up an opportunity for the countries to diversify their economies and boost their economic recovery in the post-COVID scenario. With the FTA, we will have the possibility of liberalizing trade in services, establishing rules on intellectual property, promoting government purchases and investments, facilitating trade between the region and the Republic of Korea,' said CABEI Executive President, Dr. Dante Mossi.

The scope of the cooperation includes strengthening knowledge and understanding of trade and investment opportunities, as well as improving the technical, institutional and operational capacities of key public and private stakeholders to enable them to take full advantage of the benefits of the FTA.

Non-Reimbursable Technical Cooperation will begin to be implemented during the fourth quarter of 2021.