S. Korea, Peru to expand industrial, energy cooperation

 South Korea and Peru agreed to explore ways to expand industrial and energy cooperation that can benefit both countries, the government said Friday.

   In a meeting between Knowledge Economy Minister Hong Suk-woo and Jose Luis Silva Martinot, Peru's minister of Foreign Trade and Tourism, the two sides exchanged views on how best to achieve the "comprehensive strategic partnership" arrangement announced at the bilateral summit a day earlier.

   The Ministry of Knowledge Economy said Seoul and Lima agreed to create an industrial cooperation committee and explore the feasibility of South Korean construction companies building hydroelectric power stations in the South American country.

   The two sides also touched on South Korea playing a part in Peru's move to buy a new fleet of patrol cars.

   The ministry in charge of the country's industrial policies said a memorandum of understanding was reached on ways to support Peru's efforts to create a digital online trade transaction system.

Such a system can raise overall transaction efficiency, which can attract more businesses and investments.

   In addition, the two ministers concurred on the need to fully exploit the free trade agreement that went into effect in August 2011.

   Trade between the two countries reached US$3.31 billion in 2011, with Seoul posting a $583 million deficit. South Korea's total investments to Peru stood at $1.77 billion as of late last year.

(Yonhap News)