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LatinNews Daily - 27 September 2021

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In brief: Guatemalan delegation in South Korea to boost investment

* Guatemala’s government has announced that a delegation headed up by Economy Minister Antonio Malouf and the deputy minister of trade and integration, Edith de Molina, along with various private sector representatives, is in South Korea to shore up investment. According to the Guatemalan government, one of the items on the agenda is negotiations over Guatemala’s bid to join the free trade agreement (FTA) which South Korea signed with five other Central American countries (Costa Rica, El Salvador, Honduras, Nicaragua, and Panama) in February 2018, which will eventually eliminate tariffs on about 95% of goods traded by both sides. According to figures from Guatemala’s central bank (Banguat), in 2020 Guatemala’s exports to South Korea totalled US$85m while imports from South Korea totalled US$248m. The same figures show that in the first seven months of 2021, Guatemala’s exports to South Korea totalled US$66m while imports totalled US$204.4m. As regards investment, figures from the Guatemalan/South Korean chamber of commerce show that over the last 12 years, South Korean capital in Guatemala has totalled some US$581.5m.