Trade and investment ties between Korea and the Caribbean are reaching historic levels, with total trade between Korea and the Latin America and Caribbean (LAC) region projected to climb to a record US$70 billion in 2025. The milestone coincides with the 20th anniversary of Korea’s partnership with the Inter-American Development Bank Group (IDB Group)—a collaboration that continues to deliver transformative development impact across the Caribbean.
The achievements were highlighted during the seventh Korea–LAC Business Summit, co-organized by the IDB Group, Korea’s Ministry of Economy and Finance (MOEF), the Export-Import Bank of Korea (KEXIM), and the Korea Trade-Investment Promotion Agency (KOTRA). The two-day event brought together hundreds of companies, investors, and public officials for more than 600 one-on-one meetings designed to deepen trade and development links.
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A highlight of the summit was the launch of the BID for the Americas program in Korea, which connects firms from the IDB Group’s non-borrowing member countries with new business opportunities in Latin America and the Caribbean.
Since joining the IDB Group in 2005, Korea has become a key development partner for the Caribbean, helping to modernize infrastructure, strengthen renewable energy systems, and expand access to digital services. According to a new joint report titled Two Decades, One Partnership: Korea and the IDB Group Delivering at Scale, the partnership has already improved the lives of more than four million households across the region by increasing access to electricity, water, sanitation, and technology.
Bilateral trade between Korea and LAC has grown more than fivefold over two decades—from US$13 billion to a projected US$70 billion—driven by a diverse exchange of goods and services. Korean exports such as automobiles, electronics, and machinery have found growing markets in the Caribbean, while the region’s copper, lithium, fuels, and agricultural products have become integral to Korea’s economic growth and green transition.
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During the summit, the IDB Group and Korean partners announced a new cooperation package to expand collaboration in five critical areas: artificial intelligence, energy, critical minerals, infrastructure, and talent mobility. For the Caribbean, this translates to enhanced opportunities in sustainable energy projects, digital innovation, and workforce development.
The report also emphasizes three strategic priorities to strengthen future cooperation: reducing trade barriers, expanding preferential trade agreements, and co-investing in regional value chains—particularly in clean energy, digital transformation, and climate-resilient agriculture.
As the Caribbean continues to build a more sustainable and connected future, its partnership with Korea represents not only two decades of progress but also a shared vision for innovation, resilience, and inclusive growth across the region.
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