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Korean conglomerates get ready for upcoming FTA entry into force

Agencia Andina 14.02.2011

Korean conglomerates get ready for upcoming FTA entry into force

Lima, Feb. 14 (ANDINA) — Large Korean conglomerates get ready to enter Peru in view of the upcoming entry into force of the Free Trade Agreement (FTA) scheduled for next April, Peruvian Ambassador in Seoul Marcela López-Bravo announced.

"Korea believes Peru offers several strategic advantages and great development potential for the future, establishing it as a hub in the region. All of this encourages Korean companies to invest in the country, as they know their funds will be well spent," he said.

He said some of Korea’s largest conglomerates already operate in Peru such as SK Group — which is involved in projects to extract natural gas in Camisea — as well as the Korea National Oil Corporation (KNOC), among others.

"Nowadays, other major groups such as Samsung Engineering and Hyundai Engineering are willing to invest in infrastructure projects and thus notify their interest to Peru’s Private Investment Agency (Proinversion)," he told Andina news agency.

Another Korean company interested in entering in the Peruvian market is Doosan Heavy Industries, which seeks to implement desalination technologies to convert sea water into drinking water.

Korean entrepreneurs believe that the trade deal with Peru will provide the necessary legal framework to carry out investments in the country.

 source: Andina