Strengthening Economic and Political Ties
Mexico City. South Korea and Mexico are set to further evolve their deep commercial and political relationships in the coming years.
The geopolitical environment has transformed what was once an optional subject into a compulsory one.
Mexico considers South Korea its fourth most relevant trade partner, while Seoul views Mexico as the leading country in Latin America.
Cultural Influence and Trade
K-pop, Korean cuisine, K-beauty, and technology are the most consumed South Korean products in Mexico, as outlined by Fernando González Saiffe, General Director for Asia-Pacific at Mexico’s Secretariat of Foreign Relations, during the “Economic Forum: South Korea and Mexico: Innovation, Technology, and Mutual Prosperity” held in Mexico City last Friday.
Advancing Bilateral Relations
Inaugurated by South Korea’s Ambassador to Mexico, Tae-Wan Huh, the Forum aims to further develop bilateral relations. The Ambassador recalled several periods that have strengthened the relationship during the 63 years since diplomatic relations were established.
One such period was 2005, when strategic relations between South Korea and Mexico were established.
Growth Opportunities
Javier Dávila, Director General of Planning and Evaluation at Mexico’s Secretariat of Economy, mentioned that the pharmaceutical sector could grow between three and four times its current state. “This was mentioned by Secretary Marcelo Ebrard after his visit to South Korea,” Dávila said.
One of the sectors with significant growth potential is semiconductors.
- In 2022, South Korea had the third-largest semiconductor manufacturing plant, after China and Taiwan, accounting for approximately 17.9% of the world’s total semiconductor manufacturing capacity.
- Jongwan Ko, Manager of Center at the Korean Semiconductor Industry Association (KSIA), revealed that in 2024, the industry represented 8.4% of South Korea’s GDP; it exported $141.98 billion and employed 215,000 people.
Mexico could be an attractive location for a semiconductor plant.
Mexico’s Intellectual Property Landscape
Santiago Nieto Castillo, Director General of IMPI, described the situation of patents obtained by South Korean companies in Mexico.
