President Lee Myung-bak said he expects trade between South Korea and Colombia
to jump five-fold over the next five years if the two countries implement a free
trade agreement, saying the deal would create a win-win situation for both
sides.
Lee made the remark in an interview with Colombia's leading El
Tiempo newspaper published Sunday. Lee arrived in Bogota on Saturday for a
three-day visit that made him the first South Korean president to travel to the
wartime ally that fought alongside the South during the 1950-53 Korean
War.
South Korea and Colombia have been in the final stages of free
trade negotiations that were launched in 2009. Officials said the two sides are
close to a deal, prompting speculation that they could announce the conclusion
of negotiations during Lee's trip.
"An FTA between South Korea and
Colombia will be a win-win opportunity for both countries," Lee said in the
interview. "If an FTA is struck between the two countries, trade volume between
the two countries is expected to increase five-fold over the next five years,
and mutual investment in each other is also expected to increase
sharply."
Colombia's economy is expected to grow at a much faster pace
than before if the trade pact goes into effect because Colombian firms could
take advantage of the agreement as a foothold for their expansion in Asia, Lee
said.
"Expansion in trade and investment will contribute to improving
the quality of life for the Colombian people and will be helpful for Colombia's
economy to grow in a steady manner," Lee said.
Lee also said the trade
deal will lead more South Korean firms to invest in various sectors in Colombia,
and this will contribute to Colombia's economic growth and job creation.