Korea-Mexico relations: a strong partnership rooted in history, economic ties

The Korea Times

The Korea Times

National

Tue, September 26, 2023 | 06:01

Foreign Affairs

Korea-Mexico relations: a strong partnership rooted in history, economic ties

Posted : 2023-09-14 15:42

Updated : 2023-09-15 11:38

Mexican Ambassador to Korea Carlos Penafiel Soto gives a welcome speech during the "213th Anniversary of the Independence of Mexico" event at Four Seasons Hotel Seoul, Wednesday. Korea Times photo by Kim Hyun-bin

By Kim Hyun-bin

Mexican Ambassador to Korea Carlos Penafiel Soto commemorated the Anniversary of the Independence of Mexico, Wednesday, marking his first presiding role since assuming office in February this year.

The ambassador emphasized the multifaceted relationship between Mexico and Korea, highlighting its profound economic implications during the "213th Anniversary of the Independence of Mexico" event at Four Seasons Hotel Seoul.

"Relations between Mexico and the Republic of Korea have grown stronger, clearly reflecting the maturity of our strategic partnership built over the past six decades. Our governments maintain an excellent bilateral political dialogue, which contributes to bolstering our overall relationship and tackling any challenges that might arise," he said.

"But it is our economic ties which are the backbone of our partnership. The absence of a trade agreement notwithstanding, our bilateral trade reached $30 billion U.S. dollars in 2022 and more than 2,000 companies registered with Korean capital are established in Mexico."

Korea has rapidly risen from being Mexico's sixth-largest global trading partner to securing the third position within just three years, surpassing more traditional trading partners in North America and Europe.

Korea has also emerged as one of the largest foreign investors in Mexico, largely attributable to changes in global supply chains brought about by the nearshoring trend. Mexico's strategic geographical location and other comparative advantages have played a crucial role in attracting Korean investments, according to the Embassy of Mexico in Seoul.

Soto emphasized that Mexico and Korea share common ground on numerous international and regional issues.

"Beyond our bilateral ties, Mexico and the Republic of Korea share numerous positions and coincidences in the international and regional landscapes: the value of multilateralism, the maintenance of peace, sustainable development, the fight against climate change, the promotion of free and safe trade, and the protection of human rights," he added.

Mexican traditional dancers perform on stage during the "213th Anniversary of the Independence of Mexico" event at Four Seasons Hotel Seoul, Wednesday. Korea Times photo by Kim Hyun-bin

The ambassador pointed out that the historical connections between Mexico and Korea date back over a century, with the arrival of Korean immigrants in Yucatan leaving a significant imprint on the narrative of their bilateral relations. The participation of thousands of Mexicans and Mexican-Americans who fought alongside the U.S. Army during the Korean War has also been formally acknowledged, further cementing their historical ties.

"As we enter a new cycle in our relations, we aim to shape a relationship anchored in our millenary cultures but future-oriented, to meet the challenges of a fast-changing world. After spending seven months in Korea, I firmly believe that the most important factor in our relationship is our people ― the hundreds of students, professors, businesspersons, families, and tourists. The promotion of mutual knowledge is key to continue fostering a better understanding between our societies," he said.

In closing, Soto expressed his heartfelt appreciation for the unwavering support from partners, sponsors, and friends.

hyunbin@koreatimes.co.kr