15:29 | Lima, oct. 19.
By Miguel de la Vega Polanco
The history of the Republic of South Korea—with its capital, Seoul—is a success story that began to shine in the final decades of the 20th century, and Peru has so many lessons to learn from this Asia country.
In 1963, Peru’s GDP per capita—an indicator of economic development among its citizens—stood at 324 dollars, a figure higher than South Korea’s 147 dollars that same year. By 1980, however, the roles had shifted significantly: South Korea’s GDP per capita reached 1,746 dollars, while Peru’s stood at 1,045 dollars.
By the year 2000, the gap had widened 6.53-fold; South Korea’s GDP per capita rose to 12,710 dollars, while Peru’s reached 1,945 dollars. According to World Bank figures, by 2025, the gap had narrowed to a factor of 3.74, with South Korea at 36,227 dollars and Peru at 9,684 dollars.
As early as the 1990s, it was common to see Korean cars and home appliances—such as televisions—on the streets of Lima, where they began to compete with established Japanese brands.
In the current century, Korean mobile phones have become even more prominent. In this way, South Korea’s manufacturing and technology sectors have carved out a place in the Peruvian market. Furthermore, K-pop has gained immense popularity among Peruvian youth—as evidenced by the endless queues for BTS concerts in Lima.
All of this has taken place despite a geographical distance of over 16,300 kilometers across the vast Pacific Ocean, and a flight time of 25 to 30 hours between Lima and Seoul, including layovers on other continents.
“What can Latin America learn from Korea’s trajectory, and what can it build in partnership with the country? When Peru and the Republic of Korea established diplomatic relations on April 1, 1963, Korea’s per capita income was lower than Peru’s. Six decades later, Korea has become an international benchmark for economic development, innovation, and technology,” noted Martha Chávez, rector of the Universidad del Pacífico.
“Understanding how Korea achieved its development—and which lessons from that experience might be relevant to our own reality—requires research, education, and sustained exchange. This is precisely the task that falls to universities,” she added.
She made these remarks during the international symposium "Korea: Trade, Economy, and Cooperation with Latin America", organized by the Center for China and Asia-Pacific Studies (CECHAP) at the Universidad del Pacífico.
For his part, the Ambassador of the Republic of Korea to Peru, Jong-uk Choi, noted that although Korea and Latin America are geographically distant, they have developed increasingly close ties over the last few decades through trade, investment, infrastructure projects, development cooperation, and cultural and human exchanges.
“In particular, Korea and Peru have steadily expanded their substantive cooperation, thanks to a Free Trade Agreement—which has now been in effect for 15 years—and our Comprehensive Strategic Partnership, established in 2012,” he emphasized.
“In recent years, bilateral trade has tripled, exceeding $3 billion annually—a reflection of the complementary structure of our economies. Meanwhile, Korean investment in Peru is evolving dynamically, reaching $8.3 billion,” stated Ambassador Jong-uk Choi.
He also highlighted that economic cooperation has diversified into various sectors, including transportation, digital innovation, infrastructure, defense, smart cities, and sustainable industries.
“Furthermore, Korean technical cooperation is contributing to industrial development and human resource training, with a particular focus on fostering the shipbuilding industry ecosystem,” he emphasized.
In this regard, he noted that the symposium in question was of particular importance, given “the market liberalization and economic development being driven by the new Peruvian government.”
“I would like to stress that Korea’s economic development experience is not the only possible formula. Nevertheless, we believe it can serve as a reference point for sharing experiences and collaboratively seeking out unique models for development and cooperation. To this end, it is essential to unite the efforts of governments, the business sector, and academia,” he stated.
For his part, Young-IL Kim, an associate professor in the Department of Economics at the University of the Fraser Valley, explained the virtuous cycle between growth, health, and human capital in Korea.
He noted that economic growth provided higher incomes, fiscal capacity, infrastructure, and technology, which expanded development possibilities.
Subsequently, institutions with effective administration transformed these resources into improved public health, sanitation, and education. Finally, he emphasized that achieving better public health services bolstered Korea’s human capital.
Meanwhile, Ja-Heon Lee, a professor in the Department of Culture and Arts at Dankook University, highlighted the development of her country’s cultural and entertainment industry—now exported globally—which relies on coordinated efforts between the public and private sectors to create and market content. For instance, she pointed out that K-pop is not merely music; it encompasses gastronomy, beauty, fashion, and a lifestyle, all of which attract investment.
Professor Ja-Heon Lee noted that Peru possesses “strong cultural assets,” such as the Inca civilization, Machu Picchu, the Andes, and the Amazon, as well as a world-renowned culinary tradition.
Therefore, beyond tourism, there is potential for the creation of films, television programs, digital games, animations, and music—content that could reach Latin America, Spain, and the Hispanic market in the United States through the Spanish language.
Mining and Industry
Separately, Sungwoo Hong—Director for Africa, the Middle East, and Latin America at the Korea Institute for International Economic Policy (KIEP)—indicated that Peru has captured the attention of the Asian nation.
“It is extremely important, particularly due to the mining sector. Korea lacks natural resources, so we import raw materials, process them into high-value-added intermediate goods, and subsequently export them to other countries. That is the fundamental strategy of the Korean economy,” he stated to the newspaper El Peruano.
“Given the global situation, securing supply chains and diversifying trading partners represents a significant challenge for Korea, as well as for other Asian countries,” he added.
Regarding Korean investment in Peru, Sungwoo Hong highlighted interest in the mining sector and the defense industry. He also noted that Korean cosmetics and food companies view Latin American nations as new markets with great potential.
Furthermore, he suggested that it is possible for Korean industrial firms to establish vehicle manufacturing plants in Peru in the future, though such a decision ultimately rests with the major Korean corporations themselves.
“While I do not have access to the companies’ internal information, it is likely that, over time, they will show interest in integrating Peru into their global value chains. I am certain of it,” he said.
In this regard, he noted that Peru must first enhance its industrial capacity.
“Peru possesses critical minerals; therefore, if the Peruvian government were to implement policies to generate added value domestically, global companies would take notice—and they would, in turn, have to comply with the established standards,” he pointed out.
An FTA to be leveraged
For her part, Mercedes Aráoz, a professor and researcher at the Universidad del Pacífico, highlighted the comprehensive nature of the Free Trade Agreement (FTA) between Peru and the Republic of Korea.
“We have a Free Trade Agreement with Korea that is thorough and highly comprehensive—much like the agreements we have with the United States or China,” she stated to the official government newspaper, El Peruano.
She noted that, while the two nations are culturally distinct, there are points of connection—such as in the entertainment industry, through Korean soap operas, K-pop music groups, and the growing presence of Korean cuisine in Peru.
From the Peruvian side, Aráoz highlighted the work of the Peruvian singer Lenin, who fuses K-pop with the Quechua language, creating a genre known as “Q’pop.” Furthermore, Araoz highlighted that, given the fragmentation in global trade resulting from tariff measures affecting Korea, Peru has an opportunity to collaborate with the Asian nation by integrating into its global value chains.
“We have the advantage of possessing natural resources that are valuable to them,” she said.
“There is Korean investment in Peru, but it remains quite small, and we would like to see it grow,” she emphasized.
Finally, Cynthia Sanborn, director of CECHAP, noted that the relationship between Korea and Latin America is not being built solely through governments, companies, and universities.
“It is also being built from the ground up—among young people, creators, and citizens,” she pointed out.
More data:
- Peruvian exports to Korea totaled US$ 2,187 million in 2025, while imports amounted to US$ 696 million, resulting in a trade balance favorable to Peru of US$ 1,491 million.
- The main products exported from Peru include copper, liquefied natural gas, lead, zinc, canned jumbo flying squid, frozen jumbo flying squid, molybdenum, unalloyed tin, and silver, among others.
- Imports from Korea include machinery, cars, pickup trucks, and cement, among others.
(END) DOP/SDD/JJN / MDV
Publicado: 19/10/2026