Cyber Secretariat; to step up promotional activities; and to review the possibility of
forming a pool of experts.
※ FEALAC operates the Working Groups on Socio-political Cooperation and Sustainable
Development; on Trade, Investment, Tourism and Micro, Small & Medium Enterprises
(MSMEs); on Culture, Youth, Gender, and Sports; and on Science, Technology,
Innovation, and Education.
2. At the Busan meeting, FEALAC’s long-aspired fund was established at the initiative of
the ROK and with all-out support of its member states, facilitating the implementation of
substantive cooperation projects between East Asia and Latin America and offering
Korean companies and people more opportunities to enhance their understanding on and
seek presence in East Asian and Latin American markets.
° As a way to fulfill the potential for East Asia-Latin America cooperation, Minister Kang
stressed that more cooperation projects be conducted in areas of mutual interest,
including trade, investment, science, technology, innovation, infrastructure, transportation
and public policy.
° Accordingly, the FEALAC Fund will be channeled into cooperation projects in such fields
as economy, science, technology, infrastructure and policy that can contribute to
businesses and sustainable development of both regions. Furthermore, it is expected to
be used to boost inter-regional, people-centered people-to-people exchanges.
° The ROK government supports bids of Korean companies to build presence in
promising, value-added new industries of foreign countries -- industries related to
resources, infrastructure construction, infrastructure for information and communications
technology (ICT), e-commerce, e-government, health and medical care, bio and
environment that will be needed for the fourth industrial revolution. With the FEALAC
Fund set up, the ROK government will increase support for these bids through the
FEALAC cooperative mechanism.
3. Having set its “New Action Plan” as a roadmap for action for another qualitative leap,
FEALAC is expected to be institutionalized to a higher level, with its visibility further
enhanced.
° The FEALAC member states agreed to consider holding a Special FEALAC Summit; to
hold on an annual basis the FEALAC Troika meeting among the foreign ministers of the
previous, current and next chair countries; to enhance the efficiency of cooperation
projects; and to work more closely with experts and the private sector.
° The members, recognizing the need to forge strategic partnership with international
organizations with expertise, whole-heartedly welcomed the participation in the FEALAC
Fund by the UN ESCAP and the UN ECLAC, leading organizations of the two regions.
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