Daewoo Shipbuilding & Marine Engineering : Ecuador Plans Trade Pact With South Korea
06/27/2012| 04:51pm US/Eastern
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QUITO, Ecuador--Ecuador plans to negotiate a trade pact with South Korea as part of its goal to deepen trade with that country and others in Asia, Ecuador's deputy foreign trade minister said Wednesday.
On the sidelines of a conference, Francisco Rivadeneira told Dow Jones Newswires the relationship between South Korea and Ecuador is in an "exceptional moment."
"We have started talks," said Mr. Rivadeneira. "It is a long process, but we will achieve it."
Ecuador is also in talks with South Korea's Daewoo Shipbuilding & Marine Engineering Co. Ltd. (042660.SE), which is interested in building a shipyard in the Andean country and in offering services and supplies to ships in South America.
Young Joon Choi, general manager in Ecuador of Daewoo Shipbuilding & Marine Engineering, said the negotiation for the shipyard is part of the South Korean strategy of expanding business in Latin America.
Additionally, Ecuador is interested in turning the Manta Airport, located in the Ecuadorean Pacific Coast, into a hub that connects Latin American with Asia, and the government has began talks with Korean Air Lines Co. Ltd. (003490.SE).
President Rafael Correa wants the government to grant subsidies and other fiscal incentives to attract the airline to come to Ecuador, said Mr. Rivadeneira.
Write to Mercedes Alvaro at mercedes.alvaro@dowjones.com
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