South Korea to invest in Peru's energy industry

Korean ambassador in Lima, Park Hee Kwon, confirmed today that there are a few South Korean companies eager to invest in the development of renewable energy in Peru by constructing hydroelectric plants in the country's Andean region.

In an article published by local newspaper La Republica, Park explained that with the coming into effect of the Free Trade Agreement (FTA) between both countries in August 2011, major Korean energy companies are finding it more attractive to invest in energy-related projects promoted by the central and regional governments in Peru.

"Korean companies with wide experience in mega projects in Middle East and Asia, such as Korea Hydro and Nuclear Power, Hyundai Engineering and Posco Engineering are considering to enter Peru," said Park.

According to PeruthisWeek.com, the trade volume between Peru and South Korea would reach US$6 billion in 2014 as a result of the FTA that came into effect in August last year. It currently stands at US$2 billion.