Seoul: South Korea and the Inter-American Development Bank (IDB) have agreed to pursue closer collaboration on development initiatives in Latin America with a focus on utilizing artificial intelligence (AI) technologies, as announced by the finance ministry.

According to Yonhap News Agency, the meeting in Seoul highlighted that South Korea's support has played a crucial role in advancing infrastructure in Latin America while aiding the region's digital transformation. The Ministry of Finance and Economy emphasized these contributions.

In response to the discussions, the finance ministry expressed its commitment to encouraging more South Korean companies to explore opportunities in Central and South America, particularly in the digital and energy sectors.

Both parties affirmed their intention to enhance the application of AI technologies and to facilitate the employment of more South Koreans within the multilateral development bank.

Additionally, they consented to back more South Korean companies with AI expertise in entering the Latin American market, with a focus on the upcoming Korea-Latin America Business Forum in Argentina in November.