Korea-Panama Relations
The Korean Embassy of the Republic of Korea in Panama is located in their new office on the penthouse floor of RBS Office Tower since 2018. The Office Tower is connected to Centro Comercial Plaza Paitilla, on Avenida Balboa in Panama City. The new Korean Embassy office will enjoy one of the best locations in Panama City from where one can easily connect to the main arteries into and out of the city's center, Costa del Este, as well as the Corredor Norte which leads directly to the airport. Plaza Paitilla and RBS Tower are popular venues for a multitude of companies and professional service offices. One of the best locations for office rentals in Paitilla and the central Panama City area. RBS tower is a luxury high tech secure building with 24 hr security and client parking.
Located in Panama City, the Korean Embassy is the only representation of South Korea in the country of Panama. It is one of 81 foreign representations in Panama City and one of 96 foreign representations in the whole country. Panama, on the other hand, has two representative offices in South Korea, with the Panama Embassy in the capital Seoul Korea and the Consulate Office of Panama in Busan, Korea.
The Embassy of Republic of Korea promotes South Korean interests in Panama. The Embassy is also crucial to cultural affairs, development, and contacts with Panamanian businesses, Korean businesses working in Panama and the local press. The Embassy of South Korea is headed by Bahk Sahng-hoon – Ambassador of South Korea to Panama. It is one of 275 South Korean diplomatic and consular representatives overseas. An appointment may be necessary before you visit any of the many embassies in Panama. The Korean Embassy services are listed on the official website of the South Korean Embassy in Panama, where they provide information on working hours, how to book appointments, and other related services. The visa department can be contacted by telephone (+507) 264-8203 / 8360 or email panama@mofat.gov.kr.
Since the establishment of their diplomatic relations in 1962, the two nations have maintained a close relationship and an active cooperation in various areas, including political, economic, and trade affairs.
The bonding between the two countries is also reflected by the formation of a free trade agreement being signed in Seoul Korea in March of 2018. Dating back to 18th June 2015 the FTA is between five Central American countries (Panama, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua) and the Republic of Korea. There has been seven rounds of negotiations so far, with the first negotiation taking place in Seoul, Korea; second in San Salvador, El Salvador; third in San Francisco, California, USA; fourth in Tegucigalpa, Honduras; fifth in Seoul again; sixth in Managua, Nicaragua; and seventh again in the capital of Korea. On November 16th, 2016, Central America and Korea concluded negotiations for the FTA in Managua, Nicaragua. February 13-17th saw the legal review of the texts of the agreement forged between the parties.
Under the terms of the new trade covenant, the parties agreed to eliminate tariffs on about 95 percent of goods made by each country for 60 years after the agreement takes effect.
According to the Ministry of Trade, Industry, and Energy of Korea, the Korea-Central America FTA is the first trade accord that the region has concluded with an Asian country. In 2016 the trade volume totaled US$4 billion between South Korea and the six nations, accounting for about 0.4 percent of Korea's total trade volume. The Korea-Panama trade relations consist of the main export commodities from Korea to Panama: ships, automobile, electronic and electrical appliances, while the main import commodities from Panama to Korea are: ships, sugar, and coffee, according to the Ministry of Foreign Affairs of Korea.
South Korea has established FTAs with a multitude of giant economic blocs, including the USA and the European Union, along with the Chile, Colombia, and Peru.
In mid-2017, Panama's serious intention towards South Korea was again emphasized by the Deputy Minister of International Trade Negotiations of MICI, Diana Salazar. In a discussion of business potential and the upcoming signing of the Free Trade Agreement, the Vice Minister remarked upon Korea's position as an important partner with Panama and the new FTA would open doors to new commercial opportunities, while encouraging the development and export growth potential of Panamanian products. The Republic of Korea is Panama's second most crucial partner in Asia, following only China and is the sixth largest user of the Panama Canal, said the vice minister of Panama.
The primary objectives of the FTA with Korea, explained by Deputy Minister Salazar, are to motivate the expansion and diversification of trade between the two countries, and considerably increase opportunities to invest in the territories of the parties. Additionally, the FTA seeks to encourage conditions of fair competition in the free trade zone; to form a framework for greater regional, bilateral, and multilateral cooperation for expansion, and to improve the benefits of this FTA.
The free trade agreement was said to have 21 chapters, including matters of market access, facilitation of trade, rules of origin, commercial defense, investment, services, sanitary and phytosanitary measures, technical barriers to trade, financial services, temporary entry of business people, electronic commerce, telecommunications, intellectual property and public procurement.
The meeting was attended by businessmen from various areas, from services, industries, and exports sectors, along with general managers of Korean companies already operating in Panama.
The high expectations in the Korean business, commercial, and industrial sector generated by this FTA has led to a tentative visit of a commercial mission Korean in June 2018, announced by the director of the Korea Business Center, Kinsong Huwang, who partook in the discussion. This visit will allow Korea's explorations for new commercial opportunities with Panama to continue.
The signing of the deal is scheduled for late February, which promises the improvement of access to Korean high-tech goods and increase of agro-exports from Central America. According to a report by Moody's, 90% of goods traded between Korea and Central America were negotiated on a regional basis and numerous bilateral provisions were taken into account in the agreement. Moreover, Panama has historically dominated exports from Central America to Korea, which have decreased in recent years. Moody's is a private corporation, whose subordinate companies provide credit ratings and research in debt securities and instruments, as well as software, advisory services, and research covering financial risk management along with credit and economic analysis.
The FTA between the Republic of Korea, Panama and Central America was also discussed on August 29th, 2017 when Foreign Minister Kang Kyung-wha met with Isabel de Saint Malo (concurrently serving as Vice President). The two agreed that the FTA will contribute substantially to improve the mutually beneficial cooperation between the two countries, and both committed to work together towards the signing and implementation of the FTA.
From July 20th to 31st 2015, government officials from Panama and Korea shared knowledge and experiences in labor relations and industrial safety in a special workshop "High Level Partnership Program on Management of Occupational Safety and Labor Dispute". The event was attended by a total of 21 representatives from Panama's Ministry of Labor and Workforce Development, which took place at the Korea International Cooperation Agency's (KOICA) International Cooperation Center in Seongnam, Gyeonggi-do Province, in South Korea.
The informative workshop allows the attendees to learn about Korea's experiences in labor relations management and advancement, the Korean government's policies on the introduction of a foreign workforce, main issues in occupational safety and health, industrial disasters, and common cases of occupational diseases. The workshop also sees an active discussion between workshop participants in which they compare and analyze the related policies and experiences of both countries.
The workshop is concluded with an announcement of an action plan which consists of suggested solutions on safety in the workplace and on industrial sites, and how to find solutions on industrial sites.
According to Choi Eun-Yea, a section chief at the Korea Labor Foundation and also the manager of the program, this workshop reflected the unique situation of Panama, as canal management is crucial to the country. Discussion topics in the program were specifically requested by the Panamanian government, such as seafarer law and key issues in on-ship labor supervision.
This workshop was also attended by a high-ranking member of the Panamanian government – Minister of Labor and Workforce Development Luis Ernesto Carles. Minister Carles expressed his particular interest in the program prior to its commencement, as he valued Korea's developments in labor relations and experiences in the safety and health of the workplace, and on industrial sites. He had high hopes that this workshop would result in elevating the capabilities of labor supervision in Panama.
This program was not the first high-level workshop held in Korea in 2015. Earlier in April 2015, the Korea Employment Information Service organized a workshop on public support projects in the employment sector for officers of the Panamanian government.
In a meeting in mid-2016, the Government of the Republic of Panama stressed its interest in broadening its diplomatic and commercial relations with Korea, as well as Paraguay and Jamaica. Panama's President Juan Carlos Varela was especially interested in issues related to energy and the role of Panama as a maritime and global logistics hub in his meeting with Kang Ho-In, the Minister of Land, Infrastructure, and Transport of Korea. Mr. Kang also expressed his gratitude towards Panama for the support afforded to his country in multiple international forums. Mr. Kang noted that 18 Panama-based companies from Korea in the field of maritime and mining market, will greatly benefit from the opening of the Canal Expansion in Panama.
Minister Kang asked for the continued support and interest from Panama to Korean companies to participate in a variety of infrastructure projects in the country, given their contribution to Panama's socioeconomic development. She also expected that expansion of Panama Canal will increase the two countries' cooperation in the shipping and logistics sector. Minister Saint Malo agreed, and hoped to witness more cooperation in environmental matters, including waste management.
Korea and Panama have been collaborating for economic prosperity, and also care about one another's national security. Minister Kang expressed gratitude towards the Government of Panama for its consistent support for the ROK government's policy to create peace on the Korean Peninsula and asked for a continual cooperation on the matter. Minister Kang was deeply disappointed with the ballistic missile launch conducted by North Korea despite her government's ceaseless endevours to resolve the North Korean issue in a peaceful manner. Panama's support for South Korea has been consistent, considering the 2013 incident when the Panamanian government detained a North Korean flagged ship on its way to the waterway from Cuba and found weapons on board. Panama's then President, Ricardo Martinelli, said the ship was carrying "undeclared weapons of war" to North Korea and made an accusation of its violation of United Nations resolutions against arms trafficking. President Martinelli told Panamanian media that shipping undeclared weapons of war through the Panama Canal was not permissible. The seizure was not commented by the Cuban or North Korean governments.
On the global stage, Minister Kang asked for the support of Panama in the election for the next Director-General of the Organization for the Prohibition of Chemical Weapons (OPCW), as well as in the elections for members of the Human Rights Council for the 2020-2022 term, and for non-permanent members of the Security Council for the 2024-2025 term. The two sides expressed mutual commitment towards the international response to global issues, including development and terrorism.
The meeting was the first between Foreign Ministers of the two countries since the inauguration of the new ROK government. It allowed South Korea to gain Panama's understanding and support for the new ROK government's Korean Peninsula policy. The meeting also laid the foundation for the expansion of substantive cooperation in the shipping and infrastructure industries, and served as an opportunity for the ROK to expand its diplomacy towards Central America.
Throughout history, and today more than ever, the Panama-Korea commercial and political ties are growing stronger. Through workshops, sharing knowledge, technology and now the Free Trade Agreement Panama will be the hub of Korea's growth throughout Central America, with the epicenter of Korean commercial activity in Panama City. The Republic of Korea's embassy is centrally located in the RBS Tower, connected to Centro Comercial Plaza Paitilla in the heart of Panama City. Creating a synergistic Korean-Panama business hub in the Paitilla area of Panama City. RBS office tower has some excellent office space rental opportunities near the Korean Embassy.
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