[비즈한국] On the occasion of his state visit to Mexico, President Lee Jae-myung expanded bilateral economic cooperation beyond trade and investment to include finance, supply chains, artificial intelligence (AI), aerospace, and defense. Negotiations for the revision of the Investment Guarantee Agreement, which had been ongoing for seven years, were also finalized. In a meeting with local compatriots, he reiterated his stance against the possibility of a second term, stating, "There will absolutely be no scenario where I serve past June 2, 2030."
Expansion of Korea-Mexico Economic Cooperation… Seven-Year Investment Guarantee Agreement Revision Finalized
President Lee held a summit with Mexican President Claudia Sheinbaum Pardo at the National Palace in Mexico City on the 24th (local time) and adopted the "2026-2030 Korea-Mexico Joint Action Plan," which outlines the direction of bilateral cooperation for the next five years. The joint action plan includes strategies for cooperation in trade and investment, finance, supply chains, AI and digital sectors, aerospace, defense, and culture and education.
The two leaders agreed to expand cooperation from traditional trade and investment into finance and supply chains. Noting that Mexico is South Korea's largest trading and investment partner in Latin America, President Lee emphasized the need to sign a trade agreement between the two countries. Relevant institutions from both nations have agreed to pursue a joint interest study to examine economic cooperation measures that encompass not only commodity trade but also industrial collaboration and supply chains.
The local business environment for South Korean companies operating in Mexico was also a key agenda item. Currently, about 560 Korean companies are operating in Mexico. President Lee explained the status of Korean investments and requested improvements in local business conditions, to which President Sheinbaum expressed her commitment to supporting these companies.
The seven-year negotiations to revise the Investment Guarantee Agreement were also finalized. The agreement is a mechanism designed to protect property rights and the transfer of investment funds for companies and investors from both countries. The revised text includes provisions to prevent reckless litigation by shell companies, guarantees the transfer of investment funds even during foreign exchange crises, and specifies dispute resolution procedures. The revised agreement is scheduled to take effect following domestic procedures for signing and parliamentary ratification.
Following the summit, the two countries signed or adopted 17 cooperation documents, including Memoranda of Understanding (MOUs), declarations, and letters of intent, in fields such as economy, industry, finance, customs, culture, and education.
Meeting with Compatriots: "There Will Absolutely Be No Service Past June 2, 2030"
In a meeting with local compatriots, President Lee also addressed his term in office and the future direction of state administration. At a dinner meeting with compatriots in Mexico City on the 24th (local time), President Lee said, "I will ensure that the Republic of Korea takes good care of you, at least during my tenure, so you do not have to worry about our country." He continued, "There will absolutely never be a situation where I stay past June 2, 2030." He added, "I hope those who are concerned about such things will set their worries aside."
President Lee’s direct reference to the end of his term is interpreted as a move to draw a line once again against the recent debate in political circles regarding a potential constitutional amendment for a second term. During a press conference on the 18th, he had previously stated, "A second term for me through constitutional amendment is constitutionally impossible," adding, "I have no intention of seeking re-election."
President Lee also emphasized the need to achieve results within his limited term. He stated, "Because my time is strictly limited, I am doing my absolute best, sparing every minute and second, to fulfill the many things I can do and the promises I made that I wanted to keep."
On the 25th (local time), President Lee will attend the Korea-Mexico Business Forum in Mexico City to discuss ways to expand economic cooperation with business leaders from both countries. He is scheduled to visit the K-Expo venue to support the expansion of K-content in the region before departing for home on the morning of the 26th.