Guatemala currently faces overlapping challenges, such as a lack of medical personnel and facilities necessary to respond to COVID-19, the economic downturn, and accumulation of public complaints against the government. However, if the expansion of CO...
Guatemala currently faces overlapping challenges, such as a lack of medical personnel and facilities necessary to respond to COVID-19, the economic downturn, and accumulation of public complaints against the government. However, if the expansion of COVID-19 vaccinations around the world and economic revitalization, especially the US Biden government’s economic stimulus measures, take effects this year, Guatemala is expected to recover significantly due to increased exports, increased raw material prices, and increased family remittances.
Guatemala serves as an experimental market for Korean SMEs including textile companies to enter Latin America and a base for bypassing the US market. As only Guatemala is currently excluded from the Korea-Central America FTA, it is necessary to actively renegotiate Guatemala in consideration of the economic status and influence of Guatemala in Central America, the need to protect existing Korean companies, and the possibility of further entry of Korean SMEs in the region. Opportunely, President Giammatteiand other key figures of Guatemala are actively seeking a FTA and economic cooperation with Korea.
COVID-19 and its resulting global economic downturn, protectionism, and disconnection of the global value chain have brought awareness to the importance of solidarity and mutual cooperation in the world. In the post-corona era, we should actively cooperate to achieve the Sustainable Development Goals of UN, such as eradicating poverty and improving malnutrition in developing countries such as Guatemala through multi-faceted healthcare cooperation. In response to Guatemala’s recent interests and expectations from us, we must actively share our high quality ICT, healthcare technologies and public administration, which have proven international competitiveness, to promote national interests and dignity.