kristy.ramnarine@cnc3.co.tt
T&T imported US$40 million worth of automobiles from Korea in 2024. This amounts to TT$269,160,000.
Korean Ambassador Seijoong Kwon made the disclosure at the Korean National Day celebration in T&T, which took place at the Hyatt Regency on Thursday.
T&T is known for high private vehicle usage and is noted to have the highest motorisation rate in the Caribbean, with over 500 vehicles per 1,000 people.
With the Central Bank estimating that a total of US$300.8 million was spent by automotive companies in 2024, vehicles from Korea could have accounted for 13.3 per cent of total imports.
The event also marked the 40th anniversary of diplomatic relations between T&T and the Republic of Korea.
“Our countries have established a vital trade partnership, enhancing essential commodities like energy and electronics,” he said.
“In 2022, Korea imported approximately US$286 million of methanol from Trinidad and Tobago. In 2023, this figure stood at about US$186 million.
“The Korean Government remains committed to collaborating with Trinidad and Tobago and various levels under the multi-lateral framework.”
Ambassador Seijoong said that since 2011, Korea has hosted the Korea-Caribbean Forum annually.
“This year, the 15th Korean-Caribbean Forum will be held in Korea under the theme Korea-Caribbean Cooperation in a Resilient and Sustainable Ocean,” he said.
“Korea believes ocean agreement and partnership should be interconnected...and aspires to host the fourth Ocean Conference in 2028.”
Minister of Foreign and Caricom Affairs Sean Sobers disclosed that engagement at the regional level has been facilitated through partnerships between Korea and the Caribbean Community (Caricom) and the Association of Caribbean States (ACS).
“As a further demonstration of Korea’s longstanding commitment to the Caribbean, the Korea-Caribbean Agricultural Research Innovation Platform (KoCARIP) was launched two weeks ago, with a view to strengthening agricultural innovation, enhancing post-harvest management and fostering sustainable rural development,” he said.
“Within the multilateral context, Trinidad and Tobago and Korea continue to work together on matters of mutual interest.”
He took the opportunity to thank the Government of the Republic of Korea for its support of T&T’s bid for a non-permanent seat on the United Nations Security Council for the period 2027-2028.
In the sphere of education and training, nationals of this country continue to enjoy access to scholarships provided by the Korean Government.
“An official of the Ministry of Foreign and Caricom Affairs participated earlier this year in the Korean Language and Culture Programme, helping to build Korean language capacity within our foreign service,” Sobers added.
To symbolise the long-standing friendship between Korea and T&T, the Ambassador and Minister participated in a ceremonial exchange of congratulatory letters.