President Yoon Suk Yeol of South Korea and President Dina Boluarte of Peru agreed to strengthen cooperation in the defense industry and mineral sector during their summit on Saturday.
The meeting took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, underscoring the expanding partnership between Seoul and Lima, particularly in areas of strategic importance like defense and mineral resources.
Seoul is looking to expand its reach into Peru, a nation rich in mineral resources and with growing potential for bilateral defense industry collaboration. Both leaders watched a video showcasing progress in defense cooperation between the two countries and signed nameplates for three naval vessels currently being constructed by South Korean companies at a Peruvian shipyard.
HD Hyundai Heavy Industries and Peru’s state-owned shipyard SIMA also took steps to advance their partnership, signing a memorandum of understanding (MOU) for joint submarine development. This agreement builds on Hyundai’s existing $463 million contract to deliver naval vessels to the Peruvian Navy.
In another significant development, Korea Aerospace Industries (KAI) signed an MOU with Peru’s state-run aviation agency, SEMAN, for joint production of KF-21 fighter jet components. Hyundai Rotem also inked a comprehensive cooperation agreement with Peru’s Army Weapons and Ammunition Factory (FAME) to strengthen collaboration on ground equipment.
In a joint statement, Yoon and Boluarte praised the growing defense partnership, describing it as a “milestone in advancing the comprehensive strategic relationship.” They also highlighted its potential to further bolster Peru’s defense industry and enhance mutual capabilities.
President Yoon expressed hope that the defense partnership could serve as a “catalyst” for broader defense technology collaboration across Latin America. “The agreements demonstrate that bilateral defense collaboration has evolved beyond simple procurement to a stage of mutual growth through co-development and co-production,” Yoon said.
The leaders also signed an MOU focusing on critical minerals, aimed at boosting information exchange, joint geological surveys, and technological collaboration. Peru, known for its rich deposits of copper, silver, selenium, and zinc, has become an important partner for South Korea as it looks to secure access to critical resources.
The summit also saw pledges for joint infrastructure projects, including the construction of Chinchero Airport—expected to be a major gateway to Machu Picchu. Both leaders expressed their support for greater involvement of Korean companies in Peruvian infrastructure projects.
During the summit, the two leaders condemned North Korea’s continued nuclear and missile activities, calling for “complete, verifiable, and irreversible denuclearization.” They also expressed concern over ongoing human rights abuses in North Korea, according to the joint statement.
Boluarte endorsed Yoon’s vision for a peaceful and unified Korean Peninsula and agreed to work together to promote peace and stability in the region.
President Yoon’s visit marked the first time in nine years that a South Korean president had visited Peru and was Yoon’s first trip to South America since taking office in May 2022.
