President Yoon Suk Yeol said his first official trip to Latin America carries great significance for the expansion of South Korea’s vision as a “global pivotal state” toward the Latin American region.

The president, who is set to depart for Peru and Brazil to attend the Asia-Pacific Economic Cooperation(APEC) summit and the Group of 20(G-20) summit, made the remarks in a written interview with Spain’s state-run news agency EFE. 

In the interview, published Thursday, Yoon reportedly highlighted the importance of Latin America, saying the recent rise of protectionism and worsening instability in global supply chains have increased the resource-rich region’s strategic importance. 

Yoon said South Korea, which has cooperated with Latin American countries by concluding free trade agreements and participating in infrastructure projects, has recently expanded cooperation to various fields such as renewable energy, biotech and aerospace.

The president then said his trip will provide an important opportunity to strengthen and deepen South Korea’s relationships with Latin American countries.