MEXICO CITY — President Lee Jae-myung, on a state visit to Mexico, proposed on the 23rd that the two countries resume negotiations on an economic agreement and pursue a social security agreement. The economic agreement Lee referred to is understood to point to a Korea-Mexico free trade agreement, talks on which stalled after 2008 and made little progress even after negotiations resumed in 2022.
In an interview released the same day by the leading Mexican newspaper El Universal, Lee stressed the close links between the two economies, saying it was "time to build an institutional framework that matches our solid economic cooperation." He noted that "about 500 Korean companies currently operate in Mexico, having invested $13.3 billion and created 150,000 jobs," adding that "a stronger institutional foundation would create a more stable and secure environment for businesses and people in both countries."
Alongside deeper economic ties, Lee proposed concluding a social security agreement. The plan would ease burdens on Korean companies and workers in Mexico by preventing double payment of pension contributions and allowing enrollment periods to be combined to strengthen pension entitlements.
Lee described Mexico as a strategic base for entering the North American and global markets, and said he intends to expand cooperation in advanced industries such as electric vehicles. "Mexico is more than a production base. It is a key strategic platform for entering North America and global markets," he said, stressing the need to link Korean corporate investment with "Plan Mexico," the Mexican government's initiative to strengthen competitiveness in manufacturing and advanced industries.
He singled out electric vehicles as a core area for cooperation. Citing Kia's large-scale investment in an EV plant in Nuevo Leon, Lee said "President Sheinbaum also cited Kia's investment as a leading example of Plan Mexico." He added that "Mexico has a world-class auto industry and a solid supply chain, while Korea is highly competitive in batteries and EV components," expressing hope that "combining the strengths of both countries will create new synergies and expand cooperation." Plan Mexico is a project under which the Mexican government aims to join the world's 10 largest economies by 2030.
Lee also identified artificial intelligence, defense, aerospace and public safety as areas for expanded cooperation. "Let us start by combining the priorities and strengths of our two countries in AI," he said, also referring to Mexico's push to innovate public services and apply AI to manufacturing. "If we expand joint pilot projects and technological cooperation, we can together create new demand and open up markets in AI," he said.
He directly cited Korea's FA-50 as an example of defense cooperation. "If Mexico pursues a fighter jet modernization program in the future, Korea's FA-50 could lay the groundwork for cooperation that benefits both countries, based on its performance and price competitiveness," Lee said. He also raised the possibility of expanding cooperation through technology transfers and local production. On space, he said the two countries "can pursue joint projects in satellites and launch vehicles and strengthen links between companies and research institutes."
In supply chains and energy, Lee described Mexico as a key partner for Korea. "With its energy potential and geo-economic advantages, Mexico is a very important partner for Korea," he said, noting that Korea had consulted closely with Mexico to diversify its crude oil sources as concerns grew over energy supplies amid instability in the Middle East.
Referring to that instability, he said "Mexico's cooperation allowed us to expand imports of Mexican crude oil," adding that "as the saying goes, you learn who your true friends are in hard times, and we confirmed both countries' willingness to help each other in a difficult period."
Lee also proposed stronger joint efforts against cross-border crime. "To counter cross-border crime such as online fraud, human trafficking and drug smuggling, we need to strengthen cooperation between the two countries' public safety authorities and expand cooperation in infrastructure and technology for citizens' safety," he said. He added that "if Korea and Mexico combine their respective strengths and broaden cooperation from advanced technology and industry to national security and protecting our peoples, we can develop into a closer strategic partnership."
Finally, Lee outlined plans to expand cultural cooperation. Introducing "K-Expo Mexico 2026," to be held in Mexico City during his state visit, he said it "will be an excellent opportunity to connect culture and the economy by showcasing not only Korean cultural content but also food and beauty industries."
He also mentioned how BTS and President Sheinbaum greeted some 50,000 fans from the balcony of the National Palace in May. Lee added that he would expand cooperation on joint content production and talent development between the two countries, while also pursuing the establishment of a "K-Culture Center" where visitors can experience Korean culture in a comprehensive way.
