Seoul Business Agency (SBA) said on the 23rd that it signed a memorandum of understanding (MOU) with Mercado Libre Chile, the largest e-commerce platform in Latin America, and will begin in earnest to support Seoul corporations in entering the Latin American market.
The agreement was signed with the Chile branch among the 18 countries where Mercado Libre operates, and this is the first time that a local government-affiliated overseas agency and Mercado Libre Chile have signed an agreement.
SBA is focusing on the Global South, a region with high growth potential, to respond to corporations' export difficulties such as expanding uncertainty due to the United States' high-tariff policy and diversifying export markets. Through this agreement, it plans to use the Latin American market as a new export bridgehead for Seoul small and midsize corporations and expand their entry into the global market.
Mercado Libre is a leading Latin American e-commerce corporation headquartered in Argentina. Operating in 18 countries, it is a key platform that, along with Amazon, splits the Latin American e-commerce market. It has shown explosive growth, with onboarded brands surging from 700,000 in 2023 to 1.1 million last year.
In particular, Chile is a strategic hub market with excellent digital infrastructure and online spending power, drawing attention as both a test bed and an advance base for expansion when Korean brands enter the Latin American market.
Through this agreement, SBA is promoting a support program to help about 30 Seoul-based small and midsize corporations enter the South American market. They include: ▲ platform onboarding and sales ▲ local marketing and promotions ▲ support for e-commerce infrastructure such as logistics and payments ▲ operation of brand and creator collaboration programs. It provided support for about three months from July this year and achieved sales of 1 billion won.
Kim Hyeon-woo, CEO of SBA, said, "Latin America is a strategic market drawing attention as a key region for future global supply chains and consumer markets, alongside the rise of the Global South," adding, "We will actively support Seoul small and midsize corporations so they can thrive in the global e-commerce market through the agreement with Mercado Libre, the largest e-commerce platform in Latin America."