President Yoon Suk Yeol and Peru's President Dina Boluarte, third from right, wait to sign an agreement between the two countries during a bilateral meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Lima, Peru, Nov. 16. AFP-Yonhap

President Yoon Suk Yeol and his Peruvian counterpart, Dina Boluarte, agreed to strengthen cooperation in the defense industry and the mineral sector during their summit in Peru on Saturday.

The talks, held on the sidelines of the Asia-Pacific Economic Cooperation summit, came as Seoul has been seeking to expand cooperation with Peru, an increasingly crucial partner for South Korea given its rich mineral resources and growing potential for deeper bilateral defense industrial collaboration.

Yoon and Boluarte watched a video showcasing progress in bilateral defense cooperation and signed nameplates to be attached to three naval vessels being constructed by South Korean companies at a Peruvian shipyard.

On the sidelines of the summit, HD Hyundai Heavy Industries signed a memorandum of understanding (MOU) with Peru's state-owned shipyard SIMA for joint development of submarines. It follows Hyundai's $463 million contract for naval vessels for the Peruvian Navy.

Korea Aerospace Industries (KAI) and Peru's state-run aviation agency SEMAN also signed an MOU for joint production of KF-21 fighter jet components, while Hyundai Rotem and Peru's Army Weapons and Ammunition Factory (FAME) signed a comprehensive cooperation agreement to enhance collaboration on Army ground equipment.

In a joint statement, the leaders hailed the defense partnership as a "milestone in advancing the comprehensive strategic relationship" and emphasized its potential to bolster Peru's defense industry.

Yoon expressed hope that such defense industry cooperation would serve as a "catalyst" for expanding Korea's defense technology cooperation 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 agreed to deepen economic ties, particularly in critical minerals and infrastructure.

They signed an MOU on critical minerals to facilitate information exchange, joint geological surveys, and technological cooperation, leveraging Peru's rich deposits of copper, silver, selenium, and zinc.

On the infrastructure, the leaders pledged to work together to successfully complete the construction of the Chinchero Airport, which will serve as a gateway to Machu Picchu, and to encourage Korean companies' participation in Peru's infrastructure projects.

During the summit, the leaders condemned North Korea's nuclear and missile activities and called for its "complete, verifiable, and irreversible denuclearization," while expressing concern over human rights conditions in the country, according to the joint statement.

Boluarte endorsed Yoon's vision for a peaceful and unified Korean Peninsula and agreed to work with South Korea to promote peace and stability in the region, it said.

It marked the first visit by a South Korean president to the country in nine years and Yoon's first trip to South America since taking office in May 2022. (Yonhap)