The Look Asia Project will provide a new model for intergovernmental cooperation: Korea is establishing a private-public working group to oversee the direction of the project, which the Colombian government intends to support. The Look Asia Project involves the joint development of an oil field in Llanos in eastern Colombia. The two sides will also build a refinery at the site, a pipeline leading from the site to the Pacific Ocean, and a port at the end of the pipeline to facilitate oil exports.

This project will be a symbolic endeavor—the cornerstone of a new strategic partnership and a future of comprehensive economic cooperation between Korea and Colombia.

The public-private working group will consist of government officials and a private consortium. It is expected to be up and running some time in October and detailed action plans are due in November. Before the end of the year, the working group will initiate a feasibility study.

The goal of the MOU is to strengthen cooperation in the power sector between MKE and the Ministry of Mines and Energy of Colombia. Cooperation will cover smart grids, the modernization of Colombia’s electricity networks, hydro power generation, and the supplying of electricity. This MOU is expected to advance the development of Colombia’s electricity industry and open up many opportunities for Korean companies that wish to participate in large-scale hydro projects in Colombia.