IDB and Jeju Province Partner to Bring Tourism and Energy Governance to LAC

For the IDB and Jeju Province, the agreement provides a foundation for finding concrete opportunities where expertise can be turned into useful regional cooperation.

The Inter-American Development Bank (IDB) and Jeju Province of the Republic of Korea have opened a new chapter of cooperation focused on helping Latin America and the Caribbean develop smarter tourism systems and strengthen the way their energy sectors are governed. A newly signed Memorandum of Understanding (MoU) creates a framework through which both sides can exchange knowledge, explore practical projects and draw on Jeju's experience in areas where technology, institutional capacity and sustainability increasingly influence economic development.

The partnership connects two sectors with major importance for communities across Latin America and the Caribbean. Tourism supports employment, local businesses and regional economies, while dependable energy systems affect almost every part of daily and commercial life, making stronger management in both areas important as countries respond to changing technology, environmental pressures and growing expectations for better public services.

Artificial Intelligence and Data Could Help Destinations Manage Tourism Smarter

Digital transformation will form an important part of the tourism cooperation, with the IDB and Jeju Province exploring how artificial intelligence, data analytics and other digital tools can improve tourism management and governance. Instead of treating technology simply as a way to attract more visitors, the collaboration creates opportunities to examine how better information can help destinations understand tourism activity, manage resources more effectively and make decisions based on clearer evidence.

Jeju brings valuable experience to these discussions as an internationally recognised tourism destination that has worked with technology, sustainability and public management while balancing the needs of visitors with those of local communities. Sharing these experiences could give Latin American and Caribbean institutions useful reference points as they develop tourism models suited to their own economic, social and environmental circumstances, rather than relying on approaches that may not reflect local realities.

Energy Cooperation Will Focus on Governance, Resilience and Stronger Institutions

The agreement reaches beyond tourism into the energy sector, where the two parties will explore ways to support cost-effective, secure, resilient and sustainable energy systems across Latin America and the Caribbean. Their work is expected to include energy governance, regulatory frameworks and institutional capacity-building, areas that can determine whether investment and technological change translate into reliable energy services for households, communities and businesses.

Strong energy governance becomes particularly important as countries introduce new technologies, expand renewable power and modernize infrastructure. Clear regulations, capable institutions and well-designed governance systems can help countries manage these changes while protecting reliability and keeping energy development connected to wider economic and social priorities. Jeju's experience can provide lessons that regional institutions can study and adapt to their own conditions.

Turning Jeju's Experience Into Practical Knowledge for Latin America and the Caribbean

Knowledge exchange sits at the heart of the new framework, giving the IDB and Jeju Province a structured way to identify areas where Korean experience could support innovation and institutional strengthening across Latin America and the Caribbean. The partnership is not simply about transferring an existing model from one region to another, since local conditions vary considerably, but about examining proven experiences and identifying ideas that can be adapted to different destinations, energy markets and government systems.

The MoU also reflects the growing value of international cooperation around challenges that increasingly cross traditional sector boundaries. Tourism destinations now depend heavily on digital infrastructure, data and reliable energy, while energy systems are being reshaped by technology, regulation and sustainability pressures, creating a strong case for institutions to share practical knowledge across countries and regions.

For the IDB and Jeju Province, the agreement provides a foundation for finding concrete opportunities where expertise can be turned into useful regional cooperation. If those opportunities develop into practical initiatives, communities across Latin America and the Caribbean could benefit from tourism systems that make better use of technology and energy institutions that are better equipped to manage a rapidly changing sector.