The CELAC region could benefit from an increase in mutual cooperation with Korea on multiple development pillars, including innovation and SMEs’ internationalization. These two themes figure among the United Nations Sustainable Development Goals (SDGs) for the period of 2016 to 2030 and are key topics on the development agendas of CELAC countries and Korea. The first theme, science, technology and innovation (STI), is at the heart of structural transformation and encourages the emergence of new sectors, production networks and businesses. The second theme, SME internationalization strategies, are key for development as SMEs account for the vast majority of firms and provide the largest share of employment in the CELAC region and Korea. This document aims to contribute to the definition of a new phase of cooperation between Korea and Latin America and the Caribbean through the CELAC in the two aforementioned areas.