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7.-11.10. 2019

International Engineering Fair

Export and business opportunities in Korea


South Korea has become a special guest at the International Engineering Fair this year. It supported its role today by a special seminar on export and business opportunities in Korea, which was organized by the Czech Chamber of Commerce (HK ČR) together with its partners. The seminar was held with the participation of Korean Ambassador to the Czech Republic Ha Yong Moon and the President of the Economic Chamber Vladimír Dlouhý. It was attended by one hundred participants. Three panels gradually discussed trade relations, incentives and opportunities in the Korean market as well as financial and legal aspects of trading with Korea.

South Korea is the fourth largest non-European trade partner of the Czech Republic and one of the largest foreign investors in the Czech economy. It is also the fourth largest investor in the country. A production factory of the Hyundai Motor Company in Nošovice is the largest ever investment of a single company in this country (CZK 30 billion.) to date. "Cars that are produced in the Czech Republic are exported to sixty countries," the Korean Ambassador Ha Yong Moon mentioned at a press conference today. He also pointed out that Korea respects the Czech Republic as an industrialized country with which it affirmed its interest in cooperation through a strategic partnership agreement in February this year. In his words, Korea is planning to invest in Central European countries and especially in the Visegrad Group. "Great days are still ahead of us," said the Korean ambassador, who confirmed that the industrial sector is among those which has captured the interest of Korean officials.

The main Czech export products currently include turbines, boilers, machinery and mechanical appliances, electrical machinery and equipment, optical instruments, testing and measuring equipment, medical and surgical instruments, iron and steel and articles of iron and steel, glass and glass products, iron and steel, parts and accessories for cars, plastics and plastic products, various articles of basic metals, toys and sports equipment. The Czech Republic also exports food and food production (mineral water and beer). Czech imports from Korea are clearly dominated by motor vehicles, parts and accessories, electrical appliances (refrigerators, freezers, A/C), electronics (TVs, monitors, PCs, phones), photographic and optical equipment. These five main items account for almost 90 percent of the total volume of direct exports from the Republic of Korea to the Czech market.

Bořivoj Minář, vice president of the Chamber of Commerce, pointed out at today’s press conference that trade between the Czech Republic and the Republic of Korea over the last ten years has quadrupled. "Currently, we are talking about trade for 75 Bn. CZK (3.7 Bn. USD)," he said, adding that almost all sectors are good for prospective business cooperation if Czech companies were able to offer competitive products. "The Korean market is very challenging. Competition from around the world meets here. But it is also an opportunity. Czech industry can offer quality, price and the ability to create a relationship, "says Bořivoj Minář. And Czech Invest may also help, having opened its office in Seoul this year. "So far we have supported 29 projects in Korea" said the head of the South Korean branch office Martin Jírovec.

The fields that are interesting in terms of future investments include logistics, biotechnology, IT, public infrastructure, research and development, space industry, green technology and tourism. Incidentally, even in this country there is a growing number of Korean tourists, who, according to the CzechTourism statistics ranked third in the number of visitors from outside Europe after the Americans and Japanese.

Kiwon Han of the KOTRA Association (Korea Trade Association) reflected on the aspects that are similar for both countries at a press conference today. In the first place he named the geographic location since for the Koreans, we are a country in the middle of Europe, which is not far from the other European Union countries. Similarly, the geographic location of Korea is to European companies, including the Czech Republic, an opportunity to get to the markets of Southeast Asia, including China. Even Korea itself is a huge market. Thanks to sophisticated access to new technologies this makes it an excellent starting base for unlimited access to IT products. Approximately 41 cities with populations over 1 million inhabitants are is in the range of a 3.5 hour flight, which means 700 million residents within a radius of 1200 kilometres.

Source: www.mzv.czwww.investkorea.org

Date: 15 Sep 2015 15:10:00

Concurrently with

Transport and Logistics
7.-11.10. 2019

7.-11.10. 2019


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