“There are preconditions for closer cooperation between Latvia and South Korea in research and innovative technologies, as well as in trade, investment, tourism, education, culture, transport, and logistics. This business forum is expected to serve as a platform not only for establishing new contacts but also to lay the foundation for long-term cooperation projects,” noted Raimonds Vējonis.
The signing of the European Union-South Korea Free Trade Agreement, as well as the opening of embassies in both countries, has fostered economic cooperation between countries by experiencing rapid growth exactly in recent years. During this period, the trade turnover of Latvia and South Korea increased significantly, with exports doubling from Latvia and reaching 48 million euros.
Currently, the companies from Latvia representing timber industry, mineral processing, building materials, and pharmaceuticals are already successfully operating in South Korea. Latvian entrepreneurs have good development opportunities in South Korea, especially in the timber industry, information technology, as well as in food industry (milk and dairy products, eggs and egg products). Acceleration of the food product certification from Latvia in South Korea is a significant prerequisite for the more rapid growth of food exports from Latvia to this country.
A wide range of business delegations participates in the Latvian-South Korean Business Forum. There are 22 companies representing Latvia at the Forum in sectors such as timber industry, food production, information technology, financial technologies, marketing services, glass coatings, and transport. South Korea is represented by more than 60 government representatives, members of industry associations and companies in sectors such as mechanical engineering, electrical engineering, IT, biomedicine, pharmaceuticals, food production, and logistics.
During the Forum, a Memorandum of Understanding between the Investment and Development Agency of Latvia and the South Korean Importers’ Association on the promotion of bilateral economic cooperation and a Memorandum of Understanding between the Investment and Development Agency of Latvia and Gyeonggi Province of South Korea on cooperation in technology transfer and start-up ecosystem development.
Visit by President of Latvia Raimonds Vējonis to the Republic of Korea is the first visit of a top official from Latvia to this country. During his visit to South Korea, the President of Latvia is accompanied by Deputy Prime Minister and Minister of Economics Arvils Ašeradens and Minister of Foreign Affairs Edgars Rinkēvičs.
