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Publish Date : 08-Nov-2013

UK companies are celebrating new trade partnerships with South Korea which will boost commercial ties between the 2 countries.

UK companies are today (6 November 2013) celebrating new trade partnerships with South Korea, which will boost commercial ties between the 2 countries.

The announcements come during a state visit to the UK by The Republic of Korea’s President, Park Geun-hye, in her first official visit to the UK since her election.

At the inaugural JETCO (Joint Economic and Trade Committee) this morning Business Secretary Vince Cable and Korea’s Minister of Trade, Industry & Energy, Yoon Sang-jick, committed to doubling trade by 2020, and doubling foreign direct investment between the UK and South Korea by 2020.

A number of trade deals were also signed including Hyundai Capital UK and Santander Bank announcing a Ł20 million expansion to provide finance packages to buyers of Hyundai and Kia vehicles as part of a scheme that will create 40 new UK jobs.

Since the EU Korea Free Trade Agreement was signed in July 2011, entering the South Korean market has become easier for UK companies. UK exports to Korea reached a new historical peak in 2012 and the UK is now Korea’s 2nd largest trading partner among EU countries.

Business Secretary Vince Cable said:
UK goods exports to Korea increased 82% year-on-year in 2012 making South Korea the single largest growth market for UK exports.

Korea will be the 10th largest contributor to world growth over the next 5 years and companies such Samsung, LG and Hyundai are already global names. That’s why we’re working to making it quicker and easier for British and Korean companies to do business together.

Further trade deals announced during the visit include:
the University of Oxford was awarded a grant of over Ł600,000 to conduct research on energy technologies in cooperation with Korean academic and industrial partners

both Newcastle and Strathclyde universities signed separate memorandums of understanding (MOUs) with the Korea Institute for Advancement of Technology and the Korea Offshore and Shipbuilding Association to commit to 3 intakes of postgraduate students, with Ł5 million per year to be shared between the 2 universities.

Lloyd’s Register and Korea Hydro & Nuclear Power Co. Ltd. signed a contract worth more than Ł6.5 million to perform independent verification of nuclear facilities in the Republic of Korea. The agreement recognises the importance of independent assessment, which promotes greater industry collaboration for safety, reassuring the industry stakeholders and the public of the safety of Korea civil nuclear industry.

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