Confederation signed an agreement on cooperation with Koreans

Korean agency KOTRA has organized a business and cultural forum in Prague.

The Confederation of Industry’s president Jaroslav Hanák signed an agreement on cooperation with his partners from the management of the Korea Trade-Investment Promotion Agency (KONTRA) on Wednesday 2nd December. The Republic of Korea is, according to the statistics of the Czech ministry of industry and trade, one of the three most important business partners of the Czech Republic outside Europe and the fourth largest foreign investor in the country.

The agreement has been signed within the programme of the Czech-Korean business and cultural forum that has been held in Prague on the occasion of the Korean president Park Geun-hye’s official visit to the Czech Republik.

„The Republic of Korea is the centre of our exporters‘ interest,“ Hanák said. After the signing of the agreement on free trade between the EU and the Republic of Korea, Czech export to this destination is continuously growing. The Confederation of Industry has organized two business missions to South Korea in the last five years.

The organizer of the business forum has been just the Korean governmental agency for promotion of foreign investment and trade KOTRA functioning as a business representation in the Czech Republic and Slovak Republic at the Korean Embassy in Prague as well. Since 1990, the organization has tried to support the trade cooperation between the Czech companies and their partners in the Republic of Korea.

On behalf of KOTRA, the agreement was signed by its president and executive director Jaehong Kim. In the signing act, the KOTRA’s executive vice-president and board member Won-Sok Yun and the KOTRA Praha‘s director general Kwanseok Lee took part.

Besides the traditional industrial branches, a large potential for the Czech Republic is represented by the IT and services sector. From the point of view of the Czech Republic, it is important as well that the Korean government focuses on direct investment abroad.