Success of the Korea-Poland Economic Forum
Numerous representatives of business, politics and science from Poland and Korea discussed the possibilities of cooperation in areas such as advanced technology, energy and infrastructure. During the Forum, over 350 Polish entrepreneurs and representatives of business environment institutions and public administration were involved in discussions with representatives of the largest companies originating from the Republic of Korea such as Samsung, Hyundai or LG and almost a hundred representatives of Korean SMEs, organizations and institutions.
I note with satisfaction the involvement of Korean companies in key areas of the Polish economy, although I do not hide the fact that I count on an even greater intensification of your presence on our market, which is also the market of the European Union. At the same time, I would like to draw the attention of our Korean partners to the fact that Polish companies are also increasingly suppliers of highly advanced technological solutions. I strongly encourage you to familiarize yourself with their offer – said the President of the Republic of Poland Andrzej Duda, opening the Forum.
The President of the Republic of Korea, Suk Yeol Yoon, emphasized that Poland is a base for Korean companies on the European Union market and an important partner in the region of Central and Eastern Europe.
During the opening session, the organizers also gave speeches. PAIH was represented by Member of the Management Board Piotr Dytko, and the Federation of Korean Industry was represented by President Byongjoon Kim.
The large presence of business and political representatives from both countries proves the strong bond between our countries and the desire to further strengthen Polish-Korean cooperation. As PAIH, in our daily work, we observe economic relations between our countries on an ongoing basis. Looking at our current contacts, we can say with full responsibility that the Republic of Korea is one of Poland’s key partners. For years, Korea has also remained one of our most important foreign investors – said Piotr Dytko.
Although Korea and Poland lie on opposite sides of the globe, we share a sense of brotherhood. Even despite the global turmoil, thanks to intensive economic cooperation, last year’s trade volume reached a record level (USD 8.95 billion) and Korea became the largest Asian investor in Poland – added Byongjoon Kim.
The Forum was not only speeches by Presidents and bilateral talks of representatives of Polish and Korean companies. There were also discussion panels devoted to Polish-Korean cooperation with the participation of the most important companies and institutions from both countries. In order to further strengthen relations between Poland and Korea, over 30 cooperation agreements were signed during this Economic Forum. These included bilateral agreements between giants such as Samsung and KGHM, Hyundai and Grupa Azoty, as well as institutions such as Bank Gospodarstwa Krajowego and Korea Eximbank. Such numerous agreements will significantly facilitate establishing contacts between entrepreneurs from both countries. To facilitate the establishment of relations between companies during the Forum, networking continued until the end of the day.
Over the past 20 years, both Polish exports to the Republic of Korea and imports of Korean products have increased more than 20 fold. Which shows how well our economic relations are developing. According to Korean data (KITA), in 2022, the turnover of trade between Poland and Korea amounted to a total of about USD 9 billion. The value of Korean exports to Poland reached USD 7.90 billion, increasing by 19%, which means that Poland was the 3rd largest recipient of Korean exports in the EU (after Germany and the Netherlands). The value of exports of Polish products to Korea amounted to approx. USD 1.1 billion. The Republic of Korea is also one of the most important non-European investors in our country. Between January 2002 and March 2023, PAIH completed 69 Korean projects with a total value of EUR 7.2 billion and almost 30,000 declared jobs. Among the main areas of interest of Korean investors are consumer electronics and the automotive-related sector.
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About the Polish Investment and Trade Agency
The Polish Investment and Trade Agency (PAIH) is an advisory institution belonging to the Polish Development Fund (PFR) Group. This is the first point of contact for exporters and investors. It operates both in Poland and through its network of offices around the world. It strengthens the recognition of Polish brands on international markets, promotes domestic products and services as well as technological solutions made in Poland. The agency helps entrepreneurs in choosing their optimal path of expansion abroad. It also supports the inflow of foreign direct investments to Poland and the implementation of Polish investments in the country. PAIH cooperates with the public sector and regional partners, offering, among other thigs, training, audit and promotion of investment properties, cooperation in the organization of business missions and communication support in the implementation of joint projects.