Success of the Polish-Korean Business Forum

Numerous representatives of the business world, officials from State institutions and diplomats from Poland and South Korea met on Thursday as part of the Polish-Korean Business Forum. The meeting served to strengthen Polish-Korean business relations and was organized by the Polish Investment and Trade Agency (PAIH). However, the 2024 edition was different from the previous ones. This year's Forum was not only about the manufacturing sector, but was also expanded to include a research and development component.
Polsko-Koreańskie Forum Biznesowe

As part of the all-day event, representatives of business, politics and science from Poland and Korea talked about the possibilities of cooperation between our countries. The event gathered over 150 participants, including Polish entrepreneurs, representatives of business environment institutions and public administration, as well as professionals from Korean companies, organizations and agencies promoting trade and investment.

Strengthening relations between both countries
Polsko-Koreańskie Forum Biznesowe

Although Korea and Poland are on opposite sides of the globe, we have very good relations. Today's large presence of business and political representatives from both countries only confirms this. The Republic of Korea is one of Poland's key partners, our largest Asian foreign investor. We are very pleased that numerous Korean investments have been significantly contributing to the development of Poland for years. Only in the last 22 years, PAIH has supported over 70 Korean investment projects, with an estimated value of investment outlays reaching nearly EUR 7.7 billion and a declared number of almost 30 thousand new jobs - said PAIH’s Chairman Andrzej Dycha during the opening of the Forum.

Opening speeches were also given by the Ambassador of the Republic of Poland to South Korea Piotr Ostaszewski, Secretary of State in the Ministry of Development and Technology of Poland Jacek Tomczak and Commissioner of Invest Korea from KOTRA Tae Hyung Kim. All the speakers unanimously emphasized the importance of the development of Polish-Korean relations.

Poland is the largest trade and investment partner of South Korea in Central and Eastern Europe,while South Korea is the top non-European investor in Poland, making them significantly important partner countries to each other. The cooperative relationship between the two countries is expected to intensify in high-tech industries such as clean energy, next-generation batteries, and electric vehicles, becoming more important as future-oriented partners - stated Invest KOREA Commissioner Dr. Kim, Tae Hyung.

The substantive partners of the seminar part of the forum were, among others, SK hynix, Wardyński & Partners, CRIDO, Colliers Poland, DZP, Tias, Industrial Development (ARP), Korea Overseas Infrastructure & Urban Development Corporation (KIND) and Korea Trade-Investment Promtion Agency (KOTRA). More than 50 B2B meetings were organized for the second part of the event.

Polish-Korean cooperation

Over the last 20 years, both Polish exports to the Republic of Korea and imports of Korean products have increased more than 20 fold. According to KITA data, in 2023, Poland and the Republic of Korea had a trade turnover that reached about USD 10.1 billion. The value of Poland’s exports to the Republic of Korea in 2023 amounted to approx. USD 1.1 billion, recording an increase of 1.1% compared to the previous year. These figures clearly show how well our economic relations are developing. This year, Poland and the Republic of Korea will also celebrate the 35th anniversary of establishing diplomatic relations. For more than 10 years, the countries have also been linked by a "strategic partnership - added Anna Łagodzińska, Head of PAIH‘s office in Seoul.

Over the last decades, Korean capital has been settled in Poland for good. There are over 500 Korean companies operating in Poland, including Korea’s largest ones. In 2016, LG chose Poland as the location for one of its most modern plants on a global scale, producing batteries for electric cars. It was one of the first mega investments of this type, which not only contributed to a significant economic impact in the region, but also gave Poland the position of one of the global leaders in the export of lithium-ion batteries. Samsung, another Korean tech giant, is also strongly rooted in the Polish ecosystem of new technologies. The company employs 1,500 specialists in its research and development center located in Warsaw, which is the largest business unit of this type for Samsung outside the Republic of Korea. In Warsaw, the company develops new solutions in the field of telecommunications and software development.

Polish exports to the Republic of Korea are also growing. Koreans are more and more willing to buy Polish products, which are also becoming more readily available. An unquestionable export hit to South Korea is, for example, Polish pasteurized milk. Currently, almost 90 percent of Korean UHT milk imports come from Poland. Determined Polish exporters are primarily responsible for this incredible success, but the Polish Investment and Trade Agency also played a significant role. PAIH's Seoul office constantly supports Polish companies in their expansion into the Korean market and provides support in talks with current and/or potential business partners from Korea. It also promotes Poland through events such as last years Poland-Korea Business Forum which was devoted strictly to trade issues. The Seoul office also organizes study visits to Poland for Korean importers.

More about Poland

In recent years, Poland has become known for its strong economy and promising opportunities. With a population of over 38 million and a strategic location in the heart of Europe, it serves as a bridge to both its domestic market and the vast European Union market of over 500 million consumers, as well as the other countries of Eastern Europe. Due to factors such as Poland’s affordable skilled workforce, the increasing number of foreign direct investments (FDI), and a stable banking sector Poland has achieved stable economic growth, which allowed Poland to be the only EU country that resisted the 2009 recession and to quickly mitigate the impact of the COVID-19 pandemic on its GDP growth. Despite geopolitical tensions, Poland remains a safe and stable investment environment and is a member of key strategic alliances, such as NATO.

Photo gallery:

* * *

About the Polish Investment and Trade Agency

The Polish Investment and Trade Agency (PAIH) is an advisory institution that is part of the Polish Development Fund (PFR) Group. It 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 choose 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 things, training, audit and promotion of investment properties, cooperation in the organization of business missions and communication support in the implementation of joint projects.