Markets and Companies

Photo: flickr.com

The discussion was launched by Acting State Secretary of the Foreign Ministry, Administrative Director Peteris Vaivars, who informed the audience about the upcoming opening of the Embassy of Latvia in South Korea. Latvia will be the first Baltic State to have a diplomatic mission in Seoul, the capital of South Korea. Already next week, the Embassy’s Chargé d’Affaires, Olegs Ilgis, will be arriving in Seoul to engage in the work of establishing a full-fledged mission.

The companies sharing their experience of cooperation with South Korea and future plans were Palleteries, a manufacturer of wood pallets; TAS, a tourism company; NP Foods group; and Nord Agri, a peat producer. Businessmen highlighted the specific demands of the Korean market: a long period of assessing a potential partner, the knowledge of the Korean language and the need for a mission in Seoul. They also stressed that Koreans often prefer local brands.

By opening an embassy in Riga already in 2013, the Republic of Korea demonstrated its interest in expanding bilateral cooperation between our countries. In turn, the opening of an Embassy and the permanent presence of Latvian diplomats in the Republic of Korea will enable further cooperation in business and attraction of investment.

The bilateral relations between Latvia and South Korea have experienced positive development in recent years ­­– a regular political dialogue, increasing trade volumes and people-to-people contacts. A solid legal framework has been set up for economic cooperation. The EU-South Korea Free Trade Agreement, the agreements between Latvia and South Korea on double taxation and investment protection, and a visa-waiver agreement are in effect.

In 2014, the Republic of Korea was the second largest foreign trade partner for Latvia in Asia, following China. The trade turnover between both countries amounted to 98 million EUR, and the current trend indicates that this year’s figures will exceed 100 million EUR. Due to the EU-South Korea Free Trade Agreement, the volumes of bilateral trade have been increasing over the past years. The most significant growth is present in the export of wood and articles of wood, and mineral products.