The President of Korea reiterates the will to promote collaboration and exchange between Spanish and Korean companies

Yoon Suk-yeol, the President of the Republic of Korea, restated his Government’s firm commitment to an “economy led by the private sector and in an environment in which companies can invest proactively”. The Korean President participated in a business forum with Spanish companies in Madrid, making the most of his presence for the NATO Summit and his first trip after being sworn in last May. Yoon Suk-yeol said that “Spain and Korea are two like-minded peoples and many companies already enjoy close collaboration and exchange,” and stated that his administration “will continue working to create an environment favourable for foreign investment,” in the certainty that this “will help Spanish companies to seek new opportunities to collaborate with Korean companies and will enhance their cooperation”. According to the Korean president, “we are facing unprecedented uncertainty. Difficulties with the supply chain, climate change, are global problems for which collaboration between governments and employers is essential,” he stressed.

For her part, the Secretary of State for Trade, Xiana Méndez, stressed Spanish companies’ strong interest in investing in the Korean market: “Spain has leading companies in many sectors with extensive and successful experience in the international arena.” Méndez also explained that “Korea is a key market for Spain, our third-largest trading partner in Asia, behind only China and Japan.” The Secretary of State for Trade has shown that in recent years bilateral flows have been boosted “thanks to the Free Trade Agreement between the European Union and Korea, applicable since 2011, which is a fundamental framework, and which is complemented bilaterally, with the Joint Commission for Economic Cooperation and the collaboration agreements between our organisations, in particular between KOTRA and ICEX.”

The President of the Spanish Chamber of Commerce, José Luis Bonet, also set out the “message of the long-term commitment we all share” and stressed that “Korea is a strategic partner for Spain. Our countries maintain excellent relations in all fields, including regarding the economy and business. Thus, business organisations work intensely on an agenda of shared interest.” For Bonet, “it is now time to defend our values together: peace, dialogue and international cooperation, multilateralism, human rights and, above all, freedom, because they are all the best guarantee, as they have been until now, of our prosperity.” The President of the Spanish Chamber of Commerce highlighted the international context, which is “full of uncertainties,” but also of “opportunities”.

On behalf of the CEOE, its Vice-President, Iñigo Fernández de Mesa, highlighted one of the aspects that Spanish companies most admire in Korea, “the firm commitment to innovation and investment in R&D, which keeps the country in the vanguard.” The Vice-President of the CEOE also stressed the steps taken by the new Korean government, which has a clear commitment to developing a start-up ecosystem, as well as the new administration’s pro-market environment. “Korea is a strategic country for Spain, in key sectors such as renewable energies, agri-food and the automotive industry. Bilateral relations are important, but there is room for improvement to strengthen relations in other sectors offering opportunity,” he said.

Organised by Kotra (Korean Government Trade Office) and KCCI (Korean Chamber of Commerce and Industry), the Spanish Chamber of Commerce, ICEX and CEOE, the meeting also encompassed cooperation, business and investment opportunities in sectors such as the green economy and defence. Representatives of Mondragón, Befesa, Ocean Winds, Iberdrola, Gestamp and Airbus, large, leading companies in sectors such as renewables, water, industry, defence and the automotive industry set out the strategic projects they are undertaking in Korea.