Hundreds of entrepreneurs, the largest Korean companies, a number of signed cooperation agreements, and representatives of the authorities of both Poland and Korea met up on July 14th at the Korea-Poland Economic Forum organized by the Polish Investment and Trade Agency, the Federation of Korean Industry, and KOTRA Warsaw.
The possibilities of cooperation in areas such as advanced technology, energy, and infrastructure were discussed. During the Forum, over 350 Polish entrepreneurs and representatives of business environment institutions and public administration were involved 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.
Over the past 20 years, both Polish exports to the Republic of Korea and imports of Korean products have increased more than 20-fold. 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 the 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 sector.
The President of the Republic of Korea, Suk Yeol Yoon, emphasized that Poland is a base for Korean companies in the EU market and an important partner in the CEE region.
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.