The Embassy of Latvia in the Republic of Korea promotes Latvian-Korean business cooperation

28.02.2017. 11:34

On 24 February in Seoul, with the Ambassador of Latvia to the Republic of Korea, Pēteris Vaivars, in attendance, the ECO BALTIA GRUPA group of Latvian environmental management companies signed an agreement with a Korean company MECEN IPC on future cooperation on the matters of environmental management in Latvia. The Chairman of the Board of ECO BALTIA GRUPA, Māris Simanovičs, and a representative of the company, Kaspars Fogelmanis, were in Korea for a week-long visit, during which they went to see several plants involved in environmental management and met with Korean companies working in the sector.  

The visit was organised by the Investment and Development Agency of Latvia (LIAA) in association with the Embassy of Latvia in the Republic of Korea. In conclusion of the visit, a Memorandum of Understanding was signed with MECEN IPC – one of the leading Korean companies in waste processing and environmental solutions.

The Embassy of Latvia is the most recent Latvian bilateral mission, which started work in Seoul in late 2015 upon the arrival of the first Latvian diplomat in residence, Oļegs Iļģis.

Pēteris Vaivars, the first Ambassador of Latvia in residence in the Republic of Korea, was accredited on 15 January 2016. The principal task of the Embassy is to promote bilateral economic relations between Latvia and the Republic of Korea. The Latvian Embassy is cooperating with the Investment and Development Agency of Latvia and other business organisations in Latvia, inviting Latvian companies to be more active in entering the Korean market and using the opportunities it offers.

In 2016, Latvia’s export to the Republic of Korea increased by 15% and now amounts to almost 50 million euros. Diplomatic relations between both countries were established in 1991. The countries have signed a bilateral convention on the avoidance of double taxation and an investment protection agreement currently in force. Latvia is also successfully taking advantage of the Free Trade Agreement between the European Union and the Republic of Korea.

Press Contacts:

Embassy of the Republic of Latvia in the Republic of Korea
Address: 11F KAIT Tower, 306 Teheran-ro, Gangnam-gu, Seoul 06210, Korea
Telephone: (02) 2559-6213
Fax: (02) 2538-2415
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Homepage: http://www.mfa.gov.lv/en/seoul