A new step in economic cooperation between the Baltic States and South Korea

26.04.2019. 15:06

On 26 April 2019 in Seoul, the Under-Secretary of State of the Ministry of Foreign Affairs, Political Director Jānis Mažeiks, signed a Memorandum of Understanding on the establishment of the Baltic States-South Korea Joint Committee on Economy.

At the first meeting of the Joint Committee on Economy, the Political Director commended the good political dialogue between the Baltic States and South Korea and the increasing cooperation between businesses, which highlights excellent prospects for further growth. Jānis Mažeiks underlined that Latvia’s priorities were tourism, transport, especially the development of direct flights, start-ups, investments, food processing, timber industry, and the ICT. The participants agreed to hold the next committee meeting in Riga.

As part of his visit, Political Director Mažeiks met with the Director of the European Department at the Foreign Ministry of South Korea and a representative of the South Korean-Latvian inter-parliamentary cooperation group, as well as taking part in a roundtable discussion on challenges to the further growth of the European Union and East Asia.

Jānis Mažeiks then gave interviews to South Korean media outlets – tbs eFM radio channel and The Korea Times newspaper.

The establishment of the Baltic States-South Korea Joint Committee on Economy was initiated by the Latvian Embassy in Seoul and agreed by the Presidents of the three Baltic States at their meeting with the President of the Republic of Korea, Moon Jae-in, in 2018. The new format envisages the strengthening of current cooperation and formulating priorities for the Baltic States and South Korea at the regional and global levels alike.

Latvia is the only Baltic State which has its embassy in Seoul. The embassy was opened in 2015. Its main task is the promotion of economic cooperation between Latvia and South Korea.


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