Ambassador Pēteris Vaivars agrees on cooperation with Korea Trade-Investment Promotion Agency (KOTRA)

21.09.2016. 11:41

The Ambassador of Latvia to the Republic of Korea, Pēteris Vaivars, visited today the Korea Trade-Investment Promotion Agency (KOTRA) operating under the auspices of the Ministry of Industry, Trade and Energy of Korea.

During the visit, Ambassador met with Jaehong Kim, the Agency’s President and COE, with whom an agreement was achieved on cooperation towards increasing awareness among Latvian and Korean companies of the business opportunities offered in both countries.

The Korean side welcomed the opening of the Latvian Embassy in South Korea in 2015 and called for active cooperation with KOTRA and other structures for the promotion of economic relations in order to provide broader information on the opportunities that cooperation with Latvian partners would open to Korean companies. KOTRA invited Latvian businesses to actively participate in its events, exhibitions and seminars and highly appreciated the tourism promotion activities arranged by the Embassy that also serve as a good basis for building further contacts in other business fields.

Ambassador Vaivars highlighted the interest of Latvian businesses in entering the Korean market and outlined the main areas of cooperation – tourism, timber processing, pharmaceuticals, and food industry. He also underscored that the Embassy in its activities focuses on the deepening of economic relations and helps businesses from both countries establish new contacts. Participation in fairs and KOTRA’s seminars will definitely be in the Embassy’s field of attention. The Ambassador called on KOTRA’s leadership to organise a business mission of Korean entrepreneurs to the Baltics to provide them with hands-on information on business opportunities in the region.

Korea ranks among 30 largest trade partners to Latvia across the globe and is one of its major partners in Central Asia. Due to the EU-Korea Free Trade Agreement and the currently effective bilateral agreements promoting economic cooperation (the Convention for the avoidance of double taxation and the Agreement on the protection of investments), the flow of Latvia’s exports to Korea has significantly increased over the recent years and a positive impact has been left on mutual trade. The Latvian Embassy in Korea has been operating since the end of 2015 and its priority is the development of economic relations.

Press Contacts:

Embassy of the Republic of Latvia in the Republic of Korea
Address: 29, Hannam-daero 36-gil, Yongsan-gu, Seoul, 04417, Republic of Korea
Telephone: (02) 2-2022-3800
Fax: (02) 2-2022-3803
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Homepage: http://www.mfa.gov.lv/en/seoul