KOTRA branch to boost automotive cooperation

KOREA Trade-Investment Promotion Agency (KOTRA) is opening its 124th office in Bratislava with the aim of supporting trade and investment cooperation between South Korean and Slovak companies.

KOTRA CEO Jae-hong Kim (centre) and ZAP vice-president Jaroslav Holeček (l)KOTRA CEO Jae-hong Kim (centre) and ZAP vice-president Jaroslav Holeček (l) (Source: Courtesy of PromoLand)

Representatives of KOTRA and the Slovak Automobile Industry Association (ZAP) signed a memorandum of understanding on December 14.

“I’m very pleased that KOTRA – unique as an employer and business organisation –recognises that the automotive industry is a priority in Slovakia,” said ZAP vice-president Jaroslav Holeček, as quoted by the TASR newswire.

ZAP representatives believe that KOTRA can help in terms of the development of a network of suppliers in Slovakia, as the automotive industry grows here, he added.

KOTRA CEO Jaehong Kim, South Korean Ambassador to Slovakia Tae-ro Lee, Economy Ministry State Secretary Rastislav Chovanec and MP Maroš Kondrót (Smer) attended the ceremony.

South Korea ranked fifth (behind Germany, Czech Republic, Russia and China) in countries exporting to Slovakia with 7.3 percent of Slovak imports (€4.39 billion), while Slovak companies’ exports to South Korea represented only €109 million, or 0.2 percent of Slovak exports, TASR wrote.

Currently there are more than 90 Korean companies operating in Slovakia, mostly in the automotive and electro-technical industries, employing about 26,000 people. The biggest employers are Kia Motors Slovakia, Samsung Electronics Slovakia and Samsung Electronics LCD Slovakia. The biggest share regarding imports from Korea are health and technical equipment, electrical devices and various means of transportation.

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