Romania-South Korea: civil and military partnerships are under construction. Bilateral trade is over $1 billion

By RBJ
Investment opportunities in the fields of the defense industry, communications technology, electronics and infrastructure were analyzed these days in Bucharest between government representatives, companies from Romania and South Korea.
On Wednesday, a Memorandum of Understanding was also signed with Lig Nex1, one of the main suppliers of equipment for the armed forces of the Republic of Korea, for the development of new capabilities in the branches of the defense industry in Romania. Two days ago, the memorandum was signed with Hanwha Aerospace, a large manufacturer of military equipment.
The value of trade between Romania and the Republic of Korea was 1.08 billion dollars in the first 11 months of 2022, up 11.4% compared to the same period of 2021, according to a press release from the Chamber of Commerce and Industry of the Municipality of Bucharest (CCIB).
According to the quoted source, the export amounted to 404 million dollars (-3.2%), and the import to 676 million dollars (+22.4%).
The president of the Bucharest Chamber, Iuliu Stocklosa, received the visit of a delegation of representatives of the chamber system from the Republic of Korea, led by Woo Taehee, executive vice president of the National Chamber of Commerce and Industry (KCCI).
The meeting took place on the sidelines of the visit of a multi-sector economic mission to Romania and aimed at identifying concrete ways of collaboration, starting from the opportunities offered by Romania and the Republic of Korea and from a certain complementarity of the two economies.
In this context, I emphasized the interest in developing contacts with similar organizations in Busan and Daegu, two important industrial and technological centers of the country, as well as with their members. It was agreed to sign a collaboration agreement with BCCI and update the one concluded in 2010 with DCCI.
According to Woo Taehee, information technology, communications, the industrial sector and tourism are areas where mutually beneficial collaborations can be initiated. On this occasion, the head of the Korean delegation spoke about the project to host the 2030 World Expo in Busan, focused on the new technologies of the future, such as artificial intelligence, 6G technology, smart airports and seaports, requesting the support of the Romanian camera system for designation of the Republic of Korea as organizer of the World Expo.