EUCCK honors strong business partners in celebration of the Korea-EU Industrial Cooperation Day


Business leaders along with local and foreign officials on Tuesday celebrated the accomplishments of the EUCCK and honored companies that have taken a leading role in their field.

“A strong economic network has been formed between Korea and the European Union despite the global recession and the recent eurozone financial crisis,” said Rep. Kim Young-hwan, chairman of the National Assembly Knowledge Economy Committee.

The accumulated trade volume since the Korea-EU free trade agreement was implemented on July 1 has increased almost 12 percent over the same period a year ago.

“I wish the Korea-EU FTA can be a platform for Korea to leap forward as an advanced economy. This FTA means a great deal for both sides to foster a strategic partnership in the fields of society, culture and politics, as well as the economy,” said Kim.

Over the past few years, there has been a tremendous increase of exchange between Korea and the European Union, especially in the areas of business and culture.

Since establishing diplomatic relations in 1963, the European Union and Korea have built on political and economic ties based on a shared commitment to democracy and market economy.

“Korea is still divided and it is in urgent need of a peace settlement. We live in an age when economy rather than ideology leads peace. I wish the EU will continue to make a great effort for the North and South to have a peaceful reconciliation and cooperation,” said Kim.

EUCCK’s place

At the forefront of business ties, the European Union Chamber of Commerce in Korea has taken the lead by becoming the only foreign chamber with an active industrial cooperation division that continuously promotes EU foreign direct investments in Korea.

EUCCK president Jean Luc Valerio said that the chamber has induced many large scale investment projects and cooperation with local governments.

“Many of the committees have been working closely with the Korean government and enjoy a very good reputation. In this new FTA era, we will double our efforts and ensure that the full fruits of the trade liberalization benefit Koreans and Europeans,” said Valerio.

By organizing the Korea-EU Industrial Cooperation Day, the Chamber recognizes the commitment shown by EU investors and government officials to strengthen the relations between both sides.

On this occasion, the much-awaited EU-Korea Awards 2011, were presented to EU companies and government authorities who contributed to strengthening mutual cooperation.

Since they were first held in 2006 to honor EU companies and government authorities, the awards have grown in stature and reputation.

“They signify not just our recognition of the important role played by European companies and government authorities, but also our commitment to building bridges between both sides,” said Valerio. “Europe and Korea have always had a strong business relationship, and this will only get better in the years to come,” he added.

The Awards

Four awards were presented to local government authorities.

The Globalized Partner award went to the Ministry of Land, Transport and Maritime Affairs which exhibited the most global outlook during the year by strengthening its reach in construction and maritime affairs.

The Korea Environment Technology and Industry Institute took home the Efficient Partner award for their professional interaction with EUCCK partners while Gwangju won the Local Partner award for its business-friendly policies.

To show the chamber’s appreciation toward agencies that showed proactive and responsible behavior, the award for Responsible Partner went to the Ministry for Food, Agriculture, Forestry and Fisheries.

The EUCCK also honored their own members with the Leading Investor award going to Edwards for its state-of-the-art manufacturing plant that will transform their Korean operation into a global hub.

BMW Motors won the Social Benefactor award for making the roads safer by hosting traffic safety campaigns and other seminars that will have a lasting and positive effect on Korean driving culture.

Bringing home the Green Pioneer award, Groz-Bechert showed leadership in energy efficiency while Marposs won the SME Star award for showing agility in overcoming various difficulties and establishing a viable business in Korea

Korea’s own S.M. Entertainment became the first winner of the Art and Culture Synergy award for bridging Europe and Korea through music.

Trade and Investments

There have been significant developments since the implementation of the EU-Korea FTA on July 1.

“It has opened up new trade opportunities in goods and services and brought about an unparalleled series of tariff liberalization and dismantling of technical barriers to trade,” said Valerio.

Korea and the EU share a very dynamic business relationship with large investments on both sides and goods traded amounting to $93 billion last year.

What is equally important is the increase in foreign direct investment from EU countries.

Last year, EU companies invested over $3 billion at a time when Europe is struggling with a debt crisis.

In terms of cumulative total of FDI flows since 1962, it reached more than $59.5 billion as of the end of last year.

The FTA is encouraging a further increase of investment and establishment of new EU companies, leading to more employment opportunities. It is expected that the deal will help generate about 253,000 jobs in Korea in the long term. 


By Yoav Cerralbo
(yoav@heraldcorp.com)