Participating in the meeting that was organized by the Federation of Korean Industries were vice-presidents of information technology company Samsung Electronics, automotive manufacturer Hyundai Motors, the president of global trading company Daewoo International Corp., representatives of high-tech electronics company LSIS Co., food corporation Lotte Strategy&Insight Center, information technology company Moneual, and other South Korean business organizations.
"South Korea's biggest companies' interest in Lithuania demonstrates that we are an innovative and attractive country for investment. Expertise and qualification of our people, foreign languages skills and achievements in the sphere of high technologies are particularly valued. Strengthening cooperation with South Korea means new large markets for our business, new jobs for our inventive people and a new impetus for economy," the President said.
South Korea is one of the world's biggest investors - it ranks 13th in direct foreign investment. According to the President, there is still a lot of untapped potential in Lithuania-South Korea cooperation, in particular in the spheres of research, biotechnologies and information technologies.
During the meeting with South Korean entrepreneurs, the President underscored Lithuania's excellent conditions for investments. Lithuania is the fastest-growing economy in the European Union. We rank 21st in economic freedom, 17th in favorable business conditions and 16th in attractiveness for direct foreign investment. Lithuania is famous in the world for its well-developed information technology infrastructure, mobile applications, software.
Trade turnover between Lithuania and South Korea almost doubled last year amounting to 269 million litas, Lithuanian exports to South Korea stood at 94.8 million litas, imports from South Korea reached 174.2 million litas. EU-South Korea free trade agreement, temporarily applied since 2011, enables Lithuanian businesses to save around 4 million litas in customs duties per year.
Lithuania and South Korea actively collaborate in research and laser manufacturing. Lithuanian laser manufacturer Ekspla has joint projects with South Korean partners. The two countries are also carrying out two joint projects covered by the EU's Seventh Framework Programme for Research and Technological Development in the fields of nuclear fission and radiation protection and research infrastructure.
