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UK Trade and Investment Minister visit promotes UK-Korea bilateral trade and investment

UK Trade and Investment Minister emphasises strong bilateral relationship and commitment to further partnership

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

The UK-Korea CEO Forum

Lord Livingston, Minister for Trade and Investment, visited South Korea 16-17 March to promote British business.

The trip focused on UK companies both large and small. At the GREAT British Lifestyle Showcase, Lord Livingston led a trade delegation of 23 small and medium-sized (SME) companies entering the Korean market. The same day, the UK-Korea CEO Forum brought together prominent business representatives from British and Korean companies to discuss collaboration opportunities.

The visit culminated with the second UK-Korea Joint Economic and Trade Committee (JETCO). At the JETCO Lord Livingston co-chaired negotiations with Moon Jae-do, the Korean Vice Minister of Trade, Industry and Energy.

At the JETCO the UK and Korea agreed to further cooperation across a range of areas including energy storage, better regulation policy and combating anti-microbial resistance. The ministers also discussed the Korean Winter Olympics and Paralympics in 2018 and how UK companies can share their expertise in hosting the games.

After the JETCO, Lord Livingston reaffirmed the UK’s commitment to double trade and investment with South Korea by 2020 and added:

I am proud of the UK-Korean bilateral relationship. We have strong ties between our two nations that deliver economic growth for both of us. I am confident that our relationship will continue to grow. By working together we can shape the global system to work for our mutual benefit.

Note to Editors

The UK-Korea JETCO was established in 2013 during President Park’s State Visit to the UK. At that meeting both countries announced an ambitious pledge to double UK-Korea trade and investment by 2020, based on 2011 baselines.

UK goods exports to Korea have increased by 67% since 2011. Korean goods exports to the UK have increased by 55% over the same period.

For more information on the JETCO, the UK-Korea CEO Forum, the GREAT British Lifestyle Showcase and UK-Korea trade opportunities contact Opportunity.Korea@fco.gov.uk

To find images from the JETCO and the other events during Lord Livingston’s visit view our Flickr Album.

Published 26 March 2015