CzechInvest Brings Home From Korea a Valuable Partnership That Will Lead to More Investments in the Czech Republic

31 May. 2013 | CzechInvest, Ministry of Industry and Trade | CzechInvest presented investment opportunities in the Czech Republic at a trade fair in Korea.

Korea Overseas Investment Fair 2013 in Seoul

CzechInvest has signed a memorandum on closer cooperation in the area of mutual investments with KOTRA, the Korean business and investment support agency. The signing took place during the KOIF 2013 international trade fair in Seoul, where CzechInvest, together with the Ministry of Industry and Trade, presented the investment environment and current possibilities of investment support in the Czech Republic.

“Korean partners play an important role in the Czech economy. Proof of this consists in successful Korean investment with value added, of which the biggest are the carmaker in Nosovice, which during its seven years in existence has manufactured more than one million vehicles, and the entry of a Korean partner into Czech Airlines,” says Minister of Industry and Trade Martin Kuba, commenting on the importance of Czech-Korean cooperation.

The memorandum ensures for the Czech Republic closer contact with Korean investors. “This is an important strategic step. We believe that the memorandum on closer cooperation will lead to more major investments in the Czech Republic,” says Petr Očko, acting CEO of CzechInvest and director of the EU Funds Section at the Ministry of Industry and Trade, summarising the importance of the agreement.

KOIF 2013 (Korea Overseas Investment Fair) took place in Seoul from 28 to 29 May 2013. Its purpose consisted in presentation of individual countries from the perspective of investment opportunities available via their respective agencies. The Czech Republic was represented by CzechInvest, which during the trade fair organised a special seminar titled “Introduction to the Czech Republic’s Economy and Czech-Korean Trade and Investment Relations” intended for Korean Investors. Thanks to this seminar, potential investors were familiarised with the details of the Czech economy, possibilities of cooperation with local suppliers and acquisitions, and heard a talk on the experience of a Japanese investor operating in the Czech Republic.

Since 1993 CzechInvest has mediated 19 investments from South Korea in the total value of more than CZK 46 billion. More than 8,500 new jobs have been created in connection with these investments.