CzechInvest´s first Korean consultant starts work

The consultant, Kwang-Seok Kim, who was given two years’ leave from the Korea Exchange Bank, will be responsible for supporting current and potential South Korean investors and creating a marketing strategy. Part of his job will also be to impart his experience of the business culture and trade habits in South Korea.

“For the benefit of both countries, comprehensive support for Korean companies and liaising with the respective organizations is essential for further successful development of economic relations between the Czech Republic and Korea,” stated Kwang-Seok Kim.

“In connection with the entry of the South Korean carmaker Hyundai into the Czech Republic, we have received interest from 20 South Korean suppliers so far. It is expected that these companies will create 4,500 new jobs. The companies Dymos and Plakor, as well as others, have already announced their intention to invest in the Moravia-Silesia region and to become business partners of Hyundai. Other projects are currently under discussion,” says Tomas Hruda, CEO of CzechInvest.

In comparison with projects from other Asian countries, the Czech Republic has so far attracted fewer investments from South Korea. The presence of a specialist on that country should reverse this trend. In total, South Korean companies have undertaken to invest over USD 2 billion in the Czech Republic. These companies employ or plan to employ more than 9,000 Czech workers.

More about Korea Exchange Bank

The Korea Exchange Bank is one of the largest banks in Korea. Founded in 1967 as a state bank to support foreign trade, it is one of five commercial banks in the country. In 1989 the bank was privatised and has since established itself as a universal banking institution with more than 300 branches in Korea and 16 branches and 8 subsidiaries abroad. It focuses primarily on business clientele, investment financing and foreign-trade activities.