UK and South Korea commit to doubling trade by 2020

Business secretary Vince Cable and South Korea's minister of trade, industry & energy, Yoon Sang-jick, have agreed to double trade and foreign direct investment between the UK and South Korea by 2020. The commitment was made this morning at the inaugural Joint Economic and Trade Committee.

Business secretary Vince Cable said:

UK goods exports to Korea increased 82 per cent year-on-year in 2012 making South Korea the single largest growth market for UK exports.

Korea will be the 10th largest contributor to world growth over the next five years and companies such Samsung, LG and Hyundai are already global names. That’s why we’re working to making it quicker and easier for British and Korean companies to do business together.

The announcement comes during a state visit to the UK by South Koran President, Park Geun-hye. A host of other trade agreements have been reached during the visit.

Hyundai Capital UK and Santander Bank announced a £20m expansion to provide finance packages to buyers of Hyundai and Kia vehicles. The scheme is expected to create 40 jobs. Lloyd's Register and Korea Hydro & Nuclear Power Co. signed a deal worth over £6.5m to carry out independent verification of nuclear facilities in South Korea. Hana financial group signed a memorandum of understanding (MOU) with Barclay's Group to support Korean corporations initiating business in Africa.

Oxford University was given a grant of £600,000 to research energy technologies in partnership with Korean academic and industrial partners.

Furthering ties between business leaders, minister for Trade & Investment Lord Green launched the Korea UK global CEO forum, to connect CEO's from the two countries to start new commercial partnerships.