Business leaders of Korea and Lithuania came together and confirmed their commitment to join forces in exploring business opportunities in biopharmaceutical, energy and other advanced industries.
The Korea Chamber of Commerce and Industry (KCCI) said Tuesday it co-hosted the Korea-Lithuania Business Dialogue with the Association of Lithuanian Chambers of Commerce, Industry and Crafts in Lithuania’s capital Vilnius on Monday.
“Korea and Lithuania share a common experience of overcoming their geopolitical limitations to grow from small nations into small-but-strong nations,” KCCI Executive Vice Chairman Park Il-joon said during his opening remarks. “If the two countries’ experiences in economic growth and technologies are combined, we can emerge as winners in the global competition surrounding high-tech industries.”
Park noted that Lithuanian companies hold the majority of market share in the global picosecond laser market, adding that combining Korea’s technological prowess in semiconductors and electric vehicles and Lithuania’s capabilities in lasers and photonics will bring a significant boost to the businesses of the two countries.
Lithuania is Korea’s largest trading partner among the three Baltic countries — including Estonia and Latvia. After forming official diplomatic ties in 1991, the trade volume between Korea and Lithuania has been growing steadily, surpassing a record high of $500 million in 2022.
This year, the two countries have upgraded their bilateral relations. Lithuania opened an embassy in Korea and appointed its first resident ambassador in the country.
Park stressed that Lithuania’s biopharmaceutical industry is growing on average by 22 percent every year and expressed his hopes that Korea, with its position as the world’s second-largest biopharmaceutical manufacturer, can join forces with Lithuania to lead the advanced bio industry together.
During the dialogue, Invest Lithuania presented the country’s ongoing infrastructure projects. The investment promotion agency introduced its plans to establish Europe’s largest biotechnology hub called BIO CITY, a new port project in Klaipeda Port and various renewable energy programs.
From the Korean side, Deloitte Korea explored promising industries for cooperation between businesses of the two countries. The consulting firm noted that the leading firms in Korea’s key industries, such as battery manufacturing and pharmaceuticals, are likely to use Europe as a strategic base and production hub for the global market.
Along with Park, the participants at the event included Korean Ambassador to Lithuania Jeon Jo-young, SK Biopharmaceuticals Vice President Hwang Sun-gwan and other officials from leading companies, including Samsung Electronics, LG Electronics and POSCO International.
The dialogue event is part of the KCCI’s recent efforts to assist Korean firms in forming networks and exploring business opportunities with their European partners. On Friday, the KCCI hosted a Korea-Czech Republic Business Forum in Prague.
A KCCI official said, “The KCCI will continue using its network with chambers of commerce in more than 140 countries to assist Korean firms to find their business partners and explore new opportunities.”
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Publish date : 2024-09-23 22:57:00
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