French-Korean business community celebrates exceptional year for bilateral ties
Some Sevit Floating Island is in French flag tricolors on the occasion of Bastille Day last year. Courtesy of FKCCI
On July 14, the French Korean Chamber of Commerce and Industry (FKCCI) commemorates the French National Day which reminds us of the historic storming of the Bastille in 1789.
Inheriting from more than 137 years of friendship and economic ties between Paris and Seoul, the FKCCI along with the French Embassy in Korea celebrate the Bastille Day. Going beyond history and culture, this celebration serves as a statement to the friendship between our countries and a recognition of an ever-growing French Korean Business community in the post-pandemic era.
Indeed, on June 27 at the General Assembly of CCI France International, the international network of French chambers gathering 119 chambers and 35,000 members worldwide, recognized Korea as one of the most dynamic countries out of its 94 implantations.
The FKCCI achieved the sixth-highest rank in this network in terms of overall turnover worldwide and the fifth-highest rank in terms of business activity volume for 2022. These historically high scores in the 37 years since the foundation of the chamber recognize the significant strides achieved last year.
President Yoon Suk Yeol shakes hands with French President Emmanuel Macron during their summit talks at Elysee Palace in Paris, June 20. Courtesy of FKCCI
To support many companies in their discovery of the Korean market, the chamber organized several learning expeditions, including a visit by representatives of the GCC.EU European cosmetic cluster, a delegation from the French region Auvergne-Rhone-Alpes during a gala last November and prospecting missions in diverse industries such as green tech, health tech, cosmetics and consumer goods. Among the 2022 highlights, Tech4Good, the flagship mission with French Tech, enabled 40 French companies to discover the Korean startup ecosystem.
And the momentum is continuing: in February, the FKCCI took part in ICC Immersion, a one-week learning expedition in the cultural and creative content sectors. These examples show that the chamber is not only a network of 450 members, but a growth catalyst for companies looking for a one-step solution to expand on the Korean market. As a matter of example, the business center located on the FKCCI premises is almost fully booked with 38 hosted companies, with high expectations for expanding it.
Such achievements can also be attributed to multiple factors, including the market's recovery following the impact of the COVID-19 pandemic, which allowed French companies to regain a presence in the Korean market and exceed the performance level of 2019.
Bilateral trade in goods reached the historic level of 13.4 billion euros in 2022, exceeding the 10 billion euros mark for the second consecutive year, due to a 31 percent increase in exports from Korea to France to 7.4 billion, and a 22 percent increase in French imports to Korea to the highest level ever of 6 billion euros. Overall trade between the European Union and Korea also turned to a surplus for Korea for the first time in 2022, reaching $7 billion and offsetting partly the trade deficit with China that pushes the Korean economy to seek less dependency on its giant neighbor.
Clearly, there is a new momentum, and the increased frequency of diplomatic meetings is a good indicator of the mutual interest that nurtures strong economic ties. Among the highlights, President Yoon Suk Yeol visited France from June 20 to 21 for the first time in his mandate and was accompanied by his largest business delegation ever, composed of more than 205 representatives, including leaders of Samsung, SK and Hyundai Motors. Key issues gathering the two nations were discussed with French President Emmanuel Macron, such as Indo-Pacific strategies and cooperation in new industries like AI, aerospace and defense.
French Ambassador to Korea Philippe Lefort, right, poses with a trophy on the occasion of his departure, next to FKCCI Chairperson David-Pierre Jalicon. Courtesy of FKCCI
This presidential visit follows a series of French ministerial visits to Korea in the first semester of 2023: Minister of Foreign Affairs Catherine Colonna who inaugurated the new French Embassy in Seoul, Minister of Digital Transition Jean-Noel Barrot with whom the FKCCI and French Tech Seoul signed a memorandum of understanding to deepen collaboration in the fields of startups and impact technologies, and finally Minister of Agriculture Marc Fesneau.
In this context, the FKCCI is fully engaged with all its partners, especially the French Embassy, and proud to be an important factor in this dynamic! In this regard, the FKCCI would like to thank departing French Ambassador to Korea Philippe Lefort for all his support for the chamber's activities during his term here. We wish him all the best for his future. We are looking forward to welcoming his successor and to continuing our excellent cooperation at the service of our constantly growing business community.
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This article was provided by the French Korean Chamber of Commerce and Industry.