By Kim Hyun-cheol
Staff Reporter
With a free trade agreement (FTA) close to completion, Knowledge Economy Minister Lee Youn-ho urged the European Union (EU), Wednesday, expand investment in Korea during a meeting with business leaders.
``Please reach out and contact Korean businesses. Give them a sales pitch of why it makes sense to explore business opportunities with the EU,'' Lee said in a speech at a luncheon meeting hosted by the European Union Chamber of Commerce in Korea.
The minister said the future is bright for both parties with the expected completion of the FTA, referring to the pact as ``a lucrative goldmine for both sides.''
``This is an exciting time for all of us. Korea will be the first country in East Asia to have such a comprehensive trade deal with the EU,'' he said. ``This also underlines the cooperative advantages of Korea as an attractive investment destination.''
``It's clear. We are the right partner at the right time,'' Lee said, with a promising forecast that both Korea and the EU will see a surge in mutual trade and investment.
Seoul and Brussels reached a provisional accord on a mutual trade pact last month, with disagreement lingering on just a couple of core issues including duty drawback and rules of origin.
The two sides, after failing to finalize the deal during the G20 summit in London, will meet again next month in an attempt to narrow the gap.
Lee convinced participants in the meeting of the positive outlook for the Korean economy, saying the government doesn't see any possibility of a second financial crisis that put the country in peril a decade ago.
``The country has good forex liquidity, and other industrial and economic indexes remain sound and robust,'' he said.
Several investment-related events, including plans for a regional investment fair, are underway to offer foreign investors a better opportunity to become familiar with business circumstances across the country, he said. A total of 16 cities and provinces will participate in the event, slated for July and inaugurated last year to activate the regional economy.
To further the promotion for Korean industries, Lee will visit Germany with Prime Minister Han Seung-soo next week for Hannover Messe, the world's biggest industrial fair.
Korea is the partner country at this year's edition, and expects to use the exhibition as a springboard to expand its presence on the European market. It will mainly display vehicles, plant machinery and robotics products as the main items at the fair.