By Kim Hyo-jin
The Israeli ambassador to Korea said that both countries should begin talks on reaching a bilateral free trade agreement (FTA) soon.
“I hope that Israel and South Korea open negotiations on a bilateral FTA at the earliest possible date,” Ambassador Uri Gutman said in an interview with Yonhap News Agency.
Gutman underlined that both economies are compatible because Israel is a software-focused economy.
“The FTA between the two countries is expected to be a win-win deal,” he said.
South Korea and Israel began the joint research on the feasibility of the bilateral FTA in May 2009. The 15-month research ended with no further plan in August 2010. The process was slowed while Seoul focused more on sealing free trade pacts with other nations including No.1 trading partner China.
Gutman said that South Korea and Israel can create added value by strengthening partnerships in “creative industries” within the framework of an FTA.
President Park Geun-hye has put “creative economy” at the center of her policies and encouraged innovation and creativity as a move to boost the stagnating economy.
Citing that Israel boasts innovation and entrepreneurship, he said, “Korea could boost its competitiveness through interaction with Israel under the FTA framework.”
Gutman said both countries can foster partnerships in the agriculture industry.
“Israeli agriculture is not posing a threat to Korea,” he said. “The Israeli products imported by Korea are mostly fertilizer and technology-related. It is conducive to improve the nation’s agricultural industry.”
He also expressed hope that President Park will pay an official visit to Israel anytime soon.
South Korea and Israel established diplomatic ties in 1962 but a South Korean president has yet to visit the country.
“Park was given open invitation,” he said, citing the offer was made when the Israeli President Reuven Rivlin met Park at the funeral of Singapore’s founding Prime Minister Lee Kuan Yew in March.
Gutman has served as the ambassador in Seoul from August 2013.