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| British Trade Minister Ian Livingston speaks during an interview with The Korea Times at the Plaza Hotel in Seoul on March 17. / Korea Times |
A British trade minister has noted that there are lots of untapped business opportunities in overseas markets that Korean and British companies can create synergy in.
Korean companies exceed in construction and technology, whereas their British counterparts have proven records in such soft-power industries as design and innovation, according to Ian Livingston.
The British minister of trade and investment cited construction as a promising area that companies from the two countries can work together for business opportunities in a third market.
"Korean construction companies are very successful around the world," Livingston said during an interview with The Korea Times at the Plaza Hotel in Seoul on March 17.
"The U.K. has excellence in project management, design, low-energy building, architecture and lots of services around it. That means we can go with joint projects that can bring the best of both countries."
Korean and British companies' cooperation is currently underway in the Philippines and Vietnam. If the two sides work closely together to find other areas, the British minister said, they will be able to find more opportunities in other Asian markets as well.
He denied a U.S.-China rivalry was underway with regard to the China-led Asian Infrastructure Investment Bank (AIIB) initiative and remained optimistic about its role in regional development.
"We don't think this is the United States versus China. We see this as an organization set up in the right way that can fulfill an infrastructure gap in the region that can help the prosperity of Asia," he said. "The prosperity of Asia will help the prosperity of the world."
The British official noted that such a perception was the driving force behind Britain's decision to join the AIIB initiative as one of its founding members, with the belief that it can contribute the design and governance of the regional bank.
Minister Livingstone, a former chief executive of the British multinational telecommunications services company BT Group before assuming the ministerial post in 2013, cited Latin America as an emerging overseas market where the two sides can deliver big projects together.
"We have to look at Latin America, for example. There is huge investment requirement there," he said.
Livingston noted that it will be perfect if British companies' knowledge of how to finance public-private partnership projects and sustainable design are combined with Korean construction companies' knowhow.
He called Korea and Britain great partners sharing a lot in common. "In many ways we share so much. Creativity, shared values, technological advancement...," he said.
His remarks came amid the Park Geun-hye government's push for the creative economy as a slogan of its economic vision. The government has put an emphasis on creating a business-friendly environment for startups with the promise of generous financial support for entrepreneurs.
Livingston believes that Britain has a lot to offer to the Korean government's drive to achieve the creative economy as his country has plenty of strong, innovative startups.
He said Korean companies showed great desire for British design and innovation.
The official said that British design features a combination of traditional and modernity and reflects its diversity and that such traits seem to be the key reasons behind the popularity of British products in Korea.
"Britain tries to be an outward-looking nation. We have great diversity. That gives our design a unique style because of the melding of the whole things together," he said.
He had a two-day trip to Korea "to sustain the momentum of bilateral commercial engagement" after President Park's state visit to the European country in November 2013.
It was rare for the Korean President to visit Britain in the first year of her presidency. The British government took this as a sign of prospering bilateral relations following the implementation of the Korea-European Union free trade agreement in 2011.
Minister Livingston led 23 small- and medium-sized British companies in the areas of cosmetics, baby goods, fashion accessories and the food and drink sectors. During his visit to Korea, these British companies met Korean distributors and retailers at the Great Lifestyle Showcase featuring their innovative products at the Plaza Hotel.
The business leader-turned-minister attended the Joint Economic Trade Committee which was set up during Park's visit to Britain to facilitate bilateral trade and investment as well as the Korea-Britain CEO forum.
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