British trade body chief calls for further Korean investment

SEOUL, Feb. 2 (Yonhap) -- The head of Britain's trade promotion body on Tuesday
called for South Korean firms to increase their investment in his country,
predicting a gain in bilateral trade after ratification of the Korea-EU free
trade deal.

"The EU-Korea FTA should increase trade by US$30 billion, a welcome boost in
today's economic climate," Andrew Cahn, chief executive of UK Trade & Investment
said in a meeting with local business leaders.
"As trade between our two countries increases, so too will the requirement for
Korean companies to establish a presence in the EU."
After two years of protracted negotiations, South Korea and the EU initialed the
final text of the trade deal in October of last year. It is subject to approval
by South Korea's National Assembly and the heads of the EU's 27 member states.
Britain will use the opportunity offered by the conclusion of the free trade
agreement to attract more South Korean companies, Cahn said.
About 200 South Korean companies, including Samsung and LG, already have a
presence in Britain, he said. The two conglomerates have their European
headquarters in Britain and a number of smaller, innovative South Korean
companies have been operating there in the areas of life sciences, creative
design and software, Cahn said.
Two-way trade between South Korea and Britain plunged 30 percent on-year to
US$6.7 billion in 2009, after surpassing $10 billion for the first time in 2007,
according to data from the Korean Chamber of Commerce and Industry (KCCI).
The meeting was organized by the British embassy in Seoul and the KCCI.
jia@yna.co.kr
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