S. Korea aims to boost industrial tie-up with EU via fair

By Lee Joon-seung
SEOUL, April 8 (Yonhap) -- South Korea aims to expand industrial cooperation with
European countries and attract foreign direct investment by playing an active
role in this year's Hanover Fair, the government said Wednesday.
A record 192 local companies and laboratories plan to take part in the global
industrial fair that runs from April 20-24, with South Korea paying 10 billion
for the event in return for being a "partner country," the Ministry of Knowledge
Economy said.
"Being a partner country could help boost the image of South Korean products and
offer business opportunities in the machinery sector and parts and components
industries," it said.
Surveys conducted in the European Union (EU) showed South Korea's national brand
recognition standing at just 17th place despite two-way trade topping US$95.83
billion in 2008.
South Korea is also the world's seventh largest manufacturer of machinery
products and is competitive in the parts and materials sector. Both can be
further improved through cooperation with the EU.
"We expect the Hanover Messe to help local companies make inroads into the vast
European market and expand cooperative ties," said Vice Minister Rim Che-min.
"Bilateral cooperation can help local companies acquire advanced knowhow and
attract more foreign direct investment."
Foreign direct investment (FDI) from the EU totaled $51.68 billion from 1962 to
the first quarter of this year, making Europe the largest source of investment in
South Korea. The total exceeds the $40.68 billion reached by the United States
and $22.61 billion for Japan.
German organizers for the annual event said 6,150 companies from 61 countries are
to set up booths in Hanover this year.
yonngong@yna.co.kr
(END)