S. Korea, Slovakia sign economic cooperation MOU

SEOUL, April 22 (Yonhap) -- South Korea and Slovakia have signed a memorandum of
understanding (MOU) to expand economic and industrial cooperation, the government
said Wednesday.
The deal signed in Bratislava calls for expanded cooperation in manufacturing,
information technology, industrial know-how and small- and medium-sized
enterprises, the Ministry of Knowledge Economy said.
It also outlines efforts to develop corporate and private joint projects that can
facilitate the exchange of experts and technicians, benefiting both countries.
"The MOU is expected to further help South Korean companies expand their market
presence in the European Union member," a ministry official said.
There are roughly 70 South Korean businesses operating in the country, with
combined output of these companies accounting for 12 percent of the Slovakia's
gross domestic product. Samsung Electronics Co., Kia Motors Corp., and Hyundai
Mobis run factories in the country.
He added that with Slovakia adopting the euro as its legal tender this year, the
country has been able to maintain a relatively stable business environment
despite the current global economic crisis.
International ratings agencies including Moody's have given Slovakia the highest
mark among Eastern European countries, with the economy expected to pull off a 2
percent growth this year.
Two-way trade between the two countries reached $3.54 billion last year, with
Seoul enjoying a trade surplus of $3.38 billion. From 2003-2008, South Korean
companies invested $874 million into Slovakia.
The MOU was signed by South Korea's Vice Knowledge Economy Minister Rim Che-min
and Slovakia's Minister of Economy Lubomir Jahnatek.
yonngong@yna.co.kr
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