Korean Trade-Investment Promotion Agency KOTRA is reopening its office in Lisbon, closed 15 years ago, aiming to boost bilateral trade and investment.
“This reopening represents a significant step in the establishment of economic relations between Portugal and Korea”, KOTRA Lisbon said in a statement.
An official presentation ceremony for KOTRA Lisbon to the Portuguese business community will take place in Lisbon on the 28th of February, with the presence of Jeoung Yeol Yu, President of KOTRA, Korean Ambassador Yeongmoo Cho, and Luís Castro Henriques, Director of AICEP (Association for Investment and Foreign Trade for Portugal)..
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KOTRA is a Korean government entity specialized in promoting trade and investment relations. KOTRA Lisbon operates in Portugal as the Commercial Department of the Korean Embassy. In 1974, KOTRA opened its first branch in Portugal, “however, due to the international situation, the Portuguese office of KOTRA ended up closing in 2007”, it says in a statement.
“Several reasons led to the reopening of KOTRA Lisbon. Among which, the exponential increase in bilateral trade between Portugal and the Republic of Korea, the growing requests for support from exporting companies and, above all, requests for the reopening of KOTRA Lisbon by the Portuguese government.”, it adds.
KOTRA Lisbon emphasizes the three major roles it will play to strengthen economic cooperation between the two countries, firstly sharing market information. “At the moment, companies in both countries have little knowledge of each other’s markets, which is an obstacle to the growth of bilateral trade”, it says.
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A second goal is to expand the global partner network, as “Portugal is interested in attracting and promoting prominent Korean companies in the area of high-tech industries, such as semiconductors, batteries and hydrogen”.
Another goal is to foster partnerships with associations: “as global instability grows, the role of trade associations will become increasingly relevant”.
KOTRA currently has a global network with 129 local offices in 84 countries, including Portugal, where it is registered as the Commercial Department of the Embassy of the Republic of Korea.
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