Terence Flanagan
Question:66. Deputy Terence Flanagan asked the Tánaiste and Minister for Foreign Affairs and Trade the steps being taken to improve trade with South Korea; and if he will make a statement on the matter. [1447/14]
View answerWednesday, 15 January 2014
Questions (66)
Written answers
Trade and investment promotion are key priorities for the Government, as part of its wider strategy to promote economic growth and employment. The Government is committed to developing Ireland’s trade and investment relationship with key markets in Asia, including the Republic of Korea (South Korea), to the maximum extent possible.
Korea is identified as a priority market under Ireland’s Trade Strategy, a review of which will be presented shortly. Implementation of trade priorities in Korea is led by the Local Market Team, chaired by the Ambassador and comprised of the Embassy, Enterprise Ireland, which has been present in the market since 2004, and the IDA, which reopened its office in Seoul in 2013. The Embassy and the Agencies in Seoul are co-located in an Ireland House.
The overall objective of the Embassy and the Local Market Team is to support and promote the encouraging increases in trade between Ireland and Korea which have been seen since 2011. Total bilateral trade in goods and services between Ireland and Korea in 2012 was €1.3bn, up from €1.05bn in 2011. Exports in services rose by €272m to €590 million in 2012. From January to October 2013 total merchandise trade with Korea was valued at €604 million up from €579 million in the same period in 2012.
Exports of Irish agri-food products to Korea have also increased, from €10.5m in 2010 to €21m in 2011 and to €23m in 2012. This represents a 121% increase from 2010-2012. The Embassy and Agencies will continue to use all opportunities through 2014 and beyond to build awareness among Korean government ministries, agencies and the private sector of Ireland’s economic recovery and opportunities for Korean business in Ireland; increase Irish exports to Korea, particularly from indigenous Irish companies; and, to promote awareness of and opportunities for investment in Ireland.