South Korea, the only non-EU market where Romanian exports increased

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Out of the top 10 outside EU target markets, South Korea was the only one that registered an increase of Romanian exports, an EximBank press release informs on Monday.

According to the official data, in 2015, the total volume of commercial exchanges between Romania and South Korea reached USD 960 million, Romanian exports increasing with 11.3 percent as compared to last year, up to USD 459.3 million.

In terms of preferred domains, Romania has exported tools and machinery, vegetable products and wood and related products.

According to the quoted document, Romanian companies will be able to participate in investments in other countries along with Korean companies, under correct and competitive conditions following the framework agreement recently signed by EximBank with Korea Trade Insurance Corporation (K-Sure), the export agency in South Korea.

Traian Halalai, Executive President of EximBank and Kim Young-hak, President of  K-Sure, signing the Memorandum of Understanding
Traian Halalai, Executive President of EximBank and Kim Young-hak, President of K-Sure, signing the Memorandum of Understanding

During the meeting, the Korean delegation led by Kim Young-hak, President of K-Sure,  a special emphasis was placed on the importance of cooperation between SMEs as a fundamental of sustainable economic growth by stimulating innovation and employment in order to reach new levels of performance.

Also, the Romanian geo-strategic positioning at the Black Sea and its status as a European Member state qualify Romania an especially important partner in the South Korean commercial architecture related to the European market.

K-Sure, the export agency in South Korea has been established in 1992 and manages a total exports volume of 25 percent out of total export of the country.

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