Welcome by HE. Ambassador of the Republic of Korea, Mr. Bahk Sahnghoon.
Letter from the Ambassador
Korea and Spain have developed good relations of friendship and cooperation in various sectors such as politics, economy, trade, culture, technology, science, energy and tourism, since the establishment of diplomatic relations in 1950. This year, which marks its 74th anniversary, the relationship is going through its best moment in history. In the last five years, the leaders of the two countries have visited each other four times, showing that bilateral ties are getting closer and cooperation between the two countries is deepening in multiple areas.
In particular, cooperation in the economic sector is very remarkable. In 2023, trade between Korea and Spain reached approximately 6,000 million dollars and the stock of investments exceeded 5,900 million dollars. In 2022 and 2023, two Korean companies announced investment plans in Spain for around €700 million in the sectors of electric car battery materials and automotive battery systems. In addition, both Korean and Spanish companies are actively expanding into the renewable energy sector, such as wind, photovoltaics, and green hydrogen.
In addition, construction companiesfrom both countries are strengthening their cooperation in order to be able to operate together in third markets in Latin America, Asia and Africa, among others. Given the size and competition of their economies on the international stage, there is ample potential for trade and investment between the two countries to further develop.
The Spain-Korea Chamber of Commerce, established in 2012, has been a key point of exchange and cooperation between businessmen from both countries in Spain and has contributed to the promotion of ties between Korean and Spanish companies. I hope that the Chamber will continue to play a fundamental role as a meeting point where companies continue to share useful information to expand their business opportunities, thus contributing to the ever closer economic and trade relations between the two countries.
Thanks a lot.
HE. Ambassador of the Republic of Korea, Mr. Bahk Sahnghoon
