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President encourages South Korean firms to invest in Poland

14.07.2023 19:00
The Polish president has praised "comprehensive cooperation” between Poland and South Korea and voiced hope that even more South Korean investors will set up business in his country in the future.
Polish President Andrzej Duda addresses a Poland-South Korea business forum in Warsaw on Friday, July 14, 2023.
Polish President Andrzej Duda addresses a Poland-South Korea business forum in Warsaw on Friday, July 14, 2023.PAP/Radek Pietruszka

Andrzej Duda made the remark at a Poland-South Korea business forum in Warsaw on Friday, Polish state news agency PAP reported.

The Polish president attended the event alongside his visiting South Korean counterpart Yoon Suk Yeo.

The forum attracted some 350 businesspeople and officials from both countries, according to The Korea JoongAng Daily website.  

'Poland and South Korea have been strategic partners for 10 years'

In a speech to the gathering, Duda said that “for Poland, cooperation with South Korea is enormously important.”

He noted that this year marked a decade since both countries signed an agreement on a “strategic partnership.”

The Polish president said that Poland and South Korea were in the process of carrying out “ambitious joint economic projects” in the energy, technology and defence sectors.

He added that Poland was home to “some 550 companies with South Korean capital,” half of them in the southwestern Dolnośląskie region.

Duda also said that Poland’s new EUR 1.6 billion polymer plant near the northwestern city of Szczecin, unveiled last month, had been built by South Korea’s renowned construction company Hyundai Engineering.

He added: “It’s absolutely one of the biggest industrial projects in Poland in recent years, and one of the biggest of its kind in Central and Eastern Europe.”

The Polish president said he hoped “South Korean investors will further intensify their presence in the Polish market, which is also a European Union market.”

He told the gathering that “Polish companies are increasingly becoming suppliers of advanced tech solutions.”

Duda reiterated his hope that South Korea would further open up its market to Polish agri-food products such as poultry, pork and beef, and that the number of flight connections between the two countries would be increased. 

‘Comprehensive cooperation’

The Polish president said that his country and South Korea enjoyed a partnership based on "comprehensive cooperation."

He noted that this year Poland started receiving overseas shipments of liquefied natural gas thanks to a new gas carrier ship, built for the Polish state giant Orlen Group by South Korea’s Hyundai Heavy Industries.

Duda added: “We are developing cooperation in the nuclear energy sector and in the defence industry.”  

He told those at the forum that Poland had ordered USD 9 billion worth of weapons from South Korea, some of which will be produced in Poland.

The Polish president stated: “I believe this marks the beginning of a lasting partnership between the Polish and South Korean defence industries.”

Duda also expressed appreciation for South Korea’s willingness to participate in the reconstruction of Ukraine, especially in the field of transport infrastructure, the PAP news agency reported

He told the Poland-South Korea business forum: “Polish companies have extensive experience in business ties with Ukrainian partners, and they know the Ukrainian market inside out. Joint efforts by Polish and South Korean companies can bring many benefits, both to war-ravaged Ukraine and to entrepreneurs from Poland and South Korea.”

The Polish president also voiced his hope that South Korean companies would "assume a bigger role" in projects carried out under the Polish-led Three Seas Initiative.

The Three Seas Initiative aims to boost infrastructure, energy and business ties among 12 countries between the Baltic, Black and Adriatic Seas, according to officials. It brings together Poland, Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Romania, Slovakia and Slovenia.

Poland is South Korea’s 'gateway' to Europe

Meanwhile, South Korea’s Yoon told the event in Warsaw: "Poland, a gateway for Korean companies to enter Europe and a strategic logistics hub, is Korea's most important cooperation partner in central and eastern Europe.”

He added: "Poland has emerged as Europe's battery production hub as Korean batteries, materials and parts companies have built a battery ecosystem with Europe's largest production capacity here."  

The South Korean president urged efforts “to expand cooperation to other high-tech industries such as aerospace, smart factories and eco-friendly energy, and further strengthen cooperation in the defence and infrastructure fields,” according to The Korea JoongAng Daily.

Yoon further stated: "Strengthening cooperation between the two countries will not only have economic benefits, but also strengthen defence capabilities and industries, and contribute greatly to economic security and the stabilisation of supply chains in both countries."

Poland and South Korea can help rebuild Ukraine

On the rebuilding of Ukraine, Yoon said: "The reconstruction of Ukraine will serve as a new chapter in cooperation between our two countries. Poland is Ukraine's closest neighbour and will play an important role in postwar recovery projects." 

He added that Korea and Poland should "join as partners" to "help Ukraine to stand up again" and rebuild the country, The Korea JoongAng Daily reported. 

Russia invaded Ukraine on February 24, 2022, launching the largest military campaign in Europe since World War II.

Friday is day 506 of Russia’s war on Ukraine.

(pm/gs)

Source:  PAP, prezydent.pl, Korea JoongAng Daily