Leaders have business agendas too

Some world leaders are making the most of their attendance at the Nuclear Security Summit as an opportunity to cement business ties with Korea.

On Monday, leaders from Chile, Finland, Nigeria, New Zealand, Thailand and Britain opened a business forum, discussed economic cooperation with business chiefs from Korea, or visited Korean companies.

On the sidelines of their leaders’ brisk business activities, some foreign governments inked agreements with their Korean counterparts on economic cooperation.

Seoul officials said Korea and Morocco signed a memorandum of understanding on cooperation in providing Korea’s know-how on river refurbishment to the African country.

The officials also said Korea and Chile agreed to conclude a memorandum of understanding on building a tidal power plant in the South American country.

Korea has the world’s largest tidal power facilities in Sihwa, west of Seoul. Chilean president Sebastian Pinera, accompanied by Korean government officials, toured the power plant on the west coast.

The Chilean leader’s visit is part of his efforts to solidify the country’s relationship with Korea, which has become closer since the two countries forged an FTA in 2004.

He expressed his hope that the two countries will further develop the free trade pact during a luncheon with Korean business chiefs on Monday,

“Let’s not only specify what is currently stated in the FTA but also have it include more details. I’m hoping that we can join hands to make more opportunities in terms of investments,” he said.

Pinera also said that he expects to sign a memorandum of understanding with Korea covering more sectors during his stay here.

In response, chairman Sohn Kyung-shik of the Korea Chamber of Commerce and Industry said Korea and Chile are at the beginning of a new path for another 50 years of economic bilateral ties rooted in mutual understanding and trust. This year marks the 50th anniversary of the establishment of diplomatic relations between the two countries.

“Considering the wide potential and industrial structures of both nations, we believe the two could work together on more various sectors,” said Sohn.

Mines, energy resources and information communication technologies were among the discussion topics.

The event, organized by the KCCI, included a joint meeting of Korea-Chile economic business committees and a luncheon attended by President Pinera.

Korea and Chile signed an FTA in 2004, with it being the first trade pact Korea signed with a foreign nation.

Last year alone, trade volume between Korea and Chile reached $6.83 million, according to officials at the meeting. The value of exports from South Korea to Chile totaled $2.38 million, taking up 0.4 percent of its worldwide shipments.

Almost half of the exports from Korea to Chile were cars, followed by items like petroleum and chemical products as well as steel plates. Imports from Chile to Korea included cooper, cooper ore and wine.

Nigerian President Goodluck Jonathan on Monday called on the Korean business community to extend investment in the African country’s energy, power and infrastructure sectors. Speaking at Nigeria-Korea Investment Forum held before the opening ceremony of the Nuclear Security Summit, President Jonathan emphasized the gains investors could enjoy from participating in Africa’s most populous nation with abundant resources.

“We are committed to democracy, and respect the rule of law. It is my hope that South Korea sees more investment opportunities in Nigeria,” President Jonathan told a gathering of more than 140 Korean companies and his business delegation.

He said there will be “synergies from cooperation of Nigeria and Korea in all spheres,” especially as the African nation continues to deregulate its market to ensure the flow of international trade.

The forum, hosted by Korea Chamber of Commerce and Nigerian Embassy in Seoul, was attended by the president’s entourage including the ministers of power, science and technology, and housing. Korean attendees included Park Yong-man, chairman of Doosan Corp., Lee In-sung, vice chairman of STX, and Jung Soo-hyun, president of Hyundai Engineering & Construction.

“Korea already is a major trading partner of Nigeria investing heavily in numerous infrastructure projects including power plants and oil production facilities. This will further expand in years to come,” Sohn Kyung-shik, chairman of Korea Chamber of Commerce & Industry, said in his opening speech.

Apart from the Chilean and Nigerian leaders, Finnish president Sauli Niinisto attended a joint meeting of Korea-Finland economic councils in the day.

British Deputy Prime Minister Nick Clegg visited Homeplus’ virtual store installed in a subway station in southern Seoul.

By Cho Ji-hyun and Cynthia J.Kim

(sharon@heraldcorp.com)  (cynthiak@heraldcorp.com)