Several new potential synergies were identified at the 2nd Korea New Zealand Business Roundtable, held yesterday in Seoul.The roundtable was organised by the NZ International Business Forum and the Korea International Trade Association (KITA), and was att
Several new potential synergies were identified at the 2nd Korea New Zealand Business Roundtable, held yesterday in Seoul.
The roundtable was organised by the NZ International Business Forum and the Korea International Trade Association (KITA), and was attended by about 70 delegates from both New Zealand and South Korea.
Information technology, “clean” technology, health services, and agricultural technology took centre stage during case study presentations of actual and potential co-operation between the two countries.
Highlights included Auckland UniService's joint project with Daegu City to provide robotic carers in rest homes, NZ company Harmonic's work with agricultural technology in Korea, and Hyundai-Rotem's tender to replace the Wellington rail network.
Korea has traditionally supplied cars and high tech consumer goods to New Zealand, with trade in the other direction focused on food and fibre products.
Speaking at the conference, NZIBF chairman Graeme Harrison expressed his support for closer economic relations between the two countries.
He said that a new “region-wide economic space” would help dismantle trade barriers, promote regulatory co-operation, expand investment and facilitate research and innovation.
Mr Harrison said that KITA had agreed to look at holding a future roundtable event.
Prime Minister John Key also spoke at the conference, after concluding a 90-minute meeting with South Korean President Lee Myung-bak, largely focused on renewing free trade agreement (FTA) negotiations.
The two leaders had identified broadband and renewable energy technology as new areas where the two countries could work together.
NZIBF's executive director Stephen Jacobi said in an earlier press release that two-way trade between Korea and New Zealand totalled $2.6b in December 2009, making it NZ’s seventh largest trading partner.
He expected growth in Korea to reach 5% in 2011, "one of the strongest recoveries in the OECD".
NZ delegates at the roundtable session included representatives from Anzco Foods, the Asia NZ Foundation, Auckland UniServices, Business NZ, Fonterra, GNS Science, Harmonic, Hyundai New Zealand, Jack Links, Meat and Wool New Zealand, NZ Trade and Enterprise, PF Olsen, Sanford, Snapper, Straker Software, and Zespri.
