Economic Ties between Italy and Kore

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Economic Ties between Italy and Kore

 


The two economies (Italian and Korean) are more mutually supplementary than competitive in terms of both type of products and target markets. This aspect would imply a spontaneous tendency to try creating ways of cooperation not only at the manufacturing level but also at the distribution one, in order to share competitive advantages for the different markets that Italian and Korean companies target.

In 2004, the Italian and Korean trade exchange has increased in both ways. While Italian exports have increased of almost 5 percent with a value of $2.5 billion, Korean exports towards Italy registered an increase of 33 percent with a value of $3.4 billion over that of the previous year.

These figures show that Italy is more willing to open its market to South Korea in order to implement further this mutual exchange.

Among the different products imported from Italy, the food and wine sector presented a remarkable progress due to the Korean tendency to appreciate the Mediterranean diet and in particular the Italian cuisine.

Imports of wine increased by 12.4 percent in the 2004 and during the first quarter of the year 2005 wine imports increased by 42 percent. Imports of olive oil (described as ``healthy food'' along with red wine, kimchi, green tea and garlic during the KBS program titled ``Secrets for longevity'') registered an increase by above 80 percent in the 2004.

Similar increases were registered by balsamic vinegar (+16.5 percent), tomato sauce (+6.4 percent) and Italian coffee (+12 percent).

Finally, the Korean consumer has been learning in recent time to appreciate Italian cheese, such as Gorgonzola, Buffalo mozzarella, Parmesan and so on: consequently, its imports have increased in 2004 by 44.2 percent.

The cultural and scientific cooperation between Italy and Korea is very rich in activities and events and encompasses a wide range of sectors _ music and opera, art exhibitions, scientific seminars, exchanges of students and researches.

The Italian Cultural Institute of Culture in Seoul is in charge of cultural and educational initiatives between the two country, while the Embassy of Italy in Seoul is the contact point and the engine for all scientific and technological cooperation initiatives among Universities and research Centers of Italy and Korea.

Two bilateral agreements, the first on cultural cooperation and the second one on scientific and technological cooperation, represent the framework for all the activities carried out in these two sectors.

The friendship and close links between Italy and Korea are getting always more tight and rich: our two countries are working together in this direction and thus contribute to a more peaceful and prosperous world to come.


06-02-2005

 

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