An Italian business delegation arrived in Seoul, South Korea at the start of the current week with 60 firms, seven banks and 122 private entrepreneurs looking to expand in a market that has traditionally welcomed Italian products.
"We have very good companies that might not have been good at promoting a brand but are good at making quality products. We need to expand that," said Paolo Zegna, vice president of the Italian industry confederation Confindustria, who heads the Italian delegation which will stay in South Korea until Thursday, November 24.
The sectors targeted by the Italian delegation include automotive, robotics, automation, logistics, luxury goods, energy, engineering, industrial plants and machinery.
Trade between both countries hit $7.3 billion last year and is set to keep rising as a result of the EU-South Korea free trade pact implemented in July this year. Due to the trade deal, Italian agencies view South Korea as an important and viable business partner with which they can increase trade.
On the sidelines of the mission, a couple of agreements have been signed. One is between South Korean companies POSCO and Daewoo with Mantova, Italy-based Marcegaglia Group, regarding the supply of stainless steel products to the Italian firm, valued at about $250 million. POSCO will meet around one third of Marcegaglia's specific demand, while almost a half of the group's stainless steel needs are satisfied by Terni, Italy-based ThyssenKrupp Acciai Speciali. Antonio Marcegaglia, CEO of Marcegaglia, stated, "The cooperation with POSCO started three to four years ago. Year by year we are developing it and expanding it."