Enhancing Korea-Canada Economic Ties
For Immediate Release
October 24, 2023
VANCOUVER, B.C. — On October 11, 2023, the World Trade Centre Vancouver, in collaboration with the Consulate General of the Republic of Korea in Vancouver, the Canada-Korea Business Association, and KOTRA (Korea Trade-Investment Promotion Agency) Vancouver, successfully hosted a market information session that shed light on the immense potential for trade and investment between Canada and Korea.
Speaking at the event, Consul General Jongho Kyun emphasized the importance of this initiative, stating “The Korean Consulate's role is to strengthen ties between the Republic of Korea and the Province of British Columbia on cultural, political, and economic levels. Events like the Trade Beyond Borders: Enhancing Korea-Canada Economic Ties play an important role in fostering trade and investment between Korea and B.C. This event provided valuable insight into the B.C. market and the advantages of the CKFTA to Korean companies that were participating virtually. Korea is B.C.'s fourth largest trading partner and trade volume between Korea and Canada has increased by roughly 70% since the CKFTA came into effect in 2015. Korea and Canada are seeking to expand the scope of trade and investment to new areas such as renewable energy, critical minerals, movies, and games. The Korean Consulate in Vancouver will continue to provide support for enhanced trade and investment with BC.”
Minister of State for Trade, Jagrup Brar echoed this sentiment, saying, "Canada's Free Trade Agreement with the Republic of Korea opens doors to exciting prospects for businesses in both countries. We encourage Canadian companies to take advantage of the technological advancements and opportunities that Korean companies have to offer."
World Trade Centre Vancouver Director, Joyce Tang added, "This event has facilitated meaningful connections between Canadian businesses and Korean counterparts, fostering collaboration and growth. Korea is a dynamic market, and Canadian companies should explore the possibilities it offers."
Rochelle Flores, Senior Manager at WTC Vancouver said, “This market information session created an opportunity for companies on both countries to gain a deeper understanding of the Canada-Korea Free Trade Agreement. South Korea being Canada’s 7th largest trading partner, it exemplifies the strong strategic and economic partnership shared between two nations.”
The event served as a crucial platform for networking and information sharing, paving the way for strengthened trade relations between Canada and Korea. Canadian businesses are encouraged to seize the opportunities presented by this thriving market, leveraging the robust framework of the Canada-Korea Free Trade Agreement.
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About the Greater Vancouver Board of Trade:
Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Western Canada's leading business association, engaging our members to inform public policy at all levels of government and empowering them to succeed and prosper in the global economy. With a Membership whose employees comprise one-third of B.C.'s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through unique programs. In addition, we operate one of the largest events platforms in the country, providing a stage for national and international thought leaders to enlighten B.C.'s business leaders.
Media contact:
Federico Cerani
Communications Manager
Greater Vancouver Board of Trade
604-640-5450 || media@boardoftrade.com