BUSAN < invest Korea

According to Yonhap News,

(SEOUL=Yonhap News) With the 2014 ASEAN-Republic of Korea Commemorative Summit, the Korea Trade-Investment Promotion Agency (KOTRA) held the Korea-ASEAN Business Plaza on December 11 in Busan to introduce buyers from eight ASEAN countries to Korean export companies.

The event was attended by 54 ASEAN companies and 269 local companies, which were engaged in free trade agreement (FTA) consulting and business meetings.

At the Business Plaza, a total of seven on-site contracts and memorandum of understanding (MOU) worth USD 160 million were reached.

Odin Energy, a Korean company that has off grid wind power technology, signed an energy and technology MOU with Manila Electric Company, the Philippines’ largest private energy and power distribution company. Korea’s Baesangmyun Brewery signed an exclusive supply contract with Malaysia’s Caldbeck Macgregor.

"The Korea-ASEAN FTA is deemed to be less effective than other FTAs. However, the ASEAN market is inevitable when the economies of BRICS countries are struggling. We need to be more supportive and interested in our companies," said KOTRA CEO Oh Young-ho.

hoonkim@yna.co.kr

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