RICHMOND - The groundwork for exponential growth in business between B.C. companies and South Korea has been laid, and the Province of British Columbia is committed to helping that happen, Minister of International Trade Teresa Wat said today in Richmond.

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Building on the opportunities provided by the new Canada-Korea Free Trade Agreement (CKFTA), the B.C. government will focus this year on creating awareness and increasing investment opportunities with South Korea, already the province’s fourth-largest export market.

The CKFTA is Canada’s first trade agreement with an Asian country and brings Canada in line with competitors who already have signed free trade agreements with South Korea, such as the European Union, the United States and Australia.

Throughout 2015, the Ministry of International Trade will lead an engagement and outreach program to increase trade and investment between B.C. and South Korea under the new CKFTA, which came into effect Jan. 1, 2015. The focus will be on the three sectors where B.C. is expected to benefit the most: agrifoods and seafood, natural resources and technology.

A key component of the engagement and outreach program will be a B.C.-South Korea Trade and Investment Forum where B.C. and South Korean companies and industry associations, along with government officials, will discuss how to grow and expand the economic relationship, using the preferential market access provided by the CKFTA. Details of the forum will be announced in the near future.

The B.C. government will continue to host sector-focused CKFTA awareness seminars in 2015. To date, two of these seminars have been held. One seminar on agrifoods and seafood, which took place in November 2014, sold out. Another on liquefied natural gas was held in December 2014.

Quotes:

Teresa Wat, Minister of International Trade -

“Open trade with South Korea is a promising economic frontier for B.C. in 2015. My ministry is working to build awareness of the opportunities that are opening as a result of the deal and will help businesses both in B.C. and South Korea to increase investment here.”

“During my trade mission last fall, I saw first-hand that companies in South Korea are very eager to learn more about what B.C. has to offer. We want to ensure that B.C. companies realize long-term economic opportunities from the trade deal. Engaging both private- and public-sector stakeholders face to face is the best way to ensure that we are all working together toward common goals - increasing trade, developing new export opportunities and creating new jobs for British Columbians.”

Mr. John C. H. Kim, president, Canada Korea Business Association -

“British Columbia has strong ties with South Korea and there are many Koreans who have made their home here and many businesses who recognize that this trade agreement has potential for their bottom line. Our association is committed to helping our community businesses find those opportunities and we are especially grateful for the work the B.C. government does to assist with this.”

Mr. Brendan Harnett, CEO and chairman, Flying Fresh Air Freight -

“New markets such as South Korea are giving B.C. businesses the opportunity to grow and share their goods. Already Flying Fresh is feeling the positive effects of the Canada-Korea Free Trade Agreement, in part because of the support of the B.C. government and our trade partners overseas. The opportunity to meet our trade partners at events such as these is invaluable to our business and to the long-term relationships we are building together.”

Quick Facts:

• South Korea is B.C.’s fourth-largest export market, with $1.9 billion in exports in 2014.
• More than half of Canada’s goods exports to South Korea originate in British Columbia.
• The Canada-Korea Free Trade Agreement (CKFTA) was officially signed on Sept. 22, 2014, after almost 10 years of negotiations.
• The Government of Canada predicts that the CKFTA will increase Canadian exports to South Korea by 32% and create thousands of new jobs in Canada.

Learn More:

To find out more about the CKFTA, visit: http://ow.ly/H5rCE

Learn more about B.C. trade and investment opportunities: http://www.britishcolumbia.ca/

Find out how international trade is creating new jobs in B.C.: http://engage.gov.bc.ca/bcjobsplan/

Media Contacts:

Media Relations
Ministry of International Trade
250 356-7293