An upcoming trade forum will highlight B.C. products and services and provide exporting advice for B.C entrepreneurs bringing them face-to-face with leading experts on doing business in Korea.

The B.C. - Korea Trade and Investment Forum in Vancouver on June 23, 2015, is the place to be for globally-minded B.C. businesses wanting to enter the Asian market. The new Canada - Korea Free Trade Agreement (CKFTA) - Canada’s first free trade agreement in Asia - represents a stepping stone into the dynamic and growing Asian market.

From seafood to technology to bioenergy, and other key economic sectors, representatives from successful Korean and B.C. companies including Samsung Electronics, LG Electronics, Lotte Department Stores, Seo Young Fisheries and Big Rock Korea will be available to provide advice for B.C businesses looking to do business in Korea. In addition, representatives from the governments of Canada and B.C. will present how they support B.C. companies looking to enter the Korean market.

Ready for questions will be top entrepreneurs like Tae-Ho Lee, Chairman of Korea’s Jinbo International Corporation, which introduced Canadian canola oil and Bee Maid Honey to Korean markets. Lee also represents the Canada Malting Company supplying quality barley malt to Korea’s brewery industry.

Michael Weedon of the B.C. Bioenergy Network will discuss how B.C.’s bioenergy sector can meet Korean growing demand for bioenergy through innovative projects using organic material and forestry by-products to generate heat and energy. And the forestry and wood products session will discuss the opportunities and challenges for the B.C. forestry sector in Korea.

Representatives from the large Korean Lotte Department Stores and Seo Young Fisheries will join a lively discussion moderated by B.C. management consultant Mary Ellen Hodgins, on Korean consumer tastes and market demand for agrifood and seafood. B.C. producers have enjoyed great success in expanding their businesses in this sophisticated and affluent market — this session will help identify further opportunities for growth.

Most sessions are open registration while a handful of lucky entrepreneurs will have an opportunity to pitch their ideas to LG Electronics representatives, in the hopes that they will strike it big with the multinational electronics giant that achieved over $53 billion in global sales in 2013.

For the full program of exciting speakers, see: http://www.bc-koreaforum.ca/

Quotes:

Teresa Wat, Minister of International Trade -

“The B.C. government is eager to help businesses take advantage of the many opportunities now available under Canada’s new trade agreement with South Korea. In fact, I was the first trade minister to visit South Korea since the trade agreement was ratified.”

“The impressive jump in exports in the first quarter is the kind of momentum that we are keen to build on. This forum is the perfect place for B.C. and South Korean businesses to come together to learn about the benefits of the CKFTA and discuss new ways they can work together to grow trade and investment, and create new job opportunities for British Columbians.”

John Kim, president of the Canada-Korea Business Association -

“There is so much untapped business and trade potential between B.C. and Korea — our economies are very complementary. The upcoming B.C. - Korea Trade and Investment Forum presents a signature opportunity for B.C. companies to more fully explore and take advantage of the many trade and investment possibilities offered by the new Canada - Korea Free Trade Agreement.”

“Members of the Canada Korea Business Association will be attending the Forum in force and I definitely encourage B.C. businesses, big and small, interested in expanding markets and realizing new avenues of growth to participate in this important event.”

Quick Facts:

• South Korea is British Columbia’s fourth largest trading partner and export destination, and over 50% of Canada’s exports to South Korea originate from B.C.
• Currently B.C.’s top exports to South Korea include coal, copper, aluminium and wood products.
• The Canada - Korea Free Trade Agreement (CKFTA) has been in effect since Jan. 1, 2015, and has significant benefits for B.C. companies, eventually removing duties on 98% of tariffs covering virtually all of Canada’s imports.
• The forum will focus on the sectors where B.C. is expected to benefit the most: agrifoods and seafood, natural resources and technology.
• With the CKFTA, the Government of Canada predicts that exports of goods and services to South Korea will increase by as much as 32% and boost Canadian gross domestic product by $1.7 billion annually.
• Already B.C. is seeing positive results from the CKFTA, with agrifoods exports to South Korea going up 79%, and seafood exports rising 150% compared to the same quarter last year.
• And with Korea currently importing 98% of its energy, the CKFTA can pave the road to opportunity for Canadian and B.C. biomass exporters.
• Minister Wat was the first trade minister to visit South Korea since the CKFTA came into effect.

Learn More:

To register for the Forum, or to learn more, visit: http://www.bc-koreaforum.ca/

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.: www.bcjobsplan.ca

Media Contacts:

Media Relations
Ministry of International Trade
250 356-7293