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Europe's largest biz network opens to S. Korea
SEOUL, Aug. 26 (Yonhap) -- South Korea will be able to consult Europe's largest business network under an agreement that could pave the way for more local firms to access the European market, a commerce body here said Wednesday.
The Enterprise Europe Network (EEN), launched in 2008 by an initiative of the European Commission, will give South Korean companies broader opportunities in the European market starting in October, the European Union Chamber of Commerce in Korea (EUCCK) said in a statement.
The EUCCK, which became a member of the network in December, expects the move will help South Korea coordinate tie-ups with European Union firms.
The EEN deals with some 600 partner organizations in more than 40 countries, offering support and advice to entities doing business in Europe, including small and medium enterprises and research centers.
On July 13, South Korea and the EU concluded their two-year long free trade negotiations. The deal is expected to boost bilateral trade by as much as 20 percent.
The EU was South Korea's second-largest trading partner after China last year. In 2008, two-way trade totaled US$98.4 billion with South Korea enjoying a surplus of $18.4 billion.
The EU was also the biggest investor in South Korea last year with its accumulated investment totaling $44.82 billion.
ygkim@yna.co.kr
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