SEOUL, September 5 (AJP) - South Korea and Italy reaffirmed their commitment to strengthening bilateral economic cooperation at the first business forum in Seoul on Friday, with a focus on advanced technology as both countries face resource constraints and aging populations.
The forum, co-hosted by the Italian Embassy in South Korea, the Italian Trade Agency (ITA), the Italian Ministry of Foreign Affairs and International Cooperation, and the Federation of Korean Industries (FKI), along with Confindustria, the General Confederation of Italian Industry, brought together more than 300 representatives from both countries, including government officials and business leaders from the manufacturing, energy, and technology sectors.
Italian Ambassador to South Korea Emilia Gatto opened the event, highlighting that around 80 Italian companies and 150 Korean companies had gathered, stressing that the two nations are not only strong trade partners but are also increasingly cooperating in innovation and research. She said, "This event marks the beginning of a new chapter in economic relations, grounded in the dynamism and innovative capabilities of both countries."
South Korea's Deputy Trade Minister Park Jong-won emphasized that the two countries share a history of overcoming resource constraints through industrial innovation. He said, "Since the establishment of diplomatic ties in 1884, our two countries have deepened our engagement in politics, economy, culture, and people-to-people exchanges. As peninsular nations with limited resources, both countries have achieved significant growth by overcoming historic hardships and challenges."
Italian Vice Minister of Enterprises and Made in Italy Valentino Valentini echoed these views, saying that South Korea and Italy face similar challenges as resource-limited economies with aging populations. He asked attendees, "Are we competitors or are we complementary commons?" He added, "Our industrial system generates 1.5 trillion euros ($1.75 trillion) in turnover, with SMEs contributing 45 percent to national exports. This flexibility needs to integrate the digital revolution and AI while maintaining our innovative production edge," saying that South Korea has similarly transcended the middle-technology phase while leading in semiconductors and artificial intelligence (AI).
Valentini also touched on cultural aspects, saying, "South Korea has also become a global creative and cultural powerhouse, from K-pop to cinema, from design to digital arts. While Italy continues our Renaissance legacy through fashion, architecture, and industrial design, together we represent a unique fusion where Eastern innovation meets Western craftsmanship, creating synergies across entertainment, technology, and luxury markets."
Since the implementation of the South Korea-EU Free Trade Agreement (FTA) in 2012, bilateral trade between the two countries has shown consistent growth. Total trade volume increased from $8.08 billion in 2012 to $12.6 billion in 2024, marking a growth rate of 55.9 percent.
South Korean imports of Italian products grew from $4.8 billion to $7.7 billion (60.4 percent), while exports to Italy rose from $3.2 billion to $4.9 billion (53.1 percent). South Korea is now the largest consumer of "Made in Italy" products per capita in Asia, with more than half of Italy's exports to South Korea concentrated in the fashion and luxury goods sectors.
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