Polish Ambassador to Korea Piotr Ostaszewski, front row eighth from left, poses with business and government officials from Korea and Poland during the Polish-Korean Business Forum held in Seoul, April 25. Courtesy of Polish Investment and Trade Agency.

Over 160 business leaders, government officials and diplomats from Korea and Poland gathered in Seoul for the Polish-Korean Business Forum, April 25.

Hosted by the Polish Investment and Trade Agency (PAIH), the event aimed to bolster bilateral business relations and explore new avenues of cooperation, extending beyond traditional manufacturing sectors to include research and development.

The 2024 edition of the forum incorporated a broader spectrum of industries, facilitating discussions among business, political and scientific stakeholders from both nations.

"Korea and Poland enjoy excellent relations, exemplified by the significant presence of business and political representatives from both nations at today's forum," said Andrzej Dycha, chairman of PAIH.

"The Republic of Korea stands as one of Poland's foremost partners, being our largest Asian foreign investor. Korean investments have made substantial contributions to Poland's development, generating nearly 7.7 billion euros ($8.2 billion) in investment outlays and creating almost 30,000 new jobs over the past two decades."

Dignitaries including Polish Ambassador to Korea Piotr Ostaszewski, Secretary of State in the Ministry of Development and Technology of Poland Jacek Tomczak and Commissioner of Invest Korea from KOTRA Kim Tae-hyung emphasized the pivotal role of Korean-Polish relations in fostering economic growth and innovation.

"Poland is the largest trade and investment partner of Korea in Central and Eastern Europe, while Korea ranks as the top non-European investor in Poland. Our cooperative relationship is poised to deepen further, particularly in high-tech sectors like clean energy, next-generation batteries and electric vehicles, positioning us as forward-looking partners," Kim said.

The seminar portion of the forum saw active participation from leading entities such as SK hynix, Wardynski & Partners, CRIDO, Colliers Poland, DZP, Tias, Korea Overseas Infrastructure & Urban Development Corporation (KIND) and the Korea Trade-Investment Promotion Agency (KOTRA). Over 50 B2B meetings were facilitated during the latter part of the event, fostering tangible collaborations between Korean and Polish businesses.

"In 2023, Poland and the Republic of Korea witnessed a trade turnover of approximately $10.1 billion, with Polish exports to Korea reaching $1.1 billion. This robust economic engagement is further underscored as we celebrate the 35th anniversary of diplomatic relations between our nations," Anna Lagodzinska, head of PAIH's office in Seoul, said.

The enduring presence of Korean enterprises in Poland, including industry giants like LG and Samsung, underscores the depth of economic ties. LG's investment in a cutting-edge battery plant has positioned Poland as a global leader in lithium-ion battery exports, while Samsung's research and development center in Warsaw spearheads innovations in telecommunications and software development.

Polish exports to Korea have also surged, with products like pasteurized milk gaining popularity among Korean consumers. PAIH's unwavering support for Polish exporters and its initiatives, such as organizing trade-focused events and facilitating study visits for Korean importers, have further fueled this growth trajectory.