Team Ireland Trade Mission Week is a new government approach to strengthening ties and untapping opportunities for Irish companies in like-minded countries.
The Taoiseach and Ministers Coveney, McConalogue and Harris participated in a programme of events aimed at opening up new trade, investment and education links with the world’s 12th largest economy and the 4th largest economy in Asia. The delegation also included IDA Ireland, Bord Bia and Enterprise Ireland.
Watch on YouTube: Team Ireland Trade Mission Week to Korea - YouTube
Addressing the Korean Enterprises Federation during the trade mission, Minister Coveney said:
“In the current climate of global economic and geopolitical uncertainty, Ireland offers a secure, stable, pro-business location, with a highly skilled and flexible international workforce and is the ideal place to access markets, talent and innovation across Europe. As Korean companies increasingly globalise, we believe Ireland is ideally placed as a location to help them grow.”
Trade Partners: Ireland and Korea
The value of Ireland’s trade with Korea in 2021 was €5 billion, a 401% increase in the 10 years since 2011. The value of exports from Ireland to Korea in 2021 was €3.5 billion and the value of imports was €1.7 billion.
Services accounted for 80% (€2.8 billion) of Ireland's exports to Korea in 2021 and goods for 20% (€683 million). 16% of Ireland’s service exports to Korea are operational leasing services.
- 1983-2023: 40th anniversary of diplomatic relations
- Irish imports from Korea have increased fivefold over the last decade
- Irish exports to Korea have grown from €590 million to €901 million over the last five years, an increase of 53%
- Korea exported €430 million worth of vehicles to Ireland in 2022
- Ireland’s largest category of exports to Korea in 2022 was medical and pharmaceutical products, worth €425 million
- bilateral trade between Ireland and Korea is over €5 billion (total trade in goods and services in 2021)
- up to 800 Korean nationals travel to Ireland for a working holiday each year
- there are 3 active GAA clubs in Korea
Taoiseach and ministers conclude successful Team Ireland Trade Mission Week to Korea
Taoiseach and government ministers travel to Korea for Team Ireland Trade Mission Week
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