TAOISEACH LEO VARADKAR and three government ministers will this week travel to Korea as part of a high-level trade mission to strengthen ties and work on untapped opportunities for Irish companies. 

While Varadkar will travel to the country on Thursday, the Minister for Enterprise, Trade and Employment Simon Coveney, the Minister for Agriculture, Food and the Marine Charlie McConalogue, and the Minister for Further and Higher Education Simon Harris will travel today.

A series of meetings are scheduled to be held with key decision-makers in a bid to open up new trade, investment and education links with a focus on Irish food, beverages and beef. 

Ireland has an ambitious plan to deepen our economic relationship with Korea and the broader Asia Pacific, by growing trade and investment, especially as this region remains an engine of growth for the global economy.

Speaking ahead of the visit, the Taoiseach said the government’s updated Asia Pacific strategy sets out an ambitious plan to deepen relationships in a region that offers mutually beneficial opportunities for trade, investment and education.

“The vibrant relationship between Ireland and Korea is built on shared values, growing trade and economic ties, and driving growth,” he said.

He added that the trade mission week is a new approach aimed at helping Irish companies access the important Asian market, while also encouraging foreign direct investment into Ireland.

During the week, Varadkar will meet with President Yoon, when the Taoiseach is expected to raise a wide range of areas where Ireland and Korea are already working together such as climate change, global insecurity, threats to democracy and the rule of law.

“I will also meet the heads of Korean companies who have invested in Ireland, creating jobs and investing in communities,” Varadkar said. 

Ministers Coveney and McConalogue will begin the programme with an Enterprise Ireland (EI) breakfast event which will see engagement by EI clients with their in-market distributors, partners and an EI Korea Advisory Panel.

“As high tech and export driven economies, Ireland and the Republic of Korea have many similarities and shared values in the international rules-based trading system, making it an important anchor point for Ireland in Asia. We’ve a number of EI client companies here to pitch to Korean companies and investors,” said Coveney. 

He said a large proportion of our €5 billion per year in two-way trade with Korea is business-to-business, stating there is huge scope to grow this by building on the EU-Korea Free Trade Agreement.

“The possibilities are endless,” Coveney commented, adding that this week is a unique opportunity to directly provide trade and investment messaging to senior level attendees from major Korean conglomerates and Korean SME businesses.

Minister McConalogue highlighted the importance of the Republic of Korea as an important market for food exporters:

“Korea is a market with significant growth potential for Irish agri-food exports. Korean consumers are sophisticated and there is a demand for the high quality, safe and sustainable agri-goods Irish farmers, fishers and food processors produce.

“Irish food and drink products ranging from seafood to dairy to whiskey are already on sale in Korea with agri-food exports to Korea valued at €75 million in 2022.

“I will be meeting Korean buyers this week to grow this market further. This trade mission also provides a valuable opportunity to further progress Ireland’s market access application for beef. The Taoiseach and I will be raising this issue in our engagements with the Korean Government this week.”

Minister Harris will be visiting a number of universities and meeting his counterparts to discuss the development of strong partnerships between the two countries. 

He will also announce a new Ireland-Korea English Language Student Alumni Network and Student Ambassador Scholarship scheme which will see the successful Korean students invited to participate on an English Language course during the month of March next year at one of the participating schools to coincide with the St Patrick’s Day Festival.