Slovenia, through its investment promotion agency, SPIRIT, and South Korea, represented by its Chamber of Commerce and Industry, have entered into a strategic partnership by signing a Memorandum of Understanding (MoU) on August 30. This collaboration aims to fortify economic relations, elevate trade levels, and attract innovative investments between the two nations.

The cooperation is currently satisfactory, yet both nations aspire to deepen their economic bonds, concentrating particularly on sectors like the automotive industry, energy - with a special focus on nuclear power, tourism, and advanced technology. This was shared at a business forum held in Ljubljana during the MoU signing, witnessed by over 50 entities from Slovenia and South Korea.

Slovenia has ambitions to serve as a gateway for South Korea into Europe, as expressed by the State Secretary at the Economy Ministry, Matevž Frangež. This intention stems not only from the strategic position of the Koper port but also from shared economic aspirations in industrial decarbonization, development of pioneering products and industries, and Slovenia's goal to host multinational headquarters, emphasizing hi-tech companies.

Frangež suggested the potential for Slovenian companies to leverage South Korea as a portal into additional markets, acknowledging South Korea’s remarkable development trajectory, led by corporations that have ascended to industry leadership.

Post MoU-signing, SPIRIT director, Rok Capl and Lee Seong-woo, leader of South Korea's business delegation, highlighted the mutual recognition for experience, knowledge, and innovative strategies. Capl emphasized that this newfound alliance with South Korea’s Chamber of Commerce and Industry unveils opportunities for knowledge exchange and the creation of revolutionary solutions, boosting economic growth, job creation, and innovation.

Lee expressed anticipation that Slovenia would back South Korea’s proposal to host the 2030 Expo in Busan, pointing out the industrial prowess and OECD membership commonality between both nations.

SPIRIT’s data reveal a bilateral trade volume of €441 million in 2022, with Slovenia’s exports contributing €71 million. The predominant exports from Slovenia include electrical machinery, measuring instruments, mechanical devices, and vehicles, whereas the primary imports comprise iron, steel products, and automobiles from South Korea.

In conclusion, this collaboration between Slovenia and South Korea is a pivotal step in fostering economic growth and innovation, opening up avenues for trade expansion and mutual investment in diverse sectors, and highlighting the commitment to shared economic and industrial goals.