KOTRA opens trade center in Lisbon to accelerate exports to Europe
KOTRA announced that it held an opening ceremony for the Lisbon trade center in Lisbon, Portugal on February 28. Around 170 officials attended the ceremony on the day.
At the ceremony, KOTRA and the Portugal Trade and Investment Promotion Agency signed a business agreement to strengthen cooperation for mutual information exchange and expansion of trade and investment between the two countries.
The volume of trade between the two countries has more than doubled by 2022 since the Korea-EU FTA took effect in July 2011, and the demand for the opening of trade centers also have been in high demand.
Portugal has suffered from fiscal crises before, but in 2022 it recorded an economic growth rate of 6.4% (according to EIU estimates), which was the highest in Europe.
Portugal has an industrial structure that imports raw and subsidiary materials, manufactures finished products, and exports them to the regional market, and has developed industries related to clothing, pulp, and plastics.
Portugal can be a good investment destination as it has the lowest labor cost in Western Europe and it is not difficult to find talented people who are fluent in English and multiple languages.
Portugal is also a promising investment market for Korean companies as it has good conditions for wind and solar power generation and has recently started attracting foreign companies related to green hydrogen production and distribution.
“We will contribute to the government’s export promotion by discovering export opportunities in the local market alongside resolving difficulties Korean exporters are facing.” KOTRA CEO Yu Jeong-yeol said.
We deliver warmth to our neighbors with briquettes
On Saturday, February 18th, KOTRA carried out briquette delivery together with the Sanggye-dong Community Center in Nowon-gu, Seoul, and the Seoul Briquette Bank.
KOTRA held a one-day hope event to raise charity funds in December last year, and about 350 employees participated. The charity event has been held every year since 2008, and was temporarily suspended due to the pandemic, but was held again after 3 years in line with the endemic keynote. At the hope event, a craft beer company donated beer, and a company of the Invest Korea Plaza cafe donated blending teas. The beer company CEO participated in the 1st KOTRA Global Employment Entrepreneurship Contest in 2013 as a high school student, and after 10 years, the CEO has grown his business with annual sales of 10 billion won. Approximately 3.96 million won was raised through the hope event which then turned into 5,354 briquettes, and on the 18th, about 20 KOTRA employees directly delivered the briquettes to households in need.
Vice President Kim Yun-tae of KOTRA said, “Low-income families suffer greatly due to the recent rise in energy prices. It’s a small donation, but I hope it spreads warmth.”
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