Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Korean Economy Presents Opportunities For Nz

PRESS RELEASE

KOREAN ECONOMY PRESENTS OPPORTUNITIES FOR NZ

Minister for Trade Negotiations Hon Jim Sutton says that the Korean economy has rebounded from crisis faster than any other in Asia.

Mr Sutton is currently visiting Korea, to attend the Asia Pacific Economic Co-operation Seoul Forum.

The rebounding of the Korean economy opened up many new opportunities for New Zealand exporters, he said yesterday.

"Our bilateral trade with Korea recovered by more than a third last year, to total $1.5 billion, which means we are back in business after Korea's economic crisis." Korea is New Zealand's fifth-largest export market.

"New Zealand exports to Korea were worth just under $1 billion last year, driven by strong recoveries in Korea's manufacturing industries and consumer spending," Mr Sutton said.

"The outlook for New Zealand's important primary commodities such as timber and food is good, but it is apparent to me that there are also abundant opportunities in Korea for high-tech and value-added New Zealand exports."

Mr Sutton said that during a meeting with Korea's Minister of Information and Communications Ahn Byung-yup, he was impressed by plans the Korean Government was developing to transform Korea into a knowledge-based economy.

"Minister Ahn expects internet connections in Korea to double from 10 million to 20 million by the end of this year.

"Such an explosion in information technology development offers major opportunities for New Zealand's innovative software and telecommunications industries, and will change the way other exporters do business in this market."

Mr Sutton said there was also great potential in Korea for New Zealand's education and tourism services.

"Korea's large and affluent middle class places a high value on seeking quality education in English-speaking countries.

"Koreans are also travelling overseas again and New Zealand is well-placed to build on its good reputation to become a favourite destination for them."

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Veronika Meduna: The Kaikoura Rebuild

A Scoop Foundation Investigation

Friday will be a big day for people north of Kaikōura – and for hundreds of construction workers who are racing to reopen State Highway 1 in time for the holiday season.

By the afternoon, the South Island’s main transport corridor will be open to traffic again, more than a year after a magnitude 7.8 earthquake mangled bridges and tunnels, twisted rail tracks and buried sections of the road under massive landslides. More>>

 

BPS HYEFU WYSIWYG: Labour's Budget Plans, Families Package

“Today we are announcing the full details of the Government’s Families Package. This is paid for by rejecting National’s tax cuts and instead targeting spending at those who need it most. It will lift 88,000 children out of poverty by 2021." More>>

ALSO:

Gordon Campbell: On Defence Spending, Alabama, And Dolly Parton

The spending lavished on Defence projects to meet the risks that could maybe, possibly, theoretically face New Zealand in future is breath-taking, given how successive governments have been reluctant to spend even a fraction of those amounts on the nation’s actual social needs. More>>

ALSO:

Members' Bills: End Of Life Choice Bill Passes First Reading

The End of Life Choice Bill in the name of David Seymour has been sent to a select committee for consideration by 76 votes to 44. It is the third time Parliament has voted on the issue in recent decades and the first time such a Bill has made it over the first hurdle. More>>

ALSO:

State Sector: MPI Survives Defrag Of Portfolios

The Ministry for Primary Industries will not be split under the new government, but will instead serve as an overarching body for four portfolio-based entities focused on fisheries, forestry, biosecurity and food safety. More>>

ALSO:

Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages