British Chamber of Commerce in Korea Executive Director Lucinda Walker

By Lucinda Walker

The British Chamber of Commerce in Korea (BCCK) would like to congratulate President-elect Yoon Suk-yeol on his victory. We are looking forward to working closely with him and his administration and strengthening the bilateral trading relationship between the U.K. and South Korea.

The BCCK sees that the Korean market is a key market for many British companies. British companies operating in Korea appreciate this country's commitment to the rule of law and to economic cooperation.

The bilateral trading relationship between the U.K. and South Korea is now worth more than 20 trillion won a year, with an 11 percent increase in 2021. When it comes to foreign direct investment in Korea, the U.K. also ranks highly out of Korea's partner countries.

The year 2022 will be the year that negotiations start between the U.K. and Korea for a new ambitious free trade agreement (FTA). Today, when discussing areas that the BCCK would like the new administration to focus on, I would like to mention digital trade and clean energy, but we look forward to working with the new administration on all areas under the FTA.