Slovenia's investment promotion agency SPIRIT and the South Korean Chamber of Commerce and Industry signed a memorandum of understanding on 30 August with the aim of strengthening economic cooperation, attracting new investments and boosting trade between the countries.

Although satisfied with the current level of cooperation, Slovenia and South Korea want to develop it further, especially in the automotive industry, energy - nuclear power in particular - tourism, and high technology, heard a business forum in Ljubljana where the memorandum was signed.

Slovenia would also like to act as a bridge for South Korea in Europe, State Secretary at the Economy Ministry Matevž Frangež told the event, which brought together more than 50 Slovenian and Korean companies and institutions.

He said this was not "only because of the Koper port, but also for the sake of common economic interests in the decarbonisation of industry, the development of new products and new industries, and Slovenia's ambition to become the headquarters of multinationals again, especially hi-tech firms".

The official suggested that Slovenian companies could use South Korea as an entry point into third markets. Slovenia admires the path South Korea has trodden in the past decades, its development spearheaded by large companies which have become leading players in their respective industries, he said.

After signing a memorandum with the head of South Korea's business delegation Lee Seong-woo, SPIRIT director Rok Capl said that Slovenia had become recognized for its capability to join experience with knowledge and innovative approach.

He feels the new partnership with South Korea's Chamber of Commerce and Industry opens up endless possibilities to exchange know-how and develop ground-breaking solutions.

"The partnership will promote economic growth, create jobs and foster innovation," Capl said, and Woo pointed out that the countries are both highly industrialized and both members of the OECD.

Lee expressed the hope that Slovenia will support South Korea's bid to host the 2030 Expo in the city of Busan.

SPIRIT data shows bilateral volume of goods trade amounted to €441 million in 2022 with Slovenia's exports accounting for only €71 million.

Slovenia mostly exported electrical machinery and equipment, measuring instruments, mechanical appliances and vehicles, while its main imports from South Korea are iron and steel products, and cars.