Sangui Holds Business Forum with Turkey... Exploring Cooperation in Bio and IT Industries

Discussion on Bilateral Economic and Investment Environment on the 22nd
Celltrion Bio and SK Planet Present IT Industry Outlook

[Asia Economy Reporter Dongwoo Lee] The Korea Chamber of Commerce and Industry (KCCI) is joining forces to strengthen industrial cooperation with the Turkish business community.

According to the business community on the 10th, KCCI will hold a business forum on the 22nd with the Turkish Foreign Economic Relations Board to explore industrial cooperation measures between the two countries.

Due to the spread of the novel coronavirus infection (COVID-19), all forum schedules will be conducted online. This is the first official meeting between the business communities of the two countries in six months since the dispatch of the Turkish economic delegation was canceled in March due to the COVID-19 situation.

The event will begin with opening remarks by Nail Olpak, Chairman of the Turkish Foreign Economic Relations Board, and Woo Tae-hee, Executive Vice Chairman of KCCI, followed by discussions between companies from both countries on the Turkish business and investment environment. From the Korean side, Celltrion will present on the bioindustry, and SK Planet will present on the IT industry, sharing prospects and cases of industrial cooperation.

According to KOTRA, as of the first half of this year (January to June), Korea's exports of pharmaceuticals and medicinal products to Turkey amounted to 335 million USD, an increase of 75% compared to the same period last year. During the same period, the trade balance recorded a surplus of 2 billion USD, and the trade volume reached 3.3 billion USD.

Turkey's economic scale continues to grow. According to the OECD's report on the economic growth rates of G20 countries for the first quarter of this year, released in July, Turkey recorded the largest decline of 3.4% since 1998 due to the COVID-19 crisis. However, excluding India (0.7%) compared to the previous quarter (Q4 2019), Turkey was the only country to show a 0.6% growth, and also showed a high growth rate of 4.4% compared to the same period last year.

Marking the 100th anniversary of the founding of the Republic of Turkey in 2023, large-scale infrastructure expansion plans such as transportation infrastructure construction are underway, and the Korean government is also planning to prepare support measures for Korean companies to enter the market.

A KCCI official said, "Through this seminar on industrial cooperation with Turkish businesspeople, we plan to further expand exchanges between companies of the two countries and share cooperation measures for future industries such as bio and IT."

This content was produced with the assistance of AI translation services.