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Kim Yoon-il, Deputy Mayor for Economic Affairs of Busan, and Adiv Baruch, Chairman of the Israel Export Corporation, held a meeting to discuss six economic cooperation agendas.
[Image source=Busan City]

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City has taken a step forward in economic exchange and cooperation with Israeli companies.

Busan City (Mayor Park Hyung-jun) held a meeting with Adib Baruch, Chairman of the Israel Export Institute, who visited Korea on the afternoon of the 12th to attend the Korea-Israel Industrial Technology Cooperation Treaty amendment and FTA signing ceremony.

The meeting was an opportunity to discuss ways to promote technological cooperation and economic exchange between Busan-based companies and Israeli companies.

Kim Yoon-il, Deputy Mayor for Economic Affairs of Busan City, who attended the meeting, had a fruitful discussion with Adib Baruch, Chairman of the Israel Export Institute, on six pre-arranged economic cooperation agendas.

Both sides promised to cooperate in technological cooperation, activation of exchanges between startup companies, attracting investment, and revitalizing trade with Israel.

The six discussed items were ▲ scouting Israeli technology for manufacturing companies in the Busan area ▲ promoting exchanges between Busan startups and Israeli startups ▲ supporting JV and M&A for technology cooperation matching between Busan and Israeli companies ▲ exploring investment platforms for investing in Busan companies and Israeli startups ▲ revitalizing trade between Busan and Israel ▲ and other exchanges with projects conducted by the Israel Export Institute and Busan City.

The meeting between Kim Yoon-il, Deputy Mayor for Economic Affairs of Busan City, and Adib Baruch, Chairman of the Israel Export Institute, was arranged at the suggestion of Yozma Group Korea, headquartered in Israel.

It was conducted as part of support for attracting foreign investment and expanding exchanges following the MOU signed with Busan City in April.

Kim Yoon-il, Deputy Mayor for Economic Affairs of Busan City, stated, “Busan’s excellent companies are currently struggling as they cannot find growth momentum, but through this discussion, we can provide practical growth opportunities by enabling strong small and medium-sized enterprises in Busan to expand globally and establish partnerships with overseas companies. We plan to set specific agendas for cooperation between companies and hold a bilateral video conference soon.”

The Israel Export & International Cooperation Institute (IEICI) is a public Israeli institution established in 1958 to promote exports and trade cooperation of Israeli companies.

It has about 20,000 member companies and performs a role similar to Korea’s Korea Trade-Investment Promotion Agency (KOTRA).

Israeli Foreign Minister Gabi Ashkenazi, Economic Minister Amir Peretz, and Adib Baruch, Chairman of the Israel Export Institute, visited Korea on the 10th for a 3-night, 4-day schedule to attend the Korea-Israel FTA signing ceremony.

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