KOTRA Opens 'Lisbon Trade Office' to Expand Exports to Europe

Need for Support of Export Companies Due to Increased Trade Volume with Portugal

The Korea Trade-Investment Promotion Agency (KOTRA) held an opening ceremony for the Lisbon Trade Center in Lisbon, Portugal, on February 28. The event was attended by approximately 170 key figures, including Yoo Jung-yeol, President of KOTRA; Cho Young-moo, Ambassador of the Republic of Korea to Portugal; Luis Henriques, President of the Portuguese Trade and Investment Promotion Agency; Rui Vinhais, Deputy Minister of the Portuguese Ministry of Foreign Affairs; as well as current and former members of the Portuguese National Assembly.

KOTRA explained that the Lisbon Trade Center was established due to the steadily increasing trade volume with Portugal and the growing number of support inquiries from export companies. There was also a request from relevant Portuguese government departments to open a trade center. The urgent need to secure an additional foothold in Europe to respond to the rapidly changing trade environment also played a part in the decision.

From the left, Kim Hyun-chul, Head of KOTRA Europe Regional Headquarters; Jung Hyun-jung, President of the Portuguese Korean Association; Cho Young-moo, Ambassador of the Republic of Korea to Portugal; Yoo Jung-yeol, President of KOTRA; Luis Enriques, President of the Portugal Trade and Investment Promotion Agency; Rui Vinhas, Deputy Minister of the Portuguese Ministry of Foreign Affairs; Vitalino Canas, Honorary Consul; and Rui Ferreira, President of Portugal Ventures, are participating in the KOTRA Lisbon Trade Office plaque unveiling ceremony. / Photo by KOTRA

Although Portugal experienced a past financial crisis, it has regained vitality through bold fiscal austerity and innovation efforts. Last year, it recorded an economic growth rate of 6.4%, one of the highest levels in Europe (according to EIU estimates). Portugal’s strengths include four key factors: ▲a well-established (light) industrial base ▲competitive labor and production costs ▲high renewable energy potential ▲an open startup ecosystem.

At the opening ceremony, KOTRA and the Portuguese Trade and Investment Promotion Agency also signed a memorandum of understanding to strengthen cooperation for mutual information exchange and the expansion of trade and investment between the two countries.

Yoo Jung-yeol, President of KOTRA, said, “We hope the Lisbon Trade Center will become a foothold for our small and medium-sized enterprises (SMEs) and mid-sized companies to enter the European market. We will actively support the government’s export-plus goal by discovering export opportunities in the local market and resolving on-site difficulties faced by our export companies, such as trade regulations.”

Meanwhile, KOTRA will hold a European regional export expansion strategy meeting on March 3 in Brussels, Belgium. The agency plans to explore ways to expand exports to overcome the ongoing trade deficit and to actively support our SMEs and mid-sized companies by understanding the current status of European Union (EU) trade regulations.

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