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Italy and Korea are two like-minded Countries, and are indeed much closer than one could expect, sharing not only common profound values but also a very similar approach to life and a sort of reciprocal attraction. That is why our two Countries have been excellent economic partners for decades and bilateral trade has since the beginning shown a constant upward trend, even across difficult global economic conjunctures.
In the challenging year of 2023 Italy and Korea managed to keep high numbers in bilateral exchange, with Italian export to Korea totaling 8.3 billion USD. Korean exports to Italy were also very substantial, scoring 5 billion USD. The total trade is equal to about 13.3 billion USD. In particular, Italy represents the 16th exporting country to Korea (the same position as 2022). In Europe, Italy is preceded only by Germany (8th), while it precedes France (17th), the Netherlands (18th) and the United Kingdom (27th). Italian exports are mainly driven by the sectors of fashion and textile products, machinery, food and beverage products.
As a matter of facts, not everybody knows that Korea represents the first Asian market for per capita value of Italian exports, ahead of China, Japan, India and Singapore. Korea also represents the third largest market in Asia in absolute value only after the PRC and Japan, as well as fifth largest non-European market. Korean market is gradually reaching the value of the Japanese market (the absolute value of Italian exports to Korea is equal to almost 90% of those to Japan), despite the Japanese population being 2.5 times that of Korea.
In 2023 the Embassy of Italy in Korea and the ITCCK, together with the Italian Trade Agency in Seoul, continued to make joint efforts in order to organize large economic and trade initiatives, aiming at offering further occasions to strengthen business relations between Italy and Korea in many different sectors. Within this framework, ITCCK has played an increasingly dynamic and successful role, as it was the case during the last edition of the World Week of Italian Cuisine, where ITCCK commitment was instrumental.
On such promising bases, we have a thrilling year ahead of us, because in 2024 we celebrate the 140^ anniversary of diplomatic relations, with programmed initiatives aiming at further consolidating our longstanding friendship.
In the economic sector, the most meaningful event of the celebration will be the first Italian-Korean Business Forum, to be held in Seoul in the second half of 2024. I am confident that with the contribution of ITCCK to the joint effort of the Italian Team in Korea, the Business Forum will open a new brilliant chapter to our economic and commercial partnership, surpassing previous achievements and capturing the attention of an even larger audience.
I wish the best of success to ITCCK, on its way to further consolidate its role as a key bridge between the Italian and the Korean business communities and I encourage all relevant Italian and Korean firms in Seoul to join the group!
Emilia Gatto
Ambassador of Italy