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Joint Statement from the 26th Joint Meeting of the KNZBC and its Korean Counterpart

The 26th Joint Meeting of

the Korea-New Zealand and New Zealand-Korea Business Councils

6 July 2010

Joint Statement

The 26th Joint Meeting of the Korea-New Zealand Business Council (KNZBC) and the New Zealand-Korea Business Council (NZKBC) was held in Seoul on 6 July 2010.

The joint meeting, which was held directly after a policy roundtable meeting organized by the New Zealand International Business Forum and the Korean International Trade Association, covered a wide range of bilateral trade issues and developments. It was attended by over 100 business representatives from a many sectors in the two countries.

The two Councils were greatly honoured that the Prime Minister of New Zealand, the Hon. John Key, on his first official visit to the Republic of Korea, gave the concluding address to the meeting. His overview of the strong and long-standing business relationship between Korea and New Zealand and the commitment to concluding a bilateral free trade agreement was considered encouraging. Those attending recognised the impetus that the Prime Minister’s visit to Korea would give to the further development of the business relationship between the two countries.

The meeting was also honoured to hear opening remarks from Ms Melissa Lee, the first Korean-born Member of Parliament in New Zealand.

Prior to the Prime Minister’s address the meeting heard presentations on the Korean side from Dr Ki Tae Sohn, from the Korea Institute for International Economic Policy, Dr Kyung Jin Boo from the Korea Energy Economic Institute, and Dr Seok Koo Ji of National IT Industry Promotion Agency. From the New Zealand side there were presentations by Graeme Solloway, New Zealand Trade Commissioner in Korea, Eric Barratt, CEO, Sanford Ltd and Grant Straker, CEO, Straker Interactive.

Delegates were keenly aware however that the meeting was taking place at a time of drastic change in the world’s economic environment, and of challenging problems for the two economies. However they clearly recognized that enhanced trading links and opportunities had to be seen as an imperative for the two countries to help them recover from the current difficult period.

The delegates of the two countries noted that two-way merchandise trade between Korea and New Zealand reached NZ$2.6 billion in 2009. In addition there is substantial trade in services, particularly in education services and tourism. It was pleasing that figures for both these sectors were showing signs of improve

The delegates felt that given the economic potential and the complementary economic structures of Korea and New Zealand, there was room for further expansion of bilateral trade between the two countries both in terms of quantity and quality. It also considered that there was great potential for businesses of the two countries to collaborate in research and development aimed at mutually beneficial developments in third markets.

The meeting wished to see investment flows between the two countries encouraged in all sectors, so that investment might better match the substantial level of activity in other areas of the economic and trading relationship. The meeting therefore urged the two governments to look actively at ways to encourage increased investment, including through better immigration regimes and enhanced people-to-people contacts, to take advantage of the complementary industrial structures of the two countries especially in high-tech and knowledge-based industries, and in light of the developments in science and technology exchanges between the two countries. The meeting agreed that both Councils would encourage their members to continue to explore ways to develop new and existing investment opportunities.

The meeting considered that the negotiation of a comprehensive Free Trade Agreement between the two countries would help lift the profile of business interactions and take the trade relationship to a new level.

It was agreed that the next joint meeting would be held in New Zealand at a mutually convenient time.

Mr. Lee, Kum-ki

Chairman

New Zealand–Korea Business Council

Mr Philip Eustace

Chairman

Korea-New Zealand Business Council

6 July 2010