Friday, 02 November 2018 08:51

Korea eyes more opportunities in Botswana

Korea is upbeat that continued trade exchange with Botswana will strengthen the two countries’ bilateral relations.Dr. Jong-Dae Park Korea’s ambassador to Botswana this week told delegates at the Global Expo in Gaborone that the two countries' relationship is expected to blossom beyond the 50 years celebrated, this year.

“Korea and Botswana will further strengthen their long standing friendship, with the business sector continuing to be a key area of co-operation,” said Dr. Park. He said networking forum such as Botswana’s Global Expo provide a great opportunity for businesses from both our countries to further strengthen their ties and explore future collaborations. Dr. Park said the two countries have exceptional economic success in the world envied by their peers on the globe.

“About four decades ago, both Korea and Botswana were among the poorest countries in the world that had experienced colonial rule. However, both our countries now proudly present themselves as economic success stories, which is quite unique in world history,” he said.

Statistics indicate that Korea is the 7th country in the world to have achieved the ’30-50 club’ status, that is, having nominal per capital GDP of over 30 thousand dollars with a population of over 50 million, while Botswana is classified as an upper-middle income country with a GDP per capita of 17,000 US dollars in real terms.Dr. Park also applauded Botswana as a leader in transparent and efficient governance on the African continent.

On the other hand, Korea is the world’s 9th largest trading nation, achieving $901 billion in trade.With a diversified export portifolio driven by commodities products to IT and heavy chemical industries, Korea envisages to extend more of its products and services into Botswana.

Some of the leading Korean companies that have already made inroads in the country include Doosan, Daewoo and POSCO engaged in large-scale projects in the fields of construction, energy and resources management.
Meanwhile, Korea’s export development arm KOTRA said Botswana’s ranking as Africa’s most politically stable Nation is the main attraction for Korean companies.

Published in Business

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