Optimism on N.Z. trade with South Korea

Press, 21 October 1978, Page 9

Optimism on N.Z. trade with South Korea

South Korean and New Zealand businessmen have expressed their desire to cooperate in achieving a firm trading and economic partnership and closer technological collaboration, especially where there is potential for mutual participation in projects requiring agricultural and construction expertise.

In a joint communique issued this month after their one-day first joint meeting of the Korea-New Zealand Business Council, some 120 business leaders of the two countries shared the view that the convening of the meeting will mark the beginning of a relationship at the private sector level which recognised the potential for expanding and diversifying trade between the two countries.

The Korean side was chaired by Mr Cho Haihyung, president of Ssangyong Paper Co., and his New Zealand counterpart was Mr Eric Millar. Winding up the first meeting held at the Chosun Hotel, the two chairman held a press meeting.

Chairman Cho said the first meeting laid a firm foundation on which business relations between South Korea and New Zealand will

be further consolidated and diversified. Mr Millar said that the meeting provided a good oportunity for the two sides to exchange frank views on expansion of their economic and trade relations.

The joint communique further said the complementarity of the two economies was emphasised and the Korean side expressed the hope that advantage would be taken of their ncreasing ability to supply heavy industrial plant and equipment to suit New Zealand requirements such as electrical and electronic goods, rolling stock, and iron and steel products.

“This trend toward wider industrial development in Korea has encouraged the hope that Korea would be willing to continue moves toward greater liberalization of imports to allow access for a wider range of New Zealand products and provide a long-term market for some of the products which New Zealand can supply,” it added.

The Korean delegation expressed to the people and the Government their appreciation for granting a fishing quota in the waters off New Zealand which exemplified

the measure of economic cooperation achieved between the two countries. “However, the Korean side asked the New Zealand members to convey the desire of the Korean people

for an increase of the fishing quota when the matter is reviewed in 1979 by the New Zealand Government,” he communique said. The two countries established an agreement which

allowed Korea fishing rights within New Zealand's exclusive economic zone — the first country to be given such rights. Prospects for additional joint ventures were consid-

ered to be bright, and opportunities in forestry, carpet mmanufacturing, tanning and leatherware, food processing and boat building were seen as offering potential.