Korean leaders encourage commerce with Norway

Korean business leaders called yesterday for closer economic cooperation with Norway in natural resource development, shipbuilding and information technology.
The proposal was made at a meeting in Seoul with about 300 businessmen from both sides that took place during Norwegian Prince Haakon Magnus’s state visit to Korea. Prince Haakon is in line to inherit the Norwegian throne.
Economic cooperation between Korea and Norway has “tremendous potential and should be accelerated” as Seoul signed a free trade pact with the European Free Trade Association, which comprises Switzerland, Norway, Iceland and Liechtenstein, said the meeting’s organizer, the Federation of Korean Industries. The deal came into force in September last year.
“Korea and Norway must step up economic cooperation,” said Kim Jing-wan, chief executive of Samsung Heavy Industries Co., in a speech.
Trade between Korea and Norway totaled $1.7 billion last year.
Prince Haakon Magnus and his wife, Crown Princess Mette-Marit, travel to Busan today for a two-day visit. The two will participate in celebrating Norway Day with 400 Norwegian expatriots in Korea. Norway is the world’s third biggest oil exporter and is a strong player in shipping, fisheries and ship building.