Kotra opens business center in Damascus

Kotra President Cho Hwan-eik, left, has lunch with Sakher Altoun, president of Hyundai Motor’s Syrian distributor, after the launch of the new center. [YONHAP]

Responding to the growing volume of Korean exports to Syria, the Korea Trade-Investment Promotion Agency opened a Korea Business Center in the Middle Eastern country’s capital of Damascus yesterday.

Exports to Syria have increased 39 percent this year as of September to $724 million compared to 2008, the agency said.

The center will help Korean companies expand and invest not only in Syria but also in nearby countries in Europe, the Middle East and Africa, the agency said.

“The basis of the manufacturing industry in Syria is yet weak, while there are various plant projects,” said Kotra President Cho Hwan-eik.

“There is an opportunity for a business cooperative partnership,” said the president.

Hyundai Motor currently holds a 27-percent share of the Syrian auto market share, and LG Electronics ranks first in the television market there.