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Deputy Minister Grzegorz Piechowiak: we encourage South Korean companies to locate their investments in Poland

25.11.2021

Deepening of the Polish-Korean economic relations and talks with potential and existing investors from South Korea, who implement their investment projects in the Polish Investment Zone - these are the main topics of the visit of Deputy Minister Grzegorz Piechowiak to Seoul.

Deputy Minister Grzegorz Piechowiak and the president of SK Nexilis are standing in front of the factory building

I welcome the increasingly intensive - especially in recent years - dialogue and trade cooperation between Poland and South Korea. It is one of our most important economic partners in Asia, extremely active also in the Polish Investment Zone. It is mainly thanks to Korean companies that today we are a leader in the production and export of batteries for electric cars - said the Deputy Minister of Development and Technology Grzegorz Piechowiak.

During his stay in Seoul, the deputy head of the Ministry of Ecnomic Development and Technology met with representatives of South Korean companies, including SK Nexilis, SK Technology and LG Energy Solution, which are investing and developing their production in Poland. He also encouraged them to further develop their mutual business relations.

Korean companies at PSI

South Korea is the third largest foreign investor in the Polish Investment Zone after Germany and the USA.

Thanks to the investment of the Korean company SK Technology, one of the world's most modern plants producing separators for lithium-ion batteries used in electric cars was established in Dąbrowa Górnicza. The company has declared to create at least 400 new jobs.

SK Nexilis, which specialises in the production of copper foil for lithium-ion batteries, will invest in the construction of a factory in Stalowa Wola. This will create 330 new jobs. South Korean LG Energy Solution has recently announced the expansion of its electric car battery factory in Kobierzyce near Wrocław.

Economic cooperation between Poland and South Korea

South Korea is one of our most important economic partners in Asia and the second largest trading partner in the region after China.

Since the signing of the EU-Republic of Korea Free Trade Agreement in 2011, our bilateral trade has grown steadily.  In 2020, despite the pandemic, it reached a record level of USD 7 billion. In this crisis year, Polish exports to the South Korean market increased by 5.5%, to around $737 million, and imports by 10.6%, to $6.2 billion. Meanwhile, preliminary data for the first eight months of 2021 indicate a 31% increase in bilateral trade, with Polish exports to the South Korean market rising by as much as 42% (around $640m) and imports by around 30% (nearly $5.1bn).

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