Despite the significant growth in trade between Israel and Korea over the last decade, the relationship is still far from exhausted and has the potential to triple, Korea's newly appointed Ambassador to Israel Shin Kak-Soo said in a meeting with the Israel-Asia Chamber of Commerce.
"The business relationship between the two countries has great potential to grow because the two economies complement each other," Kak-Soo said. "Israel excels in information technology development and Korea is very strong in production and marketing." Korea is interested in purchasing advanced technologies from Israel, he added.
Trade between the two countries reached $1.3 billion in 2005, of which $433 million were Israeli exports to Korea and the remaining $868m. were Israeli imports.
In the first quarter of 2006, Israeli exports rose 22 percent from the parallel period last year to $107m., while imports from Korea dropped 17.6% to $187m.