Trade between Ghana, Korea has great potential

Mr. Woon-Ki Lyeo, Korean Ambassador to Ghana, has stated the minimal volume of trade between Ghana and Korea stands US$300million. The traded items were cocoa beans, metal scrap, fish, and gold for Ghana’s export to Korea, while used-cars and parts, textiles and accessories, electronics and household appliances form Korea’s export to Ghana.

Ambassador Lyeo said there are still great potential that is yet to be materialised, promising markets in both countries which they may not be aware of -- especially because of the complementary nature of Ghana and Korea.

He said this at Ghana-Korea Business Luncheon hosted by the Embassy of the Republic of Korea on the occasion of the 2015 Korea Trade Mission visit to the country.

“It is our own responsibility to grow and nurture the bilateral economic relationship to walk, run and jump, and to become a prominent figure in the regional and world economy,” he said.

Ambassador Lyeo urged all stakeholders to play their roles, since economic activities and development involves all players from the private and public sectors working together.

He emphasised that business networking has always been an effective way to have up-close experiences of the new market and connect with valuable new partners.

Mr. Dawarnoba Baeka, Chief Director Ministry of Trade and Industry, said South Korea is Ghana’s 16th largest supplier of imports -- supplying 1.35% of Ghana’s imports worth US$242million in 2014. Korea on the other hand is Ghana’s 34th largest export destination accounting for 0.34 % of exports worth US$34million in 2014.

He said Ghana runs a very large and persistent trade deficit with South Korea, which reached US$208million last year…although this was US$141million less than in 2013.

Mr. Baeka said Ghana’s exports, which were dominated by cocoa beans, amounted to US$8.8million or 74% of total exports to Korea in 2013.

Mr. Byung-ju Jeon, Deputy Director of Marketing, Korea Trade Agency (KOTRA) said his outfit will work through export support for small and medium-scale enterprises, global business partnerships, potential businesses, trade and investment information, and support for overseas expansion among others.

Korean companies present at the luncheon included Samsung, AFKo group, Glotech, Shinsung Engineering, Sk and E&C and Korea Exim Bank.