Visit to Israel of Korean Minister for Trade

(Communicated by Foreign Ministry Spokesman)
August 25, 2000

The Minister for Trade in the Ministry of Foreign Affairs and Trade of the Republic of Korea, Dr. Han Duck-Soo, will arrive for a visit in Israel from 27-29 August.

This is Minister Han’s first trip to Israel, and Israel views the visit as another important stage in the development of Israeli-Korean bilateral relations.

Since the beginning of the decade, relations between the two countries have developed in every area: political dialogue, academic and cultural ties, scientific contacts, security, and economic relations. Korea’s quick economic recovery led to a renewed increase in trade with Israel, which stood at $44 million in 1999 and is expected to surpass $1 billion this year.

During his visit, Minister Han will be meeting with Finance Minister Avraham Shochat and with the Director General of the Ministry of Industry and Trade, Dr. Reuven Horesh, and will also visit Israeli hi-tech and venture capital companies.

Minister Han and Minister Shochat will sign an economic cooperation agreement. Within the framework of the agreement, Israel and Korea undertake to advance mutual investment and to encourage joint initiatives, also with third-party countries.

Since the beginning of the decade, Israel and Korea have signed a dozen agreements, including an agreement for the prevention of double taxation, an agreement for the protection of investments, and an agreement for the establishment of a joint fund for research and development.

During his visit in Israel, the guest will tour Yad Vashem and other places in Jerusalem, the Sea of Galilee area, and will visit a kibbutz.