£500m UK business boost as Clegg visits S Korea

The Deputy Prime Minister signalled the agreement at a meeting with South Korean Prime Minister Kim Hwang-sik, which he said could add £500m per year to the UK economy and create £2bn of additional export opportunities for UK businesses.

Bilateral trade between the two countries is already around £6.5bn, while Britain is Korea’s second largest European trading partner after Germany, with well over half of Korea’s investment in the EU in 2010 and 2011 being in the UK.

In addition, Mr Clegg also unveiled a new Host2Host agreement, which it is hoped will position British firms to win contracts to help deliver sporting events including the Asian Games 2014, the World Student Games in 2015 and Pyeongchang Winter Olympics 2018.

Mr Clegg said: “I’m delighted to be here in South Korea, and to be able to tell Prime Minister Kim Hwang-sik that we have fully approved the Free Trade Agreement.

“It underlines the UK’s commitment to fostering stronger trade links with the world’s fastest growing economies. This FTA alone could add £500m per year to the UK economy and create £2bn of additional export opportunities for UK businesses .

“It marks a new and even stronger era for trade between the UK and South Korea, and will mean more jobs in the UK and a significant boost to our economy.”

During his trip, the Lib Dem leader is expected to meet South Korean business leaders, UK businesses based there and examples of UK innovation in Korea.

He added: “The best of British design, innovation and services will have even greater opportunity to show their strength in South Korea. UK and Korean companies will be able to form alliances on multi-billion pound projects across the world.”

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