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Korea seeks more investments to and from Cyprus

01 February, 2013

Korea wants to increase its commercial presence on the island, especially after one of the offshore natural gas exploration licenses south of Cyprus were awarded to the Korean gas multinational, KOGAS, in a joint venture with Italy’s ENI.
Presenting hi credentials to President Demetris Christofias on Friday, Korean Ambassador Gil-sou Shin expressed the hope that the Cyprus government “will provide a favourable environment for the Korean companies which are interested in doing business in the Republic of Cyprus”.
Regarding the second licensing round for natgas exploration, he said that “it is quite encouraging to see that Korea participates in the project for the development of natural energy resources in the deep sea off the coast of Cyprus”.
The Ambassador said that Korea imports about 300 bln dollars’ worth of natural gas a year and that he would like to see more Korean companies establish a presence on the island, once KOGAS sets up its operations.
Gil-sou Shin, accompanied by Seoul’s Honorary Consul in Cyprus, Alkis Iacovides, said that prospects include investors from the banking and services sectors, while there is interest from Korea in the privatisation of public assets, such as the Ports Authority.
“You also have some fine wines and other foodstuff that Korean consumers would be keen to import,” he told a private briefing of journalists.