Polish minister of finance Tadeusz Koscinski is encouraging South Korean firms to explore business opportunities in Poland’s transportation and energy sectors.
According to Koscinski, he is “more than happy” with the significant presence of top South Korean companies in Poland’s manufacturing sector.
Poland wants to boost bilateral ties with South Korea beyond e-mobility to make a strong rebound from the fallout of the COVID-19 pandemic.
South Korea is the largest Asian investor in Poland, with the cumulative value of foreign direct investment reaching $2.2 billion as of 2019.
Koscinski added that their trade turnover grew dynamically before the pandemic and hopes the two countries successfully continue bilateral trade and investment relations in the future.
South Korean firms have been investing heavily in Poland in various industries, including electric vehicle batteries, electronics, engineering, auto parts, and the chemical industry.
Koscinski said he expects “fruitful collaboration” in the e-mobility and cybersecurity sectors, as well as several other areas.
The largest investment by a South Korean firm in Poland is LG Chem Ltd.’s 4 trillion won EV battery plant, which made Poland the largest lithium-ion battery exporter in Europe.
LG Chem plans to invest an additional 820 billion won by next year. Meanwhile, SK Innovation Co. is building a battery separator factory in Poland to start production later this year. There are plans to invest 1.13 trillion won to expand the facility.
State-run South Korean companies have been exploring new business opportunities in transportation and energy projects in Poland.
South Korea is also eyeing opportunities in Poland’s nuclear energy sector, which aims to build six reactors in two locations by 2043.
The state-run Korea Hydro & Nuclear Power has offered to help with the project.