Expansion of Irish beef into Korean market on agenda during trade mission
Of Keogh Coveney Heading Irish South Korea Part Simon Picture: The Minister Is Delegation Clare Trade To
An expansion of Irish beef into the Korean market and the promotion of horse-racing links between both countries will form part of discussions during a high-level Government trade mission this week.
The Taoiseach and three senior ministers will travel to South Korea in a bid to expand trade, strengthen political relations, and hold high-level meetings with commercial partners.
Trade Minister Simon Coveney, Agriculture Minister Charlie McConalogue, and Higher Education Minister Simon Harris are set to arrive on Tuesday. Mr Varadkar is due to arrive on Thursday.
Irish food and beverage exports to Korea were worth €75m last year, with Mr McConalogue saying there is potential to increase this further during the visit.
Korea is the fifth largest importer of meat in the world. He is also due to meet the CEO of the Korean Racing Authority in Seoul.
Betting revenue of horse racing in South Korea amounts to billions of euro every year.
Mr McConalogue said: “The biggest opportunity for Irish agriculture however lies in the fact that not only is Korea the 12th largest economy in the world but also its fifth largest meat importer.
Irish agri-food exports to South Korea have grown by 183% over the past decade. The main export categories were pigmeat, dairy products, seafood, and beverages.
Mr McConalogue will also lead commercial engagements with leading customers for Irish food in Korea with Bord Bia, promote Irish agri-tech and agri-machinery companies activities in Korea with Enterprise Ireland, and promote the links between the Irish and Korean horseracing industries.
Trade Minister Simon Coveney is to focus on raising the profile of Ireland as a key source of innovation for Korean business, particularly among Korean technology companies.
Key successes for Irish business in South Korea include Transfermate in the Fintech arena, McHale, and Tanco’s success in the balers and wrapper market.
Irish clinical research organisation ICON employs over 750 people in the Korean market, the largest of any EI client.
Enterprise Ireland client exports to South Korea grew by 44.5% from 2019 to €142m in 2022, driven by an increase in life sciences, ICT, and food exports.
Around 120 Enterprise Ireland companies have been doing business in South Korea in recent years, 21 Irish companies are part of the trade mission this week.
South Korea is a growing export market for Enterprise Ireland companies, particularly life sciences, agricultural technology, animal nutrition, digital technology, fintech, and education.
In recent years Irish companies have formed relationships with key Korean businesses such as Samsung Biologics, Hyundai Motor Group, and LG Electronics.
The new measures will be the first time there will be a quality assurance mark for English language teaching in the country. The International Education Mark (IEM) is intended to promote public confidence in the quality of Irish providers delivering programmes of education to international learners.
Two types of IEM will be awarded, one to higher education providers and one to English language education providers, who have demonstrated that they meet national standards to ensure a quality experience for international learners, from enrolment through to the completion of their education programme.
To obtain this mark, institutions will have to demonstrate compliance with a number of standards that relate to the recruitment and admission of international students; the provision of information, and student welfare.