Korea-Tonga Business Roundtable strengthens economic cooperation between the two nations

The inaugural Korea-Tonga Business Roundtable was held on Friday, July 14th, 2023, at the Fa’onelua Convention Centre, signifying a momentous milestone in the economic cooperation between the Kingdom of Tonga and the Republic of Korea.

This event, organized by the Korea Chamber of Commerce and Industry and the Tonga Chamber of Commerce, brought together key stakeholders to explore avenues for collaboration and mutual benefit.

The distinguished gathering was graced by the presence of Hon. Samiu Vaipulu, the Deputy Prime Minister of Tonga, who delivered special remarks at the event. Leading the Korean delegation was Secretary General Yoon Sangjick, the Secretary General for The Bid Committee for the World Expo in Busan, Korea.

Their participation highlighted the shared interest in cultivating economic cooperation between the two nations. Also in attendance were Mr. Tatafu Moeaki, the Governor of the Reserve Bank of Tonga, the Corporate President for Samsung Electronics, and the Vice President for the Korea Chamber of Commerce & Industry.

In his speech, Hon. Vaipulu emphasized the immense potential for economic cooperation between Tonga and Korea. As a small island nation, Tonga aims to diversify and strengthen its economy to ensure sustainable growth and prosperity for its people.

Recognizing the valuable support and expertise that Korea can provide, Hon. Vaipulu referred to Korea’s remarkable achievements in technology, manufacturing, and trade as qualities that make it an ideal partner for Tonga’s private sector development.

The Korea-Tonga Business Roundtable served as a platform to discuss the prospects of economic collaboration between the two nations. Tonga, as a developing nation, seeks to diversify and fortify its economy, and Korean expertise in various sectors, including technology, manufacturing, and trade, presents valuable opportunities for collaboration.

The event aimed to foster partnerships that would contribute to the growth of Tonga’s private sector and facilitate sustainable economic development.

As a testament to the commitment towards strengthening business relations, a Memorandum of Understanding was signed by Vice President Lee Seong-woo of the Korea Chamber of Commerce and Industry and President Sam Vea of the Tonga Chamber of Commerce and Industry. This agreement aims to strengthen and develop business ties between the two countries, opening up avenues for greater cooperation and mutual benefits.

During the roundtable, Hon. Vaipulu expressed his support for Korea’s bid to host the World Expo 2030 in Busan. Recognizing the significance of this global event, Tonga pledged unwavering support and stressed the importance of collaborating with Korea on cultural exchange, sustainable practices, and tourism promotion. Both nations aim to ensure the success of the bid and create an extraordinary World Expo experience.

Discussions on preparations for the World Expo 2030 were also held at the Business Roundtable. Leveraging Korea’s expertise and experience in hosting international events, Tonga intends to effectively prepare for the Expo and showcase its unique heritage and potential to a global audience.

The Korea-Tonga Business Roundtable demonstrated the shared commitment of both nations to strengthen bilateral ties and foster economic growth. By capitalizing on the respective strengths of Tonga and Korea, this event has paved the way for closer collaboration, ensuring a prosperous future for both countries and their citizens.

Source: Talanoa o Tonga News