Spain | El País
Felipe VI and Queen Letizia travel to Seoul on a state visit with a strong economic profile
The Kings will make a trip to Asia next week with two fronts. One is the enthronement of the Emperor of Japan; the other, a state visit to South Korea with a marked economic background. Accompanied by the acting Foreign Minister, Josep Borrell, they depart on Sunday, October 20, towards Tokyo, where they will attend along with other heads of state at the Naruhito throne access ceremony, which will take place on October 22 at the Imperial Palace. And the next day they will fly to the Republic of Korea, where they make a two-day state visit in which the King will participate in a summit with the South Korean president, Moon Jae-in, and will meet with the representatives, among others , from companies like LG Electronics, Hyundai or Samsung.The Kings will make a trip to Asia next week with two fronts. One is the enthronement of the Emperor of Japan; the other, a state visit to South Korea with a marked economic background. Accompanied by the acting Foreign Minister, Josep Borrell, they depart on Sunday, October 20, towards Tokyo, where they will attend along with other heads of state at the Naruhito throne access ceremony, which will take place on October 22 at the Imperial Palace. And the next day they will fly to the Republic of Korea, where they make a two-day state visit in which the King will participate in a summit with the South Korean president, Moon Jae-in, and will meet with the representatives, among others , from companies like LG Electronics, Hyundai or Samsung.
Their arrival in Seoul is scheduled for noon on the 23rd. At the Military Air Base they will be received by a cordon of authorities and greeted with 21 salutes of honor, although the official reception will take place a few hours later at the headquarters of the South Korean presidency, the called Casa Azul. There the Kings will hold separate meetings with President Moon Jae-in and his wife, Kim Jeong-suk, and subsequently, they will intervene in the signing ceremony of agreements between the two countries. That same afternoon, the King will hold a meeting with former United Nations secretary general Ban Ki-moon and at night he will attend the gala dinner offered by the South Korean president and the first lady.
But beyond strengthening the institutional ties between both countries, the trip responds to a clear economic strategy with this country with which Spain in 2020 celebrates 70 years of relations. South Korea is the third Asian market for Spain, after China and Japan, surpassing India as a destination for Spanish exports. It is a country that grows at annual rates above the average of countries with developed economies and has the most advanced industries in the world: in automotive, electronics, 5G technology, shipbuilding or steel industry. It has the highest ratio of world investment in R&D in relation to its GDP (4.55%), and well above the OECD average (2.37%).
The Free Trade Agreement between South Korea and the European Union provides a favorable environment for Spain to strengthen economic relations and intensify trade. Bilateral trade exceeded 6,000 million in 2018 (including services), while Spanish exports exceeded 2,000 million that same year. South Korea has sectors of interest for Spain (water, environment and renewable energy), which also seeks opportunities to carry out joint projects in third markets.
The relationship is growing and dynamic. There are several Spanish companies that have a presence in Korea, such as Indra, Inditex, BBVA or Santander. Spain invested in Korea 460 million in 2017 and Korea 680 in our country. In addition, there has been a notable increase in tourism demand since the opening of direct flights between Seoul, Madrid and Barcelona. Spain registered in 2018 the visit of 490,631 Korean tourists (in 2009 they barely reached 24,000). In 2017 these tourists spent about 571 million euros in Spain.
The second day of the state visit is largely focused on those goals. The King will maintain a breakfast with representatives of industrial conglomerates in the country, such as Hyundai, Samsung or LG, and then open a Spain-Korea business meeting, attended by the main organizations of both countries. Queen Letizia will also hold a meeting with members of startups related to health, education and the social area. The Kings will also visit LG Sciencepark in Seoul, where the electronic company groups the research activities of all its corporate departments.
In the political sphere, the agenda includes visits to the National Assembly and the Seoul City Council, which will appoint the honorary citizens of the city. In the final stretch of the visit, they will maintain a meeting with hispanists. The Spanish language is experiencing a growing demand in the country through the Cervantes Classroom, which depends on the Tokyo headquarters. In that sense, there has been an increase in the unregulated academies of teaching Spanish, as well as in the Spanish-language careers taught by South Korean universities and the candidates for the DELE exam to obtain official degrees accrediting the degree of competence and Spanish language proficiency of the Cervantes Institute. The Kings will end the visit with a reception to the Spanish community in the Republic of Korea, which has about 600 representatives.
