Joining Hands with Switzerland

Over the years, there was a gradual evolution which turned our nation into the attractive business partner for the global market that it is today. Without any doubt, our nation¡¯s business clout has increased around the world. Amongst many inquiries of investment into Korea, one particular European nation stands out. It is Europe¡¯s finest chocolate producer and maker of high-end watches, Switzerland. Aside from the obvious primary images of the European nation, it may be possible that countless Koreans may soon come to know the country as a major business partner of South Korea.

Recently the Swiss Business Hub Korea, a trade promotion agency fully funded by the Swiss government announced Switzerland is particularly interested in investing in the Korean companies making products related to environment protection and health care. The agency was established in October of last year to work alongside the Swiss embassy in Seoul to research and discover small and large firms with potentials in the European market. So far, Switzerland has 18 agencies of such kind spread across the world and the agency in Seoul reflects its increasing awareness of Korea as an important trade partner.

The agency says that although things are slow there is gradual advancement in possible bilateral trade relations. As it provides a long list of consultation services to support the business expansion of Swiss firms into Korea and vice versa, it has turned into a bridge for reciprocal investment and business opportunities for both sides. Its report show the agency has dealt with over 120 inquires from Swiss companies and it is handling about 10 cases per month. It has been confirmed there are 60 Swiss firms currently doing business in Korea and five newcomers prepping to set up in the country.

Other than working as a bridge between the two countries, the agency is busy promoting Switzerland as an attractive nation for Korea¡¯s firms to do business. The director of the agency describes Switzerland as a country where you can catch multiple birds with a single stone. Interestingly, the statement seems heavily true. Located in the heart of Europe, the country offers access to all European markets including Germany and France. Statistics and past records prove more than 70 percent of all cross-border transportation in Europe passes through Switzerland. Although it is not a member of the European Union, a bilateral agreement promises free flow of just about everything between the country and EU members.

There is a reason by global giants such as Google and Johnson & Johnson having chosen Switzerland as their European headquarters. It is a country of proven welfare programs, political and economic stability, highly skilled workforce, and low tax burden. It is definitely an ideal place to do business. The conditions and factors were proven to be true by many of the world¡¯s leading business consulting firms. And they uniformly agree that among all Asian countries, Korea is the one with the most potential to launch business investments in Switzerland. Soon enough, Koreans businesses may consider Switzerland as their new base to enter the European market.