Yesterday, the Ministry of Foreign Affairs hosted South Korea Export Day, which brought together Estonian companies, South Korean partners, and experts in Tallinn to explore new opportunities for cooperation and share insights on entering the Korean market.
The business seminar was opened by Undersecretary for Economic and Development Affairs at the Ministry of Foreign Affairs, Mariin Ratnik, who underlined that cooperation between Estonia and Korea has deepened significantly in recent years. “We opened our embassy in Seoul in 2020 and a business centre in 2023, while Estonia has hosted the Korean Embassy in Tallinn since this year,” Ratnik said.
Estonian exports to Korea have increased by nearly 50% in just a couple of years. According to Ratnik, defence industry cooperation has emerged as a strong new sector. “A good example is the South Korean aerospace and defence company Hanwha Aerospace, which has signed cooperation agreements with Milrem, Nortal and SensusQ,” she noted. Other areas of focus continue to include timber and wooden houses, energy, shipping and shipbuilding, biotechnology, and the food and beverage sector.
Estonian companies were also welcomed by Estonia’s Ambassador to Korea, Tanel Sepp; Korea’s Ambassador to Estonia, Ileung Kim; and the Head of the Export Division at Enterprise Estonia (EIS), Eva-Kristiina Ponomarjov. An overview of Korea’s economy and business opportunities was presented by Samsik Lee, Director General of KOTRA Helsinki (Korea Trade-Investment Promotion Agency). Koreans often refer to their country fondly as the “Republic of Apartments”, with over 50% of the population living in flats. However, many buildings are in need of renovation, which, according to Lee, offers excellent opportunities for Estonian timber companies.
A panel discussion focusing on the defence industry featured Hanwha Aerospace Romania Senior Vice President Peter Bae, Milrem’s Director of Industrial Partnerships Paul Clayton, and Estonian Defence Industry Association cluster manager Rene Ehasalu. The discussion was moderated by Carmel Tellis, Deputy Head of Mission at the Estonian Embassy in Seoul.
The panellists agreed that building trust is rooted in face-to-face meetings and finding mutual benefit – it is not just about looking for clients but about building partnerships. Asked whether Korea’s geopolitical position makes Korean companies hesitant to invest in Estonia, Hanwha Aerospace’s representative emphasised that there are many forms of investment – from simple orders to joint R&D, direct investment, or joint ventures. He encouraged Estonian companies to work with Hanwha.
Rene Ehasalu emphasised that finding the right partners in Korea is critical, and one-off projects will not pay off. Milrem’s representative agreed, drawing from experience, that cooperation with Korean partners is like a dance – at first you observe and test how well it works, and only then do you take further steps towards deeper collaboration. Paul Clayton added that working with Korean partners is straightforward, as both sides are highly pragmatic.
The green technology and energy panel was chaired by Marek Roostar, EIS’s Head of Asian Markets. Panellists included Samsung C&T Senior Vice President Jung E. Kim, Fermi Energia CEO Kalev Kallemets, and Estonian Green Technology Association CEO Kädi Ristkok.
The discussion centred on identifying opportunities for cooperation, with panellists sharing examples of how initial contacts can grow into lasting partnerships. Kädi Ristkok stressed that the most important goal is to move beyond pilot projects and scale up businesses.
Soyoung Im, EIS’s export adviser for South Korea, and Hyejeong Yu, project manager at the Estonian Business Centre in Seoul, presented the embassy’s and EIS’s plans for 2025–2026, highlighting opportunities for companies to participate and encouraging all businesses interested in the Korean market to get in touch. The day concluded with sector-specific matchmaking meetings, where participants could discuss concrete cooperation ideas and seek advice from both Estonian and Korean experts.
The event was financed through the European Union’s NextGenerationEU recovery fund.
Photos (Egert Kamenik): https://www.flickr.com/photos/estonian-foreign-ministry/albums/72177720329080066/
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