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Polish-Korean cooperation continues

Yesterday, Polish Deputy Minister Of National Defense Paweł Bejda met with the Deputy Minister of Defense of the Republic of Korea, Il Sung, and today, cooperation has been initiated between the governmental bodies of both countries: the Financial Supervision Commission and the Financial Services Commission. The discussions with the Korean side are also conducted by the Ministry of State Assets.

On Wednesday, March 27th, Paweł Bejda, the Secretary of State at the Ministry of National Defense responsible for overseeing the technical modernization of the Polish Armed Forces, met with the Deputy Minister of Defense of the Republic of Korea, Il Sung. The discussions concerned various aspects of cooperation between our countries, particularly focusing on the implementation and planned agreements regarding the equipment of the Polish Armed Forces.

Photo: Polish Ministry of National Defense

Today, on March 28th, a meeting took place at the headquarters of the Financial Supervision Commission between Kim Joo-hyun, the Chairman of the Financial Services Commission (FSC) – the financial supervisory authority of the Republic of Korea, and Jacek Jastrzębski, the Chairman of the Polish Financial Supervision Authority (KNF). Representatives of the Banking Supervision Department of the KNF, the Department of International Cooperation, as well as the International Finance Department of the FSC, also participated in the event.

The visit inaugurates relations between the Polish and Korean financial supervisory authorities. This is connected with the growing interest of Korean entrepreneurs in starting activities in Poland, which is also followed by interest in Poland among Korean banks. During the meeting, issues regarding the planned conclusion of an agreement on cooperation in the Polish and Korean banking sectors were discussed, among others. The initiative to conclude the agreement came from the Financial Supervision Authority. Discussions also took place on organizing joint seminars and educational programs on the activities and cooperation of small and medium-sized enterprises.

Photo: Financial Supervision Authority

According to the press release from the Financial Services Commission, Chairman Kim Joo-hyun participated in the signing ceremony of the Memorandum of Understandings (MoU) by Korean-Polish banking associations and the joint Fintech seminar, which took place on March 25th, and delivered congratulatory remarks. In his speech, Chairman Kim stated that enhanced partnership between banks of both countries would help strengthen economic cooperation and expressed strong support for this partnership.

On Tuesday, March 26th, Chairman Kim Joo-hyun met with representatives of South Korean defense companies present in Poland (as well as representatives from the automotive sector – manufacturers of electric vehicle batteries and automotive parts).

Photo: Polish Ministry Of State Assets

On March 27th, a meeting took place at the Ministry of State Assets between Deputy Minister Marcin Kulasek and the Deputy Minister of Defense of the Republic of Korea, Il Sung.

Talks covered:

  • cooperation between Poland and Korea in the defense industry, especially regarding potential limitations that may arise during technology transfer and the development of proposed solutions,
  • collaboration between Hyundai Rotem and PGZ in the implementation of the K2PL tank project,
  • cooperation of Korean companies in the production of 155 mm ammunition.

The Polish defense industry highly values cooperation with the Korean industry and sees it as an opportunity for technological development, as well as for establishing a new effective partnership, said Deputy Minister of State Assets Marcin Kulasek.

The Polish Armaments Group (PGZ) is interested in developing cooperation in the production of heavy vehicles, rocket launchers, ammunition, expanding service competencies, and acquiring new technologies, which are of great importance for the development of industrial cooperation with the Korean side. Cooperation with the Korean side is primarily aimed at enhancing Poland’s security, but also presents an opportunity for the development of the Polish defense industry. Thanking for the work already done, Poland counts on further close cooperation with the Korean side.

Polish-Korean discussions on military security are continuing after the Korean National Assembly passed a law amending the capital limit of the Korea Eximbank from 15 trillion KRW (44.85 billion PLN, 11.13 billion USD) to 25 trillion KRW (74.75 billion PLN, 18.5 billion USD) on February 29th. 40 percent of its total capital, which is the maximum value of loans granted, will reach 11.36 trillion KRW (33.96 billion PLN). This will enable Korea Eximbank to provide another loan for Poland’s arms purchase worth 8.5 billion USD, with a concurrently prepared consolidated offer from commercial banks for 7.5 billion USD.

Based on press releases

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