Prime Minister Stephen Harper marks the launch of the Canada Korea Foundation

February 21, 2011

BURNABY, BRITISH COLUMBIA – Prime Minister Stephen Harper today marked the launch of the Canada Korea Foundation, which will further strengthen the ties between Canada and the Republic of Korea.  The Prime Minister marked the launch of the foundation at a dinner where he met with Korean and Canadian veterans of the Korean War and leaders of the local Korean-Canadian community.  He was joined by Senator Yonah Kim-Martin, Canada’s first parliamentarian of Korean origin.

“The Asia-Pacific region will play a large part in Canada’s future economic growth and it would be hard to find two countries better suited for each other as trading partners than Canada and the Republic of Korea,” said Prime Minister Harper.  “I wish the Foundation well in its efforts to build and strengthen diplomatic relations between our two countries.”

The Canada Korea Foundation will have the following goals:

• Build and strengthen bilateral trade and diplomatic relations.
• Support efforts towards reaching a free trade agreement
• Nurture the opportunities for increased social interaction between Canada and South Korea – especially within the business community
• Encourage greater involvement of Korean-Canadians in our democratic process and public policy development
• Develop a strategy to help attract more Korean students to Canada
• Advocate a Canada-Korea energy strategy, as South Korea looks to Canada as a secure, stable and reliable source of energy to fuel future economic growth.
• Promote awareness and appreciation of the shared history and values that link Canadians and Koreans.

Canada and South Korea enjoy excellent commercial relations with two-way merchandise trade reaching $9.5 billion in 2009.   The roughly 200,000 Canadians of Korean descent represent one of the fastest growing ethnic communities in Canada.  The community has found its voice as an important and influential contributor to the social, political and economic fabric of the country. 



Backgrounder

CANADA KOREA RELATIONS


Prime Minister Stephen Harper today marked the launch of the Canada Korea Foundation, which will further strengthen economic, social and political ties between Canada and South Korea.  

The founding directors of the new Foundation are:

• John Park – president and managing director of RCI Capital Group.  RCI is the largest manager of investor immigrant capital in Canada.  It has been in business since 1996 with more than 60 employees and offices throughout Canada and Asia.
• Dr. Doo Ho Shin – An active partner in BC Biomedical Laboratory in Vancouver, British Columbia for over 30 years.  He is presently practicing as a general pathologist with the Fraser Health Authority (largely at Surrey Memorial Hospital).
• Charles Kim – President and founder of Trans-Pacific Fibre Inc. and Trans-West Holdings Ltd., part of Trans-Pac Group which manages over 30,000 acres of timberland in British Columbia and United States, and specializes in wood exports to the Asian market.

Canada has long enjoyed positive relations with South Korea, and our bilateral relationship continues to develop.  South Korea is also an important partner with which Canada has strong people-to-people links stemming from historical connections, increasing immigration and tourism flows, and academic exchanges. 

The year 2010 resulted in a particularly high level of engagement between Canada and South Korea, as each country hosted a G-20 Summit. In Toronto in June and in Seoul in November,  Representatives from Canada and South Korea worked closely together to ensure these Summits were successful.

As trading nations, Canada and South Korea support free trade and share membership in many multilateral economic organizations, including the APEC forum, the Organisation for Economic Co-operation and Development, the World Trade Organization, and the G-20.  Both countries also have similar views on many multilateral and global issues, including strengthening the multilateral trading system, UN Security Council reform, and non-proliferation and disarmament.

Canada and the Republic of Korea launched negotiations toward a bilateral Free Trade Agreement in July 2005, and 13 rounds have been held to date. 

Recent High Level Visits

In December 2009, Prime Minister Harper visited South Korea, where he met with President Lee Myung-bak and Prime Minister Chung Un-chan, and was the first Canadian leader to address the National Assembly.  Stockwell Day, then-Canadian Minister of International Trade, made a one-day visit to South Korea during the Prime Minister’s visit.  The Prime Minister also visited Seoul for the G-20 Summit this past November.

Additionally, Gerry Ritz visited Korea in March and December 2009; Lawrence Cannon, Minister of Foreign Affairs, visited the country in November 2009; and Jim Flaherty visited in June 2010, October 2010 and November 2010.

Previously, Peter MacKay, Then-Foreign Affairs Minister, visited Korea in May 2007; Maxime Bernier, Then-Foreign Affairs Minister, visited in February 2008; and Then-Natural Resources Minister, Gary Lunn, visited the country in May 2008.

This past summer, Korean President Lee Myung-bak, and Finance Minister Yoon Jeung-hyun, attended the G-20 Summit in Toronto.

Trade and Investment

South Korea is Canada’s seventh-largest merchandise trading partner and Canada’s third-largest in Asia.  Two-way merchandise trade between the two countries is robust, reaching $9.5 billion in 2009.  In that same year, Canadian merchandise exports to South Korea were $3.5 billion, while Canadian merchandise imports were $5.9 billion.  Canada’s top merchandise exports to South Korea include mineral fuels and oils, machinery, mineral ores, aluminum and wood pulp.  Canada’s top merchandise imports from South Korea include vehicles, electrical and electronic equipment, machinery, mineral fuels and oils, and iron and steel.

Two-way cumulative direct investment totalled nearly $3.6 billion at the end of 2009, with foreign direct investment in Canada from South Korea reaching $2.7 billion and Canadian direct investment in South Korea reaching $921 million.

Canada and South Korea initialled the text of an air agreement on June 3, 2009.  While the agreement has yet to be ratified, it is administratively in effect and has already resulted in an increase in air service between the two countries.

Shared History

A total of 26,791 Canadian troops participated in the Korean War (1950-53), sustaining a loss of 516 Canadian lives.  Canada’s continuing presence on the UN Armistice Commission and the UN Military Command is a reminder of our involvement in the Korean War.  In 2010, the Government of the Republic of Korea undertook an ambitious campaign to commemorate the 60th anniversary of the outbreak of the Korean War.