Envoy hopes for Korean banking presence in Luxembourg

By Park Sae-jin Posted : July 21, 2013, 17:27 Updated : January 1, 1970, 09:00



Luxembourg Ambassador to Seoul Paul Steinmetz said he hopes for a Korean banking presence in the European country.

In an email interview with The Aju Business Daily to mark the 60th anniversary of the Armistice Agreement that ended the 1950-53 Korean War, Amb. Steinmetz said, “Just like our high tech company Paul Wurth, which delivered high furnaces for Hyundai Steel Co., we need to be on the lookout for trade and investment complementarities.

”Two major industrial companies from Korea, Kiswire and Hyosung, invested in Luxembourg. The famous online gaming company Nexon also set up its European offices in the Grand Duchy. We hope for a Korean banking presence in Luxembourg,“ he said.

Amb. Steinmetz said he would like to see more companies from Luxembourg investing in Korea.

The following are questions and answers made in the interview.

Q: This year marks the 63th anniversary of the outbreak of the Korean War and the 60th anniversary of the Armistice Agreement signed at the end of the war. Would you make any comments on this special occasion?

A: It makes us think again about the sacrifices of all those who fought for the right cause. Sadly, only a few combatants are left. The issues of dictatorship, war based on ideology, restrictions to the freedom to choose one’s own lifestyle, country and political regime remain very much alive, though and on this anniversary we should discuss them again.

Q: From the ashes of the Korean War, South Korea has achieved an economic and democratic development for the past decades, a short period of time. What do you think of it?

A: Those who supported Korea feel proud that it managed to rise from its ashes, thrive through the efforts of its workers and even avoid the middle income trap. Korea is now definitely part of the developed states. Progressively, it accepts to share the obligations of richer nations, e.g. development aid. The country has become a real partner for the rest of the world.

Q: Would you tell me how our two countries can promote friendly relations and cooperation?

A: We need to encourage private business to exchange goods and services and to invest in each other’s economy. Governments can decide on investment protection agreements, double tax avoidance treaties and free trade agreements but it’s up to the businesspeople to make it a vibrant relationship. Governments may also encourage political, social and cultural exchanges. Luxembourg decided to raise its profile by organizing three cultural events in 2012 and 2013, on the occasion of the 50th anniversary of our bilateral relations. We had a piano concert by Francesco Tristano, a Luxembourg film festival and an exhibition of contemporary art from our museum of modern art in Luxembourg. About 7,000 people visited Artsonje in Seoul. This is a beginning.

Q: Tensions over North Korea’s nuclear program have heightened on the Korean Peninsula. Could you tell me about ways to ease tensions on the peninsula?

A: Ultimately, there is no other solution than through dialogue. Yet, there should be no dialogue for dialogue’s sake. There need to be assurances.
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