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Korea's Kumho Petrochemical gears up to tap Turkish market
30 Apr '13
1 min read
Eyeing a 130 percent year-on-year rise in its exports to Turkish market following a free trade agreement (FTA) between South Korea and Turkey, Seoul-based Kumho Petrochemical Co. Ltd. has beefed up its marketing efforts in Turkey, according to a Korea Economic Daily report.
Last year, the firm exported around 100 billion won worth of petrochemicals to Turkey, which constituted around 3.3 percent of its total overseas exports.
The FTA, which is to come into effect from May 1, would lead to abolishment of the 6.5 percent import duty that Korean petrochemical firms currently pay on their exports to Turkey.
Following this, Kumho Petrochemical, which exports synthetic resins like ABS (acrylonitrile-butadiene-styrene) resin, polysterene, polypropylene glycol and expanded polystyrene to Turkey, is eyeing a mega surge in its exports to that country.
In an effort to develop new business links, Kumho Petrochemical chairman Park Chan-gu paid a visit to number of firms in Turkey during April 2013.
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