The head of an Italian business delegation said Monday that it aims to bring the knowledge that Koreans have of traditional Italian products into other sectors.

“We have very good companies that might not have been good at promoting a brand but are equally good in making quality products, we need to expand that,” said Paolo Zegna, vice president of the confederation of Italian industries Confindustria. He heads the Italian Business Delegation that will stay in Korea until Thursday. 

The delegation came to Seoul with 60 firms, seven Italian banks and 122 private entrepreneurs looking to expand into a new market that has traditionally welcomed Italian products with open wallets but has been overshadowed by its bigger neighbors.

Some of the sectors targeted are automotives, robotics, automation, logistics, luxury goods, energy, engineering, industrial plants and machinery.

On the sidelines of the mission, a couple of agreements were signed. One is between POSCO and Daewoo with Italy’s Marcegaglia Group, the other with Faam and Daelim to supply batteries into both markets.

Apart from the big banks and companies, Confindustria also came with many Italian small and medium-sized firms, the backbone of Italy encompassing about 95 percent of its economy.

“There are an increasing number of small and medium-size companies which means the task that Confindustria has given itself is to bring more small companies,” he said.

Trade between both countries hit $7.3 billion last year and is set to keep rising as a result of the free trade pact implemented in July. Due to the trade deal, Italian agencies view as Korea is an important and viable business partner to increase trade with.

“The free trade agreement is another important element that will open doors and needs to be understood in more detail. It’s going to be translated in some positive interpretation and will help companies on both sides,” he said.

By Yoav Cerralbo (yoav@heraldcorp.com)