Mr Shimmin stated that:

"South Korea is a major economic force and the inauguration of the new president was a huge event, with a ceremony attended by 60,000 people including 180 foreign delegates. The Isle of Man’s presence at this top-level gathering was another sign of its rising international identity, and a further opportunity to extend its global network of business and governmental connections."

In addition to attending the inauguration ceremony, Mr Shimmin also took the opportunity to undertake a number of meetings around the inauguration, and met with the British Ambassador to South Korea, the Head of UK Trade & Investment, and the Director of the British Council.

He explained:

"The purpose of my attendance was to raise the Island’s profile with key individuals in Korea, who might be able to help us in our future dealings in the country, and to develop business contacts."

"Korea is a country with big plans for growth and further modernisation, and it is clear that it may become a key trading partner in the east for European businesses. President Lee’s plans, referred to as his 747 strategy, envisage 7% annual growth in GDP - $40,000 per capita - to make Korea the world’s seventh largest economy. During the course of my visit I learnt a lot about the country and will be sharing this with my ministerial colleagues and senior officers."

Mr Shimmin added:

"It’s always rewarding to tell people about the Isle of Man and I was able to explain our constitutional status as a Crown Dependency to the Ambassador and British officials. It was also an excellent opportunity to discuss our economic and regulatory policies with the Head of UK Trade & Investment."

"I was able to provide some background on the Island’s distinct culture and history, as well as educational opportunities for overseas business students, for the Director of the British Council. In addition I was pleased to distribute information packs on the Isle of Man at meetings with expatriate Koreans."