Korea and Portugal seek cooperation in new business areas

Industry

Published: 12 Apr. 2023, 19:36

Korea and Portugal seek cooperation in new business areas

Participants of the Korean-Portuguese Business Forum, including Minister of Trade, Industry and Energy Lee Chang-yang, second from left on the front row, Chairman of the Korea Chamber of Commerce and Industry Chey Tae-won and Prime Minister of Portugal Antonio Costa, pose for a commemorative photo at the Four Seasons Hotel in Jongno District, central Seoul on Wednesday. [YONHAP]

Korea's business leaders and the trade minister called for cooperation with Portugal in the semiconductors, electric vehicle batteries and renewable energy, particularly in offshore wind power.

During the Korean-Portuguese Business Forum on Wednesday, Minister of Industry, Trade, and Energy Lee Chang-yang stated that trade between the two countries has surged by approximately 50 percent compared to pre-pandemic levels, with investments in areas such as automotive parts and renewable energy also expanding.

"As outstanding companies in the offshore wind power sector from both nations continue to invest, we expect further strengthening collaboration with Portugal, which is a top country in the eco-friendly industry and renewable energy sector,” Lee added.

That was echoed by Chairman of the Korea Chamber of Commerce and Industry (KCCI) Chey Tae-won, citing that Portugal has the highest proportion of renewable energy power generation in Europe, standing at 60 percent.

“Korea also aims to become the 'Portugal of Asia' in this regard,” he continued.

“We hope to leap together from an energy importing country to a clean energy exporting country."

Regarding the battery and electric vehicle sectors, the KCCI chairman noted, "We hope that Portugal's rich lithium reserves can be the basis for much cooperation. We expect today's forum to become a substantial stepping stone for realizing the momentum of economic cooperation between the two countries."

At the subsequent event, businesspeople from both countries participated and shared their experiences of entering the counterpart's market in various sessions, including automobiles, semiconductors and green energy. In-depth collaboration plans through inter-company meetings were also discussed.

The minister and KCCI chairman also urged Portugal, which has successfully hosted the World Expo in the past, to lend its support to Busan's bid to host the international event in 2030.

The Korean-Portuguese Business Forum was held on Wednesday at the Four Seasons Hotel in Jongno District, central Seoul, by the KCCI along with the Embassy of Portugal in Korea and the Agency for Investment and Foreign Trade of Portugal (AICEP).

The forum was held in commemoration of the visit of Portuguese Prime Minister Antonio Costa, and was attended by high-level officials and business executives from both countries — including the minister of industry, trade and energy, the chairman of the KCCI and Samsung Electronics Vice Chairman Han Jong-hee.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]