23 business agreements signed between Korea and U.S. companies

Industry

Published: 26 Apr. 2023, 08:26 Updated: 26 Apr. 2023, 14:38

23 business agreements signed between Korea and U.S. companies

Lee Chang-yang, Minister of Trade, Industry and Energy, speaks during an MOU signing ceremony held in Washington on Tuesday, the second day of President Yoon Suk Yeol's state visit to the United States. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korea and the United States signed a total of 23 business agreements to cooperate on battery and biopharmaceutical sectors in light of President Yoon Suk Yeol's state visit.

The Ministry of Trade, Industry and Energy said Wednesday that 23 memoranda of understanding (MOUs) were signed between Korean and U.S. companies, in high-tech sectors involving batteries, bio and more, as well as the energy sector.

Korean participants of the MOUs include Doosan, SK, Korea Shipbuilding & Offshore Engineering (KSOE), Hyundai E&C, Lotte Chemical, Korea Electric Power Corporation (Kepco) and Korea Hydro & Nuclear Power (KHNP).

The U.S. counterparts include The Boeing Company, Rockwell Automation, General Electric, TerraPower, NuScale Power, Holtec International, ExxonMobil, Plug Power, and Siemens.

In the high-tech sectors, 10 MOUs involving batteries, biopharmaceuticals, autonomous driving, aerospace, robotics, and cybersecurity were signed.

Doosan Corporation and Doosan Robotics agreed to jointly develop robotics technologies and products with Rockwell Automation.

Boeing will work with the Korea Evaluation Institute of Industrial Technology and Korea Institute for Advancement of Technology to foster talents and develop technologies in the aerospace sector.

In the energy-related sector, 13 MOUs were signed in a bid to expand cooperation from the traditional fossil fuel industry into renewables, nuclear energy and hydrogen.

SK Innovation and KHNP will work with TerraPower to build a fourth-generation small modular reactor (SMR) model.

Kepco will work with GE Vernova on technological cooperation in the ammonia and hydrogen business.

Doosan Enerbility and Korea Eximbank signed an MOU with Nuscale for SMR business.

"The Korea-U.S. Alliance is being extended from the traditional security and military cooperation into ties in the high-tech industry," said Industry Minister Lee Chang-yang, promising active support for the upcoming joint projects.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]