KEF, EU strengthen ties on 60th diplomatic anniversary

Economy

Published: 12 Oct. 2023, 18:05

KEF, EU strengthen ties on 60th diplomatic anniversary

Participants of the business roundtable event, including Korea Enterprises Federation Chairman Sohn Kyung-shik, sixth from front left , and Maria Castillo-Fernandez, ambassador of the European Union to Korea, seventh from front left, pose for a photo at a hotel in central Seoul on Thursday. [KOREA ENTERPRISES FEDERATION]

Korea Enterprises Federation (KEF) celebrated its 60th anniversary of diplomatic ties with the European Union (EU) Thursday with the two sides promising to tighten their relationship on future businesses such as the chip and space industries.

Diplomats and ambassadors from 23 EU member states to Korea including France, Germany, Hungary and Spain participated in the business round table event held Thursday at a hotel in central Seoul.

Doosan Group President Moon Hong-sung, OCI Chairman Baek Woo-suk and Hanwha Group President Lee Sung-soo were among the participants from the KEF.

“This year commemorates the 60th anniversary of Korea and EU's diplomatic relations,” said Sohn Kyung-shik, chairman of KEF, at the event.

KEF is a business lobby group dedicated to improving the working environment in Korea and raising national competitiveness.

“After holding the Korea-EU summit in May, the two sides are looking to expand to future businesses including semiconductor, supply chain, digital, environment and space.”

Sohn further expressed concerns over some of environmental regulations being pushed by the EU such as the Carbon Border Adjustment Mechanism and Corporate Sustainability Due Diligence that require businesses to comply with strict environment standards.

“Such a series of legislations are putting drastic pressure on domestic companies that leads me to worry that a long established business relationship between Korea and EU might deteriorate,” Sohn said.

“The KEF established the ESG committee in April 2021 and is supporting companies to implement and expand ESG management.”

Sohn also added the federation will work to develop environments where EU companies doing business in Korea can roll out stable investments.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]