U.K.-Korea business forum talks turn to tech, green energy

Industry

Published: 22 Nov. 2023, 19:00

U.K.-Korea business forum talks turn to tech, green energy

Samsung Electronics Executive Chairman Lee Jae-yong, second from right, and LG Chairman Koo Kwang-mo, fourth from right, attend a reception in London during Korean President Yoon Suk Yeol's state visit to Britain on Tuesday. [YONHAP]

On the second day of Korean President Yoon Suk Yeol's state visit, leaders from Korea and Britain gathered for a day of negotiations over the countries' existing free trade agreement (FTA). The discussions aimed to forge new partnerships in the sectors of advanced technology, green industry, and cultural content

Some 200 businesspeople and government officials gathered to attend the U.K.-Korea Business Forum on Wednesday as Korean President Yoon Suk Yeol makes a state visit to the country.

From Korea, Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung, LG Chairman Koo Kwang-mo, Lotte Chairman Shin Dong-bin, Hanwha Group Vice Chairman Kim Dong-kwan and LS Group Chairman Koo Ja-eun were among the attendees.

Arm CEO Rene Haas, Standard Chartered Bank CEO Bill Winters, Rio Tinto CEO Jakob Stausholm and Corio Generation CEO Jonathan Cole attended from Britain.

British Secretary of State for the Department for Business and Trade Kemi Badenoch, in her opening speech, emphasized the importance of Britain's partnership with Korea and expressed hope that the two countries will upgrade their ties as they begin revising the FTA.

Korea was the first Asian country to sign an FTA agreement with Britain after the latter's exit from the European Union in 2021. There have since been calls to upgrade the agreement to reflect today's fast-changing trade environment.

“With Britain, which has the world's second-largest number of Nobel Prize winners, and Korea which has top-tier competitiveness in ICT and manufacturing, [the two countries] can lead technology leadership in the era of economy security,” Ryu Jin, chairman of the Federation of Korean Industries (FKI), l said at the event.

FKI and Britain's Department for Business and Trade organized the Wednesday business forum.

“Commemorating the two countries' 140th anniversary of diplomatic ties, I wish today's event will act as a steppingstone to prepare for another shining 140 years for the two countries' businesses,” Ryu said.

Before the forum, Korea's Industry Ministry said that it had clinched 1.5 trillion won ($1.1 billion) in investment deals with British energy firms Corio Generation and BP.

Corio Generation is a British offshore wind power company that is currently developing a 2.9-gigawatt wind farm in Korea. The latest investment is expected to accelerate that project, the ministry said.

British energy firm BP has invested in the construction of wind farms in Korea's southern sea and is planning to expand its investments in Korea's renewable energy.

A total of 31 memorandums of understanding are expected to be signed at the forum. Some 25 Korean companies and 33 British companies have agreed to collaborate on energy, nuclear power plants, finance, biology and advanced technology. Some 270 billion won worth of contracts are to be signed as well, by firms including Hanwha Aerospace, Kyung Dong Navien and Hyosung Heavy Industries.

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