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Trade Minister Cheong In-kyo meets Austrian counterpart to boost economic ties

Published: 21 Oct. 2024, 10:09 Updated: 22 Oct. 2024, 15:07

Trade Minister Cheong In-kyo [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Trade Minister Cheong In-kyo met with his Austrian counterpart Monday to discuss bilateral economic ties in areas such as cutting-edge industries, the trade ministry said.

Cheong met Austrian Labor Minister Martin Kocher in the central city of Sejong to share ideas on utilizing their respective strengths to build a foundation for closer economic ties, according to the Ministry of Trade, Industry and Energy.

During the meeting, Cheong said that the two countries have been expanding industrial cooperation in telecommunications and biotechnology, among other areas, and emphasized the need to further strengthen such ties in emerging sectors like hydrogen and AI.

The trade minister said the two countries should also join hands to achieve success in the hydrogen economy as well, noting that the resource is an effective tool for pursuing carbon neutrality in various sectors.

Cheong further asked the Austrian government to support Korean firms operating in Austria, including businesses in the EV batteries and automobile parts industries.

Austria is Korea's 12th-largest trade partner within the European Union, with combined trade volume reaching $2.94 billion in 2023.

Yonhap