Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
S. Korean, UK businesses to bolster ties in tech, green industries
Samsung Electronics Chairman Lee Jae-yong, front row right, speaks to a British attendee on the sidelines of the Korea-U.K. business forum, at Mansion House in London, Wednesday. Also seen in the photo are LG Electronics Chairman Koo Kwang-mo, left in the same row. From right in the second row are Hanwha Group Vice Chairman Kim Dong-kwan, Hyosung Group Chairman Cho Hyun-joon and LS Group Chairman Koo Ja-eun. Yonhap
By Lee Min-hyung
2 UK wind power firms plan to invest W1.5 tril. in Korea
Korean business leaders deepened their partnerships with the United Kingdom in the areas of technology, energy and culture on the sidelines of the Korea-U.K. business forum, a Seoul-based business lobby said Wednesday.
They accompanied President Yoon Suk Yeol on his three-day state visit to the U.K. The business delegation, consisting of some 100 leaders of Korea's top business conglomerates and promising mid-sized companies, exchanged ideas on how to enhance bilateral ties with their partners in the European country. The business leaders included Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun and LG Group Chairman Koo Kwang-mo.
Both sides agreed to boost cooperation particularly in state-of-the-art technologies, clean energy and global supply chains during the forum, co-hosted by the Federation of Korean Industries (FKI) and the U.K. Department for Business and Trade.
“Celebrating the 140 years of diplomatic relations between Korea and the U.K., we expect the forum to provide momentum for both countries to prepare for a bright future for the next 140 years,” FKI Chairman Ryu Jin said in an opening address.
First and foremost, Ryu underscored the importance of stepping up bilateral partnerships in the high-tech industry amid escalating fears of global supply disruptions. Ryu said both countries can tackle the ongoing war for technological dominance by leveling up their tech exchanges.
The head of the FKI also stressed the need to strengthen cooperation between the two nations in sustainable industries to jointly address more crucial environmental agendas amid rapid global warming. The U.K. holds a competitive edge in renewable energy, while Korea is also famous for its technological prowess in clean energy used to manufacture eco-friendly cars, such as hydrogen and electric vehicles.
He also said both sides can “create new possibilities” by stepping up collaboration in producing cultural contents.
President Yoon Suk Yeol delivers a congratulatory speech on the sidelines of the Korea-UK Business Forum held at Mansion House in London, Wednesday. Yonhap
According to Korea’s Ministry of Trade, Industry and Energy, the business delegation inked 270 billion won ($208 million) worth of contracts with their U.K. counterparts on the sidelines of the forum. The Korean firms involved in the areas of energy, artificial intelligence, construction and defense, signed a total of 31 memoranda of understanding during the event.
On a national level, the trade authority signed the Clean Energy Partnership with its U.K. counterpart for more bilateral partnerships in carbon-free energy sectors, such as offshore wind power and hydrogen. They also agreed to deepen their ties in developing advanced nuclear reactors.
Under the partnership, both sides agreed to open a high-ranking dialogue channel and discuss the agenda of carbon neutrality annually, according to the trade authority.
The ministry also said two U.K.-based energy firms, such as CORIO and BP, decided Wednesday to invest 1.5 trillion won to build offshore wind power facilities in Korea's southern coastal areas. The authority expected the investment to help boost the growth of the nation's renewable energy industry.
The Korean business delegation will continue to accompany Yoon on his upcoming trip to Paris on Thursday to make a final pitch for Korea to host the World Expo 2030 in the southern port city of Busan. Member countries of the Bureau International des Expositions (BIE) will cast their ballots in the French capital on Nov. 28 to choose the host city of the event.