Korea and Austria Discuss Strengthening Economic Cooperation
On October 21, 2023, Jeong In-kyo, Deputy Minister for Trade at the Ministry of Trade, Industry and Energy, held a meeting with Martin Kocher, Austria’s Minister of Labor and Economy, in Sejong to explore ways to enhance economic cooperation between the two countries. The discussion focused on trade, investment, industry cooperation, and Korea-EU trade relations.
Strengthening Cooperation through EUREKA and Advanced Technologies
During the meeting, Deputy Minister Jeong emphasized that Korea and Austria have been working together in ICT and biotechnology through the EUREKA platform, a multilateral R&D initiative. He stressed the importance of further expanding collaboration into hydrogen energy and artificial intelligence (AI) to drive innovation.
Joint Research in Hydrogen Mobility
The ministers also discussed ongoing joint research projects in hydrogen mobility, expressing a shared commitment to developing the hydrogen economy through continued cooperation between public institutions and private companies.
Support for Korean Companies in Austria
Deputy Minister Jeong highlighted the contributions of Korean companies to Austria’s economic growth, particularly in the fields of electric vehicle (EV) batteries and automotive parts. He conveyed the concerns of Korean companies about EU economic legislation, including the Battery Regulation, and requested support from the Austrian government to address these issues.
Conclusion: Expanding Korea-Austria Economic Relations
This meeting underscores the mutual commitment of Korea and Austria to expand economic cooperation across a variety of sectors. With continued collaboration in trade, technology, and hydrogen energy, the two countries aim to strengthen ties and foster sustainable growth.
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