In a follow-up to President Yoon’s state visit to the UK
the government will launch consultative groups to bolster cooperation on trade, clean energy, technology, and global development.
Our eShin Ha-young has the details.
South Korea is seeking to further strengthen its economic ties with the United Kingdom.
Measures to follow up President Yoon Suk Yeol’s visit to the UK last month were discussed during a ministerial meeting on Monday, presided over by finance minister Choo Kyung-ho.
Choo highlighted that the Downing Street Agreement, which was adopted during last month’s state visit, has laid the groundwork for a leap in economic cooperation with the UK.
“A total of 45 MOUs were signed in the economic sector, achieving tangible results such as announcing investment pledges, winning contracts, and gaining support from the UK government for the activities of our financial institutions in the London financial market.”
As part of the efforts for follow-up measures, the government decided to mainly focusing on four areas, including trade and investment, clean energy, science and technology, and development cooperation.
In particular, starting in January next year, when discussions on improving the FTA between Seoul and London commence, the government will launch intergovernmental consultative groups.
These groups will include financial dialogues and investment cooperation committees.
In the clean energy sector, the government will initiate discussions with the UK to allow Korean institutions to participate in new nuclear projects.
The two countries will also cooperate in technology areas such as chips, AI, digital tech, and space. Regarding development cooperation, there will be annual policy dialogues between the governments.
Regarding the Indo-Pacific Economic Framework, Choo mentioned an agreement to promote new investments worth 155 billion U.S. dollars in the clean energy sector by 2030, adding that it will put its utmost effort into its swift implementation.
The finance ministry also revealed plans to support reconstruction projects in war-torn Ukraine.
He said short-term plans include contributing 100 million dollars to the Multilateral Development Bank and providing 200 million dollars in humanitarian aid.
In the long run, it is planning to support by providing 2 billion dollars through South Korea’s Economic Development Cooperation Fund.
Shin Ha-young, Arirang News.
source : https://www.arirang.com/news/view?id=262613
