South Korea and Italy to deepen ties for sustainable economic growth

South Korea and Italy to deepen ties for sustainable economic growth

  • The two countries to forge a stronger partnership in the biotechnology and green energy sectors.
  • The partnership was initially agreed upon in October 2018, but follow-up meetings were delayed due to the pandemic.

South Korea's trade ministry is seeking to strengthen partnership with Italy in biotechnology and environment-friendly energy sectors to prepare for post-pandemic recovery and pursue sustainable economic development.

As per the South Korean Ministry of Trade, Industry, and Energy, the two countries planned on conducting their first round of the meetings in Rome on Tuesday (Italy time) for their bilateral collaboration in industry and energy.

It is to be noted that South Korea and Italy had already agreed to build a strategic partnership in October 2018 during President Moon Jae-in's visit to Italy, but follow-up talks were delayed due to the pandemic.

In a meeting, this week, South Korea and Italy are anticipated to exchange ideas on strengthening ties in digital and green industries to gear up for post-pandemic economic recovery.

Both Rome and Seoul are planning to initiate joint research and development projects on various areas, including green mobility, artificial intelligence, and hydrogen technologies. The two countries are also likely to make combined efforts to achieve carbon neutrality with special emphasis on expanding cooperation in the hydrogen sector.

Seoul will request Italy to undertake efforts to moderate the existing safeguard measures imposed by the European Union on South Korean steel products, which is likely to be present till 2024.

Italy is South Korea’s third-largest trade partner among the members of the EU, after Germany and the Netherlands. South Korea particularly shipped cars, steel products, and textiles to Italy, while it mainly imported consumer products, like bags and shoes from Italy.

Over the first half of 2021, the combined trade volume of the two countries was around USD 6.3 billion, a 42% increase as compared to the previous year.

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