Han-Young, Yoon Host Business Forum on State Visit... Total 37 MOUs Signed

Business Forum between Korea and the UK Held on the 22nd
Over 200 Businesspeople from Both Countries Attended
6 Government MOUs on FTA Improvement and Advanced Industry Supply Chains
31 MOUs between Korean and UK Institutions and Companies

On the occasion of President Yoon Suk-yeol's state visit to the United Kingdom, a total of 37 memorandums of understanding (MOUs) will be signed to improve trade through the Korea-UK Free Trade Agreement (FTA) enhancement negotiations, cooperate on supply chains related to advanced industries, and collaborate in technology and carbon-neutral energy sectors.

The Presidential Office announced on the 21st that President Yoon will sign MOUs in various fields at the 'Korea-UK Business Forum' held on the morning of the 22nd (local time) with about 200 businesspeople from both countries. On the Korean side, attendees include Lee Jae-yong, Chairman of Samsung Electronics; Chung Eui-sun, Chairman of Hyundai Motor; Koo Kwang-mo, Chairman of LG; Shin Dong-bin, Chairman of Lotte; Kim Dong-kwan, Vice Chairman of Hanwha; and Ryu Jin, Chairman of the Korea Economic Association (Hankyunghyeop). On the UK side, CEOs from global companies such as the Mayor of London Financial District, Secretary of State for Business and Trade, ARM, Rolls-Royce, Standard Chartered, Ocado, and Rio Tinto are expected to attend.

In his congratulatory remarks, President Yoon will encourage businesspeople from both countries and evaluate the achievements of economic cooperation closely linked in various industries such as semiconductors, bio, 5G, defense, and offshore wind power. Furthermore, as the future direction of economic cooperation, he plans to emphasize ▲ improving trade and investment environment through Korea-UK FTA enhancement negotiations ▲ cooperation in advanced industry supply chains ▲ collaboration in advanced scientific technologies such as AI, space, quantum, and bio ▲ cooperation in carbon-neutral energy sectors including nuclear power, hydrogen, and offshore wind power.

Additionally, before the business forum, President Yoon will hold a separate preliminary meeting with about 20 key business leaders from both countries to express the commitment to expanding exchanges between companies and improving the business investment environment.

The Presidential Office stated that at the business forum, businesspeople from both countries will discuss cooperation in advanced industries, energy, infrastructure, global supply chains, and financial cooperation.

[Image source=Yonhap News]

Multiple MOUs will also be signed. Government-to-government MOUs include ▲ Joint Declaration on the Launch of Korea-UK FTA Enhancement Negotiations (Korean Ministry of Trade, Industry and Energy - UK Department for Business and Trade) ▲ Semiconductor Cooperation MOU (Korean Ministry of Trade, Industry and Energy - UK Department for Science, Innovation and Technology) ▲ Clean Energy Partnership (Korean Ministry of Trade, Industry and Energy - UK Department for Energy Security and Net Zero) ▲ Nuclear Power Cooperation MOU (Korean Ministry of Trade, Industry and Energy - UK Department for Energy Security and Net Zero) ▲ Offshore Wind Power MOU (Korean Ministry of Trade, Industry and Energy - UK Department for Energy Security and Net Zero) ▲ Defense Joint Export MOU (Korean Defense Acquisition Program Administration - UK Department for Business and Trade).

Between companies and institutions, a total of 31 MOUs will be signed in advanced industry fields such as energy, AI, defense, bio, and finance. Among them, Hanwha Aerospace, Hyosung Heavy Industries, and Kyungdong Navien will sign contracts worth approximately 270 billion KRW with UK companies.

MOUs will also be signed to support the overseas expansion of Korean SMEs in advanced industries, including generative AI services (Korean FortyTwoMaru - UK Cambri), autonomous driving solutions (Korean Autonomous A2Z - UK Horiba Mira), vaccine commercialization (Korean Lemonex - UK Health Innovation East), and lens development for future vehicles (Korean IL Science - UK Polymer Optics).

Among these, in the nuclear power sector, following the government-to-government nuclear cooperation MOU, eight MOUs will be signed between companies and institutions covering the entire nuclear power cycle. The Presidential Office explained that this is significant not only for nuclear technology cooperation with the UK, a pioneer in commercial nuclear power, but also for establishing a foundation for entering the UK’s new nuclear power market.

The Presidential Office stated, "Our government will spare no effort to actively support ensuring that the MOUs lead to concrete outcomes."

[Image source=Yonhap News]

This content was produced with the assistance of AI translation services.