Lee Chang-yang "Expecting Expansion of Renewable Energy Cooperation with Portugal"

Lee Chang-yang, Minister of Trade, Industry and Energy, stated on the 12th, "We look forward to expanding cooperation with Portugal in the field of renewable energy."

On the same day, Minister Lee made this remark while attending the 'Korea-Portugal Business Forum' held in Seoul. The forum was attended by Portuguese Prime Minister Ant?nio Costa, who is visiting Korea, as well as economic organizations and key business figures from both countries. The forum was co-hosted by the Korea Chamber of Commerce and Industry, the Embassy of Portugal in Korea, and the Portuguese Trade & Investment Agency (AICEP) to promote expanded cooperation between companies of the two countries on the occasion of Prime Minister Costa's visit.

Portugal was the country with the highest energy import dependency (80%) in the European Union (EU) in 2010, but this decreased to 30% as of January 2022. It produces 64% of its total electricity using renewable energy. Minister Lee expressed optimism about expanding cooperation between the two countries in the renewable energy sector, noting that excellent companies from both countries continue to invest in the offshore wind power sector.

In his congratulatory speech, Minister Lee highly evaluated Portugal's potential as it continues its rapid economic recovery trend after the pandemic, emphasizing that trade between the two countries has increased by about 50% compared to the pre-COVID period, and that investments between the two countries are also expanding into various fields such as automotive parts and renewable energy. The trade volume between Korea and Portugal increased by approximately 49.7%, from $790 million in 2019 to $1.19 billion last year.

Meanwhile, Minister Lee requested Portugal's support for the 2030 Busan World Expo at the event.

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