FKI Signs MOU to Strengthen Cooperation with Luxembourg Economic Association

The Federation of Korean Industries (FKI) announced on the 20th that it had signed a memorandum of understanding (MOU) with FEDIL, a private economic organization in Luxembourg, to strengthen economic cooperation between the two countries.

Kim Changbeom, Vice Chairman of the Federation of Korean Industries, is delivering a greeting at the 'Luxembourg Delegation Visit to the Federation of Korean Industries and MOU Signing Ceremony' held at the FKI Tower Conference Center on the 20th. The MOU signed on this day includes ▲promotion of trade and investment in cooperation areas between the two countries such as manufacturing, energy, materials, and logistics ▲strengthening cooperation in future advanced industries ▲joint development of multilateral meeting policies ▲exchange of economic policy and regulatory information. Federation of Korean Industries

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Founded in 1918, FEDIL has established itself as the leading private economic association representing Luxembourg's industrial sector, with over 700 member companies. FKI and FEDIL established a bilateral private council in 1979, and, taking the opportunity of this delegation's visit to Korea, agreed to further strengthen their partnership. Both sides agreed to promote trade and investment in cooperation areas such as manufacturing, energy, materials, and logistics, and to revitalize cooperation in future advanced industries. They will also collaborate on the joint development of multilateral meeting policies and the exchange of economic policy and regulatory information.

Following the MOU signing ceremony, a presentation session was held for the Luxembourg delegation.

Lee Taegyu, a researcher at the Korea Economic Research Institute, analyzed that the Korean economy has entered a period of transition due to the spread of protectionism, the restructuring of global value chains, and the shift toward artificial intelligence (AI), under the theme "Current Status and Issues of the Korean Economy." Attorney Lee Geunwoo from Hwawoo Law Firm addressed the Luxembourg side's interest in Korea's AI policy trends, providing a comparative analysis of Korea's Basic Act on Artificial Intelligence and the European Union's Artificial Intelligence Act.

In his welcoming remarks, Kim Changbeom, Vice Chairman of FKI, stated, "With a per capita national income of 130,000 dollars, Luxembourg ranks first in the world and is recognized as a 'small but strong country' where advanced industries such as finance and services are highly developed. I hope that, with this upgrade to the MOU between our two business communities after 46 years, cooperation between our countries will expand into advanced industries such as AI and space."

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