Seoul: Trade Minister Cheong In-kyo of South Korea met with Austrian Labor Minister Martin Kocher on Monday in Sejong to discuss enhancing bilateral economic relationships, focusing on advanced industries like hydrogen and artificial intelligence.
According to Yonhap News Agency, the meeting aimed to utilize the respective strengths of both nations to lay a foundation for closer economic ties. Cheong highlighted the ongoing expansion of industrial cooperation between the two countries in sectors such as telecommunications and biotechnology. He emphasized the importance of further strengthening these ties, particularly in emerging sectors.
During the discussions, Cheong proposed that both countries collaborate to achieve success in the hydrogen economy, which he described as an effective tool for pursuing carbon neutrality across various sectors. He also requested support from the Austrian government for South Korean companies operating in Austria, particularly those in the electric vehicle batteries and aut
omobile parts industries.
Austria is currently South Korea’s 12th-largest trade partner within the European Union, with a combined trade volume that reached $2.94 billion in 2023. The talks are a part of ongoing efforts by both countries to deepen economic cooperation and explore new areas of industrial partnership.