Cooperation in Biotech, System-on-chip and AI Discussed
South Korean Minister of Trade, Industry and Energy Sung Yun-mo and U.K. Secretary of State for Business, Energy and Industrial Strategy Alok Sharma discussed bilateral economic cooperation on Oct. 26.
The United Kingdom is South Korea’s second-largest export destination in Europe behind Germany. South Korea and the United Kingdom signed their free trade agreement in October last year. Their bilateral trade volume was US$9.7 billion last year.
The minister and the secretary stressed the importance of their cooperation in the three fields of biotech, system-on-chip and artificial intelligence. “AstraZeneca’s US$630 million investment plan has led to a contract manufacturing agreement in one year and this can be an exemplary model for future cooperation,” the minister remarked, adding, “When it comes to system-on-chip, the United Kingdom is leading the intellectual property market and South Korea has an increasing demand with regard to future mobility, 5G, and so on, which means their business and technological synergy can be huge.”
The minister also proposed joint R&D and policy exchange in the offshore wind power industry. In August this year, SeAH Steel Holdings and the U.K. government signed a memorandum of understanding for cooperation in offshore wind power structure construction. The minister and the secretary reconfirmed their willingness to cooperate in the nuclear power industry, too.