Brussels: South Korean President Lee Jae Myung and Belgian Prime Minister Bart De Wever have reached an agreement to foster investment in the battery, materials, and energy sectors between their respective countries. This decision was made during a meeting on Wednesday and aims to transform South Korea and Belgium into strategic bases for each other's businesses as they expand into new regions.
According to Yonhap News Agency, a South Korean presidential official highlighted the commitment to expand cooperation in strategic industries through mutual investments. Cheong Wa Dae spokesperson Kang Yu-jung elaborated on the outcomes of the Lee-De Wever summit, stating that both leaders are keen on promoting investment between companies from both nations in the aforementioned sectors.
President Lee is currently on a European tour, which includes visits to Italy and France, where he plans to attend the Group of Seven (G7) summit. The summit in Brussels also saw South Korea and Belgium sign a memorandum of understanding (MOU) aimed at bolstering cooperation in the development of small and medium-sized enterprises (SMEs) and startups.
Based on the MOU, Lee and De Wever have agreed to enhance communication and cooperation between their countries' small businesses. They also pledged to facilitate their countries becoming footholds for each other's SMEs looking to expand internationally, thereby fostering shared prosperity.
The leaders discussed the potential resumption of direct flights between South Korea and Belgium to further enhance cooperation. President Lee noted Belgium's hosting of the Interuniversity Microelectronics Centre (IMEC), where around 150 South Korean researchers are involved, expressing a desire for increased collaboration in the semiconductor sector.
IMEC is known for its contributions to research and development in nanoelectronics and digital technologies. Lee hopes for expanded research cooperation through IMEC, allowing both countries to benefit from advancements in semiconductor technology.
Prime Minister De Wever acknowledged the advantages of collaborating with South Korea, a leader in semiconductor technology, and committed to advancing cooperation in this field. The two leaders also recognized the interconnectedness of European and Asian security and the importance of peace on the Korean Peninsula for global stability and prosperity.
President Lee requested Belgium's support for Seoul's peace efforts on the peninsula, while Prime Minister De Wever affirmed Belgium's contribution to peace and stability as a member of the United Nations. This bilateral summit coincides with the 125th anniversary of diplomatic relations between Seoul and Brussels.