South Korea will seek to step up cooperation with the European Union (EU) in such fields as renewable energy and electric car sectors, the commerce minister said Wednesday.
In a meeting with businessmen from the European Union Chamber of Commerce in Korea (EUCCK), Knowledge Economy Minister Choi Joong-kyung said closer cooperation in the energy field has become attractive due to surging crude oil prices.<p>
South Korea and the EU have engaged in various projects to speed up wide-scale commercial use of clean power resources and are pursuing development of electricity driven, zero-emission vehicles.
The two sides have also said they want to set up a so-called smart grid system that can reduce overall power consumption.
The minister added that Seoul remains committed to expanding economic ties with Europe and has moved to make the country more attractive to foreign investors.
South Korea and the EU signed a free trade agreement (FTA) last year that can lower duties on a large number of goods starting in the second half of this year if South Korean lawmakers ratify the pact.
The FTA with Europe and moves to sign similar arrangements with Japan and China could transform South Korea into a business hub that can lead to greater economic opportunities, the minister said.
The meeting was attended by EUCCK chairman Jean-Marie Hurtiger, head of Renault-Samsung Motors and 70 members from the business group.
