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(LEAD) S. Korea, Spain hold business forum in Seoul

BIZ 15:16 November 18, 2022

(ATTN: ADDS agreement on investment support in 4th para, photo)

SEOUL, Nov. 18 (Yonhap) -- Spanish Prime Minister Pedro Sanchez and some 100 business leaders from South Korea and Spain gathered in Seoul on Friday to attend a forum meant to discuss ways to boost cooperation and investment in various industry sectors, Seoul's industry ministry said.

The business forum, organized by the Spanish chamber of commerce, took place as the Spanish prime minister is visiting South Korea for a summit with President Yoon Suk-yeol and meetings with business leaders.

Spanish Prime Minister Pedro Sanchez speaks during a business form in Seoul on Nov. 18, 2022, in this photo provided by the Korea Foundation. (PHOTO NOT FOR SALE) (Yonhap)

Spanish Prime Minister Pedro Sanchez speaks during a business form in Seoul on Nov. 18, 2022, in this photo provided by the Korea Foundation. (PHOTO NOT FOR SALE) (Yonhap)

In his congratulatory message, Seoul's Industry Minister Lee Chang-yang said the two nations have great potential for expanding bilateral economic cooperation, given the size of their economies and strength, particularly in future vehicles and renewable energy fields.

During the forum, the Korea Trade Insurance Corp. signed a memorandum of understanding with the Spanish Export Credit Agency (CESCE), which calls for joint work to promote exports and investment by exploring new projects in semiconductors, artificial intelligence, renewable energy and other various fields and sharing financial and economic information, according to the Korean firm.

After the forum, Lee met with Spain's industry and trade minister, Reyes Maroto, and discussed ways to deepen bilateral business relations.

Maroto voiced hope the prime minister's visit to Seoul would help enhance cooperation between the two nations in various advanced sectors, and Lee asked for Madrid's support for South Korean firms seeking to make inroads into the European nation, according to the ministry.

As a major investment case, South Korea's Iljin Materials decided to build an electric foil plant worth 500 billion won (US$373.4 million) in Spain, and the Spanish government vowed to provide 25 billion won in cash incentives, the ministry added.

Industry Minister Lee Chang-yang (R) holds a meeting with his Spanish counterpart, Reyes Maroto (L), at a Seoul hotel on Nov. 18, 2022, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)

Industry Minister Lee Chang-yang (R) holds a meeting with his Spanish counterpart, Reyes Maroto (L), at a Seoul hotel on Nov. 18, 2022, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)

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