Yoon Holds Luncheon Meeting with Spanish Businesspeople... "Actively Improving Difficulties in Korean Investment"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol, attending the North Atlantic Treaty Organization (NATO) summit, held a luncheon meeting with major Spanish business leaders in Madrid, Spain, on the 30th (local time) to discuss ways to enhance Korea-Spain economic cooperation.

On the same day, President Yoon attended the "Luncheon Meeting with Spanish Business Leaders" hosted by the Korea Trade-Investment Promotion Agency (KOTRA) and the Spanish Chamber of Commerce at the Gran Meli? F?nix Hotel in Madrid, Spain.

The Presidential Office explained that this event was organized to meet with local business leaders who are actively engaged in business cooperation with Korean companies in various fields such as digital innovation and eco-friendly future industries, and to discuss ways to activate mutual trade and investment.

The event was attended by key economic organization heads including the President of the Spanish Chamber of Commerce, the Vice President of the Business Federation, the President of KOTRA, as well as representatives from leading Spanish companies such as Iberdrola and Ocean Winds.

President Yoon said, "I understand that you are either already cooperating with Korean companies or have the intention to do so. I have always emphasized a private sector-led economy, and the government is striving to create an environment where companies can actively invest." He added, "Since the KOTRA President from Korea is also here attending today, please feel free to openly share any difficulties you encounter in the process of investing in or trading with Korea."

Spain is an economic powerhouse with the fourth largest economy within the EU, the second largest automobile production in Europe, the second largest overseas construction market orders, and ranks eighth worldwide in renewable energy deployment. It has been cooperating with Korea in various fields such as digital innovation and eco-friendly future industries.

Iberdrola, Spain's largest energy company attending the meeting, signed a Memorandum of Understanding (MOU) last year with GS Energy for joint development of renewable energy projects and is continuing discussions for joint investment in domestic wind power projects. Ocean Winds is also promoting the establishment of offshore wind power complexes in the Ulsan and Incheon regions.

Korean companies are also actively entering the Spanish market. In particular, Iljin Materials is establishing a manufacturing plant for core electric vehicle battery materials in the Catalonia region of Spain, aiming for completion in 2024, and Korea Western Power is jointly promoting a 157 MW solar power project in Spain with Hanwha Solutions.

The Presidential Office stated, "President Yoon listened to presentations from Spanish companies regarding mutual trade and investment cooperation between Korean and Spanish companies, reviewed the status of business cooperation between the two countries, and plans to provide necessary attention and support to resolve any difficulties."