More than Five Countries' Leaders and Sales Diplomacy in Lithuania
Seeking Cooperation in Critical Minerals and Materials and Components
Strengthening Nuclear Power and Defense Cooperation in Poland
Economic Chief "Preparing to Sign Multiple MOUs"
President Yoon Suk-yeol plans to secure supply chains and new export markets during his upcoming visit to Lithuania and Poland from the 10th to the 15th, and aims to support Korean companies in taking the lead in Ukraine's post-war reconstruction sector. In particular, since Poland is a gateway to Western Europe and an economic hub in Eastern Europe, the administration intends to focus on securing contracts in nuclear power, defense, and infrastructure.
Choi Sang-mok, Senior Secretary for Economic Affairs, stated at a briefing held at the Yongsan Presidential Office on the afternoon of the 6th, "We plan to discuss various cooperation measures to strengthen supply chains in advanced industries such as critical minerals and materials, parts, and equipment (SoBuJang), with leaders of NATO member countries that share universal values of liberal democracy and market economy, including Poland."
Although trade volume is not yet large, President Yoon will hold bilateral talks with European leaders who have very high cooperation potential to discuss ways to enhance mutually beneficial cooperation and conduct sales activities to secure new export markets. According to the Presidential Office, more than five countries, including the Netherlands and Norway, will hold bilateral talks with President Yoon during his visit to Lithuania.
In Poland, active sales diplomacy will also be conducted regarding support for Ukraine's reconstruction projects and nuclear power and defense sectors. Senior Secretary Choi said, "Poland is Ukraine's closest neighboring country. We plan to meet with Korean companies engaged in Ukraine's reconstruction projects in Poland, which will serve as a hub for post-war reconstruction, to discuss government support measures." He added, "Three economic events are scheduled: the Korea-Poland Business Forum, a corporate meeting for cooperation in Ukraine's reconstruction, and a local business meeting."
About 250 businesspeople from both countries, including President Yoon and Polish President Andrzej Duda, are expected to attend the Korea-Poland Business Forum. President Yoon plans to evaluate cooperation with Poland, the most important partner in Eastern Europe, and propose an advanced partnership. Senior Secretary Choi said, "Companies from both countries are preparing to sign multiple memorandums of understanding (MOUs) on new industries, energy cooperation, infrastructure contracts, and development cooperation."
In response to a reporter's question about whether defense cooperation will be discussed at the Korea-Poland summit and how to handle the fact that most of the export guarantee limits for weapons have been exhausted, Senior Secretary Choi said, "As you know, we recently signed the largest-ever export contract, and normal deliveries of the first contract volume are underway. Discussions on financial support for export contracts are ongoing but not yet finalized." He added, "In defense, competition among countries for contracts is fierce. It is common for the exporting side to provide financing as part of a package deal, and such discussions will continue. We plan to discuss with Poland while considering the capabilities and risks of export finance institutions."
President Yoon Suk-yeol, who is visiting Spain to attend the North Atlantic Treaty Organization (NATO) summit, is greeting Polish President Andrzej Duda at the Korea-Poland summit held on the 29th (local time) at the IFEMA Convention Center in Madrid. [Photo by Yonhap News]
The corporate meeting for cooperation in Ukraine's reconstruction was held following the Korea-Ukraine summit in May. President Yoon and Ukrainian President Volodymyr Zelensky met during the G7 summit held in Hiroshima, Japan, and reached a consensus on the need for bilateral cooperation in Ukraine's reconstruction and recovery. President Yoon plans to listen to the strategies and difficulties of companies engaged in reconstruction projects and discuss government support measures through this meeting.
Additionally, President Yoon will hold a meeting with Korean businesspeople operating in Poland to hear their difficulties and share ideas to expand Korea-Poland cooperation. Over 300 companies, including LG, have established operations in Poland. The delegation accompanying this visit includes an 89-member economic delegation led by the private sector. Senior Secretary Choi explained, "Not only companies currently engaged in secondary batteries, defense, and nuclear power cooperation but also many construction companies interested in reconstruction will participate."
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