Expansion of Korea-Canada Economic Cooperation... Public and Private Sectors "Creating Synergy Not Only in Energy but Also in AI"

Hankyung Association & BCC Hold '2nd Korea-Canada CEO Dialogue'
"Creating Business Opportunities in Digital & AI Innovation Industries"
Participation from Hyundai, LG, Hanwha, Naver, and Others

Mary Ng, Canada's Minister of International Trade, led a large trade delegation composed of more than 170 domestic companies and institutions on a visit to South Korea, where business leaders from both countries unanimously called for expanding cooperation beyond the energy industry to advanced fields such as artificial intelligence (AI).

Mary Ng, Canadian Minister of International Trade (right), and Jung In-kyo, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, are delivering opening remarks at the "4th Korea-Canada Free Trade Agreement (FTA) Joint Committee" held on the 22nd at Lotte Hotel in Jung-gu, Seoul.
[Photo by Yonhap News]

On the 23rd, the Korea Economic Association announced that it held the "2nd Korea-Canada CEO Dialogue" at the FKI Tower Conference Center in Yeouido, Yeongdeungpo-gu, Seoul, in collaboration with the Business Council of Canada (BCC). The event was attended by Minister Ng, Yang Byung-nae, Deputy Minister for Trade of the Ministry of Trade, Industry and Energy, and 30 business leaders from companies including Hyundai Motor, LG, POSCO, Hanwha, HD Hyundai, Naver (Korea), Air Canada, AltaGas, and Atkins R?alis (Canada), who discussed ways to enhance economic cooperation between the two countries. Over 100 key members of the Canadian trade delegation joined the networking luncheon that followed the dialogue.

Kim Chang-hyup, Executive Vice Chairman of the Korea Economic Association, said in his opening remarks, "With increasing uncertainty in the international order recently, both countries share the common need to find new growth engines. We hope that companies from both countries will lead cooperation in advanced industries such as digital technology and AI, beyond traditional collaboration areas like energy and minerals." BCC Chair Golder Heider responded, "Korea is currently the largest trading partner within the Indo-Pacific region, which Canada is focusing on. We hope that the public and private sectors will work together to support each other's strategic interests and pursue mutual prosperity and security enhancement."

Both governments also pledged strong support for businesses. The two deputy ministers expressed, "We expect business leaders from both countries to actively create opportunities not only in energy and minerals but also in innovative industries such as digital technology and AI. The governments will work to establish an environment conducive to free trade and investment, improve regulations, and provide exceptional tax credits to encourage Canadian companies to invest actively in Korea." Minister Ng stated, "Korea is the only Indo-Pacific country that has a Free Trade Agreement (FTA) with Canada. The driving force behind bilateral cooperation must be the companies and the private sector, and the government will do its best to support them without becoming an obstacle."

During the 'Economic Security' session, companies such as Hanwha Ocean and HD Hyundai Heavy Industries shared the current status of submarine project cooperation between the two countries and requested government support. POSCO Future M shared its investment project in Quebec, which is being promoted with Canadian government incentives. In the 'Digital and AI Industry' session, companies including Naver and LG Global Strategy Development Institute shared their ongoing AI joint research projects with the University of Toronto.