European Companies Expect More Business Opportunities from Lee Jaemyung's Policies

European Green Low-Carbon Technology Companies Visit Korea
Ambassador Fernandez: "Ready to cooperate with the new government's green energy policies"
Korea seen as a 'bridgehead' for overseas expansion by European SMEs and startups

Maria Castillo Fernandez, Ambassador of the European Union (EU) to Korea, delivers the keynote speech at the 'Green Low-Carbon Technology Korea 2025' Business Networking Reception held on the 11th at the Grand InterContinental Parnas Hotel in Seoul. / EU Business Hub

Maria Castillo Fernandez, Ambassador of the European Union (EU) to Korea, stated on the 11th, "If Korea's new government pursues green energy policies, we are ready to cooperate as well."

Ambassador Fernandez, speaking with Asia Economy ahead of the 'Green Low-Carbon Technology Korea 2025' business networking reception held at the Grand InterContinental Parnas Hotel in Seoul that day, said, "We hope to work closely with all relevant departments of the new government and the new ministers, including the Ministry of Environment," and added this. This event was organized as part of the 'EU Business Hub-Korea' program, which will run until 2027.

Regarding President Lee Jaemyung's pledge to establish a 'Ministry of Climate and Energy,' she said, "If a separate ministry is established, the scope of cooperation between both sides can be further expanded," and added, "This event is centered on European SMEs and startups, and there is much we can learn from Korea's startup support system."

She also stated, "Energy and low-carbon technology are extremely important sectors for both the Korean and European economies, and in this field, Europe appears to be taking a more leading role." She continued, "There is a strong awareness in Korea of the need to participate in a large-scale green transition, and in fact, this is the third EU Business Hub event, where we have confirmed that Korean interest is very high."

President Lee, who took office on June 4, has pledged in the energy and environment sectors to achieve carbon neutrality and energy transition, implement an emissions trading system, build an energy superhighway, establish a decentralized energy system, and expand solar and wind pension programs. In this process, he also promised to establish a Ministry of Climate and Energy by integrating relevant departments from the Ministry of Trade, Industry and Energy and the Ministry of Environment. He also proposed a renewable energy expansion policy to transition 100% of corporate electricity use to renewable energy (RE100) by 2050.

Erko Elblaus, Business Development Manager of Instaglob, whom we met at the event, said, "With the new administration, the business outlook for R&D and business cooperation has improved compared to the previous government," and added, "The president also mentioned related topics in his inaugural address." President Lee pledged a "swift transition to a renewable energy-centered society," emphasizing the need to replace energy imports and prepare for RE100.

Korean eco-friendly companies also have high expectations for the new government. Kim Youngjo, CEO of Bluewin, a Korean sludge (sewage residue) treatment technology company, said, "The current International Environmental Industry Technology & Green Energy Exhibition (ENVEX) is also seeing a positive atmosphere," and added, "During the previous administration, the policy direction for the eco-friendly sector changed and the industry lost momentum, but with the new government, we expect new business opportunities."

Participants commonly cited Korea's strengths as a 'bridgehead' for overseas expansion. This is because there are many construction, shipbuilding, and engineering companies affiliated with groups such as Samsung, Doosan, and HD Hyundai that have strong competitiveness in winning overseas contracts in countries like Saudi Arabia and the United Arab Emirates (UAE). Smaller European companies can aim for joint export effects with these firms. Elblaus, the manager, said, "Korea is an important market for companies, and their technological competitiveness is very impressive," and added, "We can provide more eco-friendly technology during Korea's shipbuilding process."

However, it was pointed out that the unique organizational structure of Korean companies, which leads to slow decision-making, makes it difficult to handle tasks quickly. Contrary to the commonly perceived 'ppalli-ppalli' (hurry-hurry) culture, the actual pace of business progress is slower.

This event was promoted as part of the EU Business Hub-Korea program, which was established last year to facilitate industrial exchanges between the two countries until 2027. The EU side aims to have around 500 European companies participate in the event over more than 10 sessions by 2027.