By Anjali Sharma
WASHINGTON – South Korean Trade Minister Cheong In-kyo on Monday met with his Austrian counterpart to discuss bilateral economic ties in areas such as cutting-edge industries, the Trade Ministry said.
Cheong met Austrian Labor Minister Martin Kocher in the central city of Sejong to share ideas on utilizing their respective strengths to build a foundation for closer economic ties, media reported, citing the Ministry of Trade, Industry and Energy.
Cheong noted that the two countries have been expanding industrial cooperation in telecommunications and biotechnology, among other areas, and emphasized the need to further strengthen such ties in emerging sectors like hydrogen and artificial intelligence, during the meeting..
The trade minister said the two countries should also join hands to achieve success in the hydrogen economy as well, noting that the resource is an effective tool for pursuing carbon neutrality in various sectors.
Cheong asked the Austrian government to support South Korean firms operating in Austria, including businesses in the electric vehicle batteries and automobile parts industries.
Austria is South Korea’s 12th-largest trade partner within the European Union, with combined trade volume reaching $2.94 billion in 2023.
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