South Korea and Austria Discuss Strengthening Economic Ties

South Korean Trade Minister Cheong In-kyo met with Austrian Labor Minister Martin Kocher on Monday in Sejong to discuss enhancing bilateral economic relations, focusing on sectors like cutting-edge industries, as reported by the Ministry of Trade, Industry and Energy.

During their talks, Cheong highlighted the expanding cooperation between the two countries in areas such as telecommunications and biotechnology. He stressed the importance of further strengthening collaboration in emerging fields like hydrogen and artificial intelligence.

Cheong emphasized that both nations should work together to succeed in the hydrogen economy, viewing it as a vital resource for achieving carbon neutrality across various sectors. He also urged the Austrian government to support South Korean companies operating in Austria, particularly in the electric vehicle batteries and automobile parts industries.

Austria ranks as South Korea’s 12th-largest trade partner within the European Union, with a combined trade volume of $2.94 billion in 2023.