Trade, Industry and Energy Minister Lee Chang-yang attended the Korea-Spain Business Forum on November 18 in Seoul on the occasion of Spain’s Prime Minister Pedro Sanchez’s visit to Korea.

The forum was held to expand Korea-Spain business cooperation and attended by approximately 100 persons, including officials and corporate representatives of both countries.

In his congratulatory message, Minister Lee stated that Korea-Spain economic cooperation potential is great in view of the two nations’ economic compatibility and that Spain’s strength in the automobile industry will boost collaboration in future car transition sectors. Spain is the second largest automobile producer in Europe following Germany, with eight carmakers operating 17 production plants.

Moreover, he expressed anticipation of stronger cooperation in renewable energy areas like solar and offshore wind power, noting how top Korean and Spanish firms are continuing to make mutual investments.

The business roundtable session allowed attendees to share their Korean and Spanish market entrance experiences, and the subsequent networking session facilitated discussions on issues of interest and cooperation means per company.

After the forum, Minister Lee held talks with Maria Reyes Maroto, Spain’s Minister of Industry, Trade and Tourism.

Minister Maroto assessed that both countries’ business collaborations are active despite the pandemic, and relayed that bilateral economic cooperation can expand further on the occasion of the Prime Minister’s visit to Korea.

Minister Lee agreed, and mentioned a Korean battery material company (Iljin Materials)’s recent decision to invest KRW 500 billion into building a copper foil plant in Catalonia, which was brought about by the supportive investment attraction efforts of the Spanish government (to provide 25 billion won in cash incentives) and called for further assistance and interest in Korean companies’ engagement in the Spanish market.