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Korea and Canada renew Industrial Technology & Innovation Partnership MOU 2022-09-26

Trade, Industry and Energy Minister Lee Chang-yang, on the occasion of President Yoon Suk-yeol’s state visit, held a luncheon meeting with Canada's Innovation, Science and Industry Minister Francois-Philippe Champagne on September 23 at the Sheraton Ottawa Hotel in Canada to discuss bilateral cooperation in supply chain and industrial collaboration.

The two Ministers concurred that ROK-Canada’s technology and investment cooperation is continuously deepening amid global supply chain crises and the intensifying competition for technological hegemony.

Noting the rising number of Korean companies entering and investing in the Canadian EV and battery market, they agreed that the combination of Korea’s technology and Canada’s resources will create a synergy for both sides in terms of supply chain and other aspects.

The critical minerals used in EV batteries in particular hold great potential for bilateral collaboration, all the more in the face of the U.S.’ Inflation Reduction Act (IRA), and the two industry chiefs are willing to expand the scope of cooperation.

They share the view that the two countries can benefit by working closely together across various sectors, including semiconductors, nuclear energy technology, renewable energy, green steel and bio.

Prior to the luncheon, Minister Lee and Minister Champagne also attended the renewal ceremony of the ROK-Canada MOU on Industrial Technology and Innovation Partnership.

The renewal expands the existing MOU with aim to invigorate joint industrial technology R&D between the Korea Institute for Advanced Technology (KIAT) and the National Research Council Canada (NRC). “Digital transition and AI” was newly added to the existing three areas of cooperation, namely healthcare, high-tech materials and green energy.

Taking this opportunity, Korea and Canada plan to further strengthen bilateral industrial technology cooperation through broader R&D collaboration across critical industries.