Italy, the world's third-largest satellite launch country and a leader in aerospace, presents opportunities for joint ventures in the global satellite market.
The Korea Economic Association hosted a Korea-Italy Business Roundtable on June 12 at the Westin Excelsior Hotel in Rome, in collaboration with the Italian Business Association. The meeting took place during President Lee Jae-myung's state visit to Italy and was attended by 42 participants, including senior government officials and business leaders from both countries.
This meeting was significant as it aimed to solidify the cooperation agenda discussed during Italian Prime Minister Giorgia Meloni's visit to Korea in January and expand it to the economic sector.
Italy is a manufacturing powerhouse in Europe, actively enhancing its competitiveness in new industries such as biotechnology, pharmaceuticals, aerospace, and defense, beyond traditional sectors like clothing, fashion, and agriculture.
The modernization of Italy's power grid infrastructure, driven by the surge in AI data centers, is also expected to create more contracting opportunities.
Notable attendees from Korea included Samsung Electronics Chairman Lee Jae-yong, LS Group Chairman Koo Ja-eun, and Hyosung Group Chairman Cho Hyun-joon, along with other key figures from major companies such as Hyundai Motor, LG Chem, Naver, HD Construction Equipment, and Korea Aerospace Industries (KAI). To foster cooperation in the expanding K-food and fashion sectors in Europe, Samyang Foods Chairman Kim Jung-soo and Fashion Group Hyungji Chairman Choi Byung-oh also participated.
From the Italian side, high-ranking officials included Deputy Prime Minister and Foreign Minister Antonio Tajani, along with Giorgio Marciani, Vice President of the Italian Business Association and Chairman of aerospace company Sabelt, among other industry leaders.
The roundtable also saw participation from major global companies in luxury and cosmetics, including the renowned sports car brand Ferrari and Kiko Milano, which operates over 1,000 stores worldwide, indicating strong interest in economic cooperation between the two nations.
During the keynote session, representatives from both sides shared their insights. Ryu Jin, chairman of the Korea Economic Association, emphasized the synergy potential between Italy, a country known for its foundational contributions to modern science, and Korea, which boasts advanced manufacturing capabilities. He noted, "This year, with two meetings between the leaders and the elevation of our relationship to a 'special strategic partnership,' economic cooperation is entering a new phase," and proposed expanding collaboration across advanced industries such as AI, renewable energy, and aerospace.
Ryu added, "Just as all roads lead to Rome, I hope today's meeting paves the way for our economies to explore future opportunities and global markets together."
Giorgio Marciani, Vice President of the Italian Business Association, highlighted the commonalities between Korea's entrepreneurial spirit and Italy's family business culture, suggesting that both countries' economies work together to create a long-term vision for advanced industry development.
The roundtable addressed cooperation in three areas: strategic and advanced industries, energy and infrastructure, and promising future industries (biotechnology, pharmaceuticals, food, cosmetics).
In the first session, companies like Samsung, Hyundai Motor, Naver, and KAI discussed ways to generate synergies in strategic and advanced industries, including semiconductors, AI, and defense. The domestic aerospace sector is reportedly expanding partnerships for joint market entry and next-generation component development based on the advanced technologies of both countries. KAI shared plans to combine satellite technologies with Thales Alenia Space Italy to jointly enter the global satellite export market.
KAI is also actively pursuing technological development cooperation with Italy for the localization of the power transmission device for the Korean Utility Helicopter Surion.
The energy and infrastructure session focused on cooperation opportunities between the two countries' companies in response to the demand for Europe's green energy transition and smart infrastructure modernization. LS Group, which became the first non-European company to win a contract with Italy's state-owned transmission company Terna in 2014, recently secured an additional contract for an overhead transmission line project worth 80 million euros (approximately $140.5 million), continuing its success in the European power infrastructure market.
LS shared plans to contribute to energy transition in Europe, centered around its research and development center in Italy.
Following the diplomatic progress made since January, companies also commented on the improved trade environment. HD Construction Equipment expressed gratitude for the Italian government's recent removal of restrictions on EU production related to the super depreciation system, stating, "We appreciate the efforts of both governments to improve the local market conditions for Korean machinery and equipment. We will continue to provide innovative products such as smart equipment and contribute to the development of the construction and infrastructure industries in both countries."
The final session on promising future industries discussed collaboration across production, technology, and branding in high-value sectors such as biotechnology, cosmetics, and fashion. In the biotechnology sector, Italy's competitive edge as a production hub, accounting for 23% of the European pharmaceutical and biotech contract development and manufacturing market, was highlighted. Korean biotech startup Cureverse shared its success in technology exports worth $306 million with Italian pharmaceutical company Angelini Pharma, outlining potential collaboration in developing and commercializing new treatments for difficult-to-treat brain diseases.
In the cosmetics sector, Cosmax announced plans to lead the expansion of K-beauty in the European market by establishing a local production base through the acquisition of Italian ODM company Chemnova.
* This article has been translated by AI.
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