South Korea and France are establishing a ministerial-level consultative body to discuss industrial, trade, supply chain, and economic security issues on a regular basis. The government aims to address trade challenges faced by South Korean companies operating in France, including issues related to electric vehicle subsidies.
The Ministry of Trade, Industry and Energy announced that Minister Kim Jung-kwan met with Roland Lescure, France's Minister of Economy, Finance, Industry, Energy, and Digital Sovereignty, in Paris on September 7 (local time) during President Lee Jae-myung's visit to France. They discussed ways to enhance industrial and trade cooperation between the two countries.
As a result of the meeting, the two nations agreed to establish a ministerial-level consultative channel called the 'Korea-France Strategic Industry Dialogue.' This dialogue will broadly cover industrial policies and technologies, trade and investment, supply chains, economic security, and critical minerals.
Working groups for key sectors will also be set up. Through the ministerial dialogue and working groups, both countries plan to continuously identify specific industrial cooperation projects as well as address individual trade issues.
Minister Kim requested improvements to the French electric vehicle subsidy system to ensure that South Korean electric vehicles are not disadvantaged. Both sides agreed to continue discussions on related issues through the working groups.
Discussions were also held regarding the European Union's Industrial Acceleration Act (IAA). Minister Kim requested the French government’s attention and support to ensure that South Korea, as a key industrial partner of the EU, receives equal treatment with regional countries.
Trade and investment cooperation between companies from both nations will also be expanded. On the same day, a memorandum of understanding (MOU) was signed between the Korea Trade-Investment Promotion Agency (KOTRA) and Business France, with both ministers in attendance. The two agencies will collaborate on trade and investment seminars and support startups entering each other's markets.
Minister Kim also met with François Jacko, CEO of the French industrial gas company Air Liquide, to discuss plans for expanding investments in South Korea. Air Liquide is pursuing domestic business expansion after completing the acquisition of DIG Air Gas in January. CEO Jacko stated that he plans to finalize new investment plans soon.
Minister Kim stated, "With the establishment of the ministerial-level Strategic Industry Dialogue, our two countries have developed a cooperative framework that allows for ongoing discussions on industrial policies, trade and investment, supply chains, and economic security, beyond just addressing individual issues. We will work to resolve trade challenges faced by our companies while continuously identifying new cooperation projects in advanced industries and supply chains."
The Ministry of Trade, Industry and Energy announced that Minister Kim Jung-kwan met with Roland Lescure, France's Minister of Economy, Finance, Industry, Energy, and Digital Sovereignty, in Paris on September 7 (local time) during President Lee Jae-myung's visit to France. They discussed ways to enhance industrial and trade cooperation between the two countries.
As a result of the meeting, the two nations agreed to establish a ministerial-level consultative channel called the 'Korea-France Strategic Industry Dialogue.' This dialogue will broadly cover industrial policies and technologies, trade and investment, supply chains, economic security, and critical minerals.
Working groups for key sectors will also be set up. Through the ministerial dialogue and working groups, both countries plan to continuously identify specific industrial cooperation projects as well as address individual trade issues.
Minister Kim requested improvements to the French electric vehicle subsidy system to ensure that South Korean electric vehicles are not disadvantaged. Both sides agreed to continue discussions on related issues through the working groups.
Discussions were also held regarding the European Union's Industrial Acceleration Act (IAA). Minister Kim requested the French government’s attention and support to ensure that South Korea, as a key industrial partner of the EU, receives equal treatment with regional countries.
Trade and investment cooperation between companies from both nations will also be expanded. On the same day, a memorandum of understanding (MOU) was signed between the Korea Trade-Investment Promotion Agency (KOTRA) and Business France, with both ministers in attendance. The two agencies will collaborate on trade and investment seminars and support startups entering each other's markets.
Minister Kim also met with François Jacko, CEO of the French industrial gas company Air Liquide, to discuss plans for expanding investments in South Korea. Air Liquide is pursuing domestic business expansion after completing the acquisition of DIG Air Gas in January. CEO Jacko stated that he plans to finalize new investment plans soon.
Minister Kim stated, "With the establishment of the ministerial-level Strategic Industry Dialogue, our two countries have developed a cooperative framework that allows for ongoing discussions on industrial policies, trade and investment, supply chains, and economic security, beyond just addressing individual issues. We will work to resolve trade challenges faced by our companies while continuously identifying new cooperation projects in advanced industries and supply chains."
* This article has been translated by AI.
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