(MENAFN- AzerNews) South Korea is eager to boost cooperation with Türkiye in
infrastructure, defense and energy, Vice Minister of Trade,
Industry and energy Youngjin Jang told Anadolu, Azernews reports, citing Anadolu Agency.
Jang stated that with the entrance of a Korean company into the
Türkiye's construction market in 1999, infrastructure cooperation
between the two countries has expanded.
"It is anticipated that cooperation will be further enhanced in
various fields, including infrastructure, defense industry, and
nuclear power plant construction, in the future," he said.
The minister stressed that when Busan is selected to host the
World Expo 2030, new projects in construction, transportation, and
other infrastructures are expected to be initiated.
"Urban regeneration projects such as redeveloping old city
centers are also anticipated to proceed. In such a case, investment
and collaboration with Turkish companies with strengths in
construction are expected to be of great help," he explained.
Praising Türkiye's success in defense, aviation, construction
and infrastructure sectors, Jang said: "You [Türkiye] are also at
the forefront in hi-technology and automotive."
He underlined that thanks to the signing of the free trade
agreement, the bilateral trade volume has been growing for the past
decade, hitting a record $9.1 billion in 2022.
South Korea's main export groups are synthetic resins,
petrochemical raw materials, pharmaceuticals, and auto parts to
Türkiye.
At the same time, Korea mainly purchases pharmaceuticals, auto
parts, and apparel from Türkiye, Jang said.
He stressed that some 40 Turkish companies invested in South
Korea as of 2022 have mainly focused on the automotive parts,
distribution, and services industry, such as restaurants.
Jang said that the South Korean government works on promoting
advanced industries, labor and regulatory reform, workforce
development, corporate tax reduction, and the expansion of
investment incentives.
The government is speeding up its efforts to attract foreign
investment that can strengthen advanced industry competitiveness,
expand supply chains, create quality jobs and contribute to
domestic economic growth ultimately.
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