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South Korea, Poland Seek Enhanced Trade, Industry Ties

South Korea and Poland discussed ways Wednesday to strengthen bilateral trade, investment and overall economic relations as strategic partners in key industries, Seoul’s industry ministry said.

During a meeting in Seoul, South Korean Industry Minister Lee Chang-yang and Waldemar Buda, Poland’s economic development minister, shared the assessment that last month’s summit served as a chance for the two sides to expand cooperation in such sectors as nuclear energy, defense and electric vehicles, according to the Ministry of Trade, Industry and Energy.

Lee voiced expectations for the further expansion of their trade and investment, particularly in advanced industry sectors, given the growing number of South Korean firms making inroads into the European market.

He also asked for the Polish government’s support for South Korean companies operating there amid concerns over the European Union’s fresh rules on foreign entities, such as the new carbon-pricing system of the Carbon Border Adjustment Mechanism (CBAM).

CBAM calls for levying an import charge on steel, cement, electricity, fertilizer, aluminum and other related items that’s equivalent to their carbon emissions from production.

Lee also sought Poland’s support for South Korea’s bid to host the 2030 World Expo in the southeastern port city of Busan, the ministry said.

Poland is South Korea’s biggest trading partner in central Europe, with two-way trade reaching an all-time high of US$8.95 billion last year. The two nations aim to triple bilateral trade by 2030.

South Korea’s large business presence in Poland is led by Samsung Electronics Co., LG Electronics Inc. and LG Energy Solution Ltd.

Source: Yonhap News