Invest KOREA

According to Yonhap News,

South Korea's industry ministry said Thursday it plans to pursue a comprehensive agreement on trade and investment with Sweden, and seek closer economic ties in the energy and biotechnology sectors.

The two countries shared a consensus to seek a bilateral trade and investment promotion framework (TIPF) agreement during the joint industrial cooperation committee meeting held virtually, according to the Ministry of Trade, Industry and Energy.

A TIPF is a nonbinding agreement that calls for enhancing economic ties and facilitating cooperative exchanges in various areas.

During the meeting, South Korea and Sweden shared the latest policies regarding cutting-edge industries, including nuclear energy, biotechnology and the digital economy.

The envisioned bilateral TIPF will include various issues, including cooperation in the supply chain and the promotion of carbon-free energy.

"South Korea and Sweden, both powerhouses in the manufacturing industry, have consistently prioritized investments in innovative technology and research," the ministry said in a statement, expressing hope for deeper cooperation.



colin@yna.co.kr

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Source: Yonhap News (March 7, 2024)