Portugal´s prime minister, António Costa, wants to boost trade and investment ties with South Korea, on the first visit by a Portuguese head of government to the Asian country since 2000.
Costa ended the first day of a visit to South Korea on tuesday with a dinner with representatives of large economic groups such as Hyundai, SK, Lotte, CS Wind and Hanon Systems.
“The focus is on economic relationships, strengthening investment but also our exports”, Portugal´s prime-minister said on Twitter.
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Before leaving Portugal, Costa said South Korea could be important in helping Portugal reorganize value chains. “We believe that South Koreans and Portuguese can complement and strengthen each other,” the prime minister said.
South Korean companies can be important partners, namely in renewable energies and semiconductors, Costa added. The chief of government is accompanied by the Ministers of Economy, Science, Infrastructure, among other officials.
“The area of renewable energies is an area in which Portugal has a lot of experience and knowledge. There are Portuguese investments in the Republic of Korea and South Korean investments in Portugal. We have an ambitious strategy, as we plan to invest 60 billion euros by 2030”, Costa highlighted.
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In solar energy, for example, according to António Costa, Portugal intends to “significantly increase its available capacity, more than nine gigawatts of incorporation by 2030”.
“And we have plans to install 10 gigawatts of capacity for offshore wind energy, the auction of which will be launched later this year. Semiconductors are also an area where we feel that Portugal has the conditions to be a relevant gateway for South Korean companies that want to increase the resilience of the semiconductor value chain as a whole,” he maintained.
With regard to the automotive industry, the leader of the Portuguese executive said he believed that Korean companies “can take advantage of Portugal’s experience in innovation and green urban mobility”.
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“Green hydrogen also has a lot of potential, because the proximity to water and attractive energy costs are strategic assets that are attracting the attention of multiple investors, who seek to produce hydrogen from solar and wind energy, especially in Sines”, he defended.
António Costa also highlighted that “Portugal has the largest lithium reserves in Europe and the eighth largest in the world.
“We are the seventh largest producer of lithium in the world and the first in Europe. In 2023, we will launch six public tenders for prospecting for lithium and we want to encourage the development of integrated value chains for critical raw materials”, he added.
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The agenda in Seoul included meetings with the Hanwha group, Hynix, one of the largest semiconductor manufacturers in the world, and a Portugal/South Korea business forum.
On the last day in Seoul, Costa met with the Prime Minister of South Korea, Han Duck-soo, signing agreements to promote the teaching of Portuguese in Korea, to launch joint triangular cooperation projects in developing countries, namely on the African continent.
