The Diplomat
The Minister of Industry and Tourism, Jordi Hereu, met on Thursday at the headquarters of his department with the South Korean ambassador, Lim Soosuk, to continue strengthening cooperation between the two countries, which have a solid economic relationship, framed in the Free Trade Agreement between the EU and Korea.
Since its entry into force in 2011, this agreement has significantly boosted bilateral trade exchanges, according to the Presidency of the Government on its website. Furthermore, the holding of the Spain-Korea Joint Commission in Madrid in November 2024 reinforced the commitment of both countries to economic and trade cooperation.
According to Minister Jordi Hereu, the Spanish Government wants to continue working to facilitate mutual investments with South Korea, with whom it shares interests in the development of strategic sectors such as renewable energy, automotive, digitalisation, artificial intelligence and green hydrogen.
Hereu highlighted that there are investments by Korean companies in Spain, such as Hyundai Mobis, which received 16.7 million euros in aid from PERTE VEC II and III for the installation of a new battery production plant for electric vehicles in Navarra, which will serve the Volkswagen Group plant; or Lotte Energy Materials, which received 49.2 million euros in aid from PERTE VEC II for a manufacturing plant for electric battery components in Tarragona.
