Korea, Portugal PMs agree to foster business ties

Prime Minister Han Duck-soo and his Portuguese counterpart, Antonio Costa, on Wednesday agreed to foster development cooperation during bilateral talks held in Seoul for the first time in 39 years.

Han said in a speech before the talks that there is ample room for bilateral cooperation, which would lay a cornerstone for the rules-based international order. In response, the Portuguese Cabinet leader echoed the need for supply chain restructuring to achieve the economic resilience in the face of digitalization and energy transition.

The two countries also signed a partnership Wednesday to nurture joint international development assistance schemes for developing countries to address climate change and digital transformation, as well as a cultural exchange between academic institutions.

Costa, who arrived in Korea Tuesday, paid a visit to renewable energy-focused companies and chipmakers here, including Samsung, SK and Hanwha.

He also attended a business forum jointly hosted by the Korea Chamber of Commerce and Industry, the Portuguese Embassy in Korea and state-run trade and investment agency AICEP Portugal Global at Four Seasons Hotel Seoul.

According to the Ministry of Trade, Industry and Energy, the event was attended by some 100 government officials and entrepreneurs combined from Korea and Portugal, including Costa and Industry Minister Lee Chang-yang.

Lee expressed anticipation for the growing cooperation between the two countries in the field of new and renewable energy. For example, Korea's steel wind tower maker CS Wind acquired the entire stake in Portugual-based wind tower maker ASM Industries in 2022.

This comes at a time when Korean firms are in search of opportunities to stabilize the industrial supply chain. Portugal's reserve of lithium -- considered a key raw material for secondary battery production -- is estimated to reach 60,000 metric tons, marking Europe's largest, according to US Geological Survey.

Under Portugal's green push, the country generates two-thirds of its electricity with renewable energy, while cutting its reliance on energy imports from 80 percent in 2010 to 30 percent in January.

Korea and Portugal established trade ties in 1961. Trade between the two countries have increased nearly 50 percent over the past three years to $1.19 billion in 2022, official data showed.

Costa, in his third term, has been leading the Cabinet since 2015.