S. Korea, Austria hold talks to discuss economic ties

Seoul, Oct 21 (IANS) South Korean Trade Minister Cheong In-kyo met with his Austrian counterpart on Monday to discuss bilateral economic ties in areas such as cutting-edge industries, the Trade Ministry said.

Cheong met Austrian Labor Minister Martin Kocher in the central city of Sejong to share ideas on utilising their respective strengths to build a foundation for closer economic ties, Yonhap news agency reported, citing the Ministry of Trade, Industry and Energy.

During the meeting, Cheong noted that the two countries have been expanding industrial cooperation in telecommunications and biotechnology, among other areas, and emphasized the need to further strengthen such ties in emerging sectors like hydrogen and artificial intelligence.

The trade minister said the two countries should also join hands to achieve success in the hydrogen economy as well, noting that the resource is an effective tool for pursuing carbon neutrality in various sectors.

Cheong further asked the Austrian government to support South Korean firms operating in Austria, including businesses in the electric vehicle batteries and automobile parts industries.

Austria is South Korea's 12th-largest trade partner within the European Union, with combined trade volume reaching $2.94 billion in 2023.

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