S. Korea, Belgium agree to boost investment in strategic sectors

By Park Boram

BRUSSELS, June 10 (Yonhap) -- South Korean President Lee Jae Myung and Belgian Prime Minister Bart De Wever agreed Wednesday to work together to expand investment in each other's country by their companies in areas including the battery, materials and energy sectors.

The two also agreed to work toward turning their countries into strategic footholds for each other's businesses in their expansion into their respective regions, according to a South Korean presidential official.

"The two sides agreed to expand cooperation in strategic industries in the future by promoting investment between companies from the two countries, particularly in the battery, materials and energy sectors," Cheong Wa Dae spokesperson Kang Yu-jung said of the Lee-De Wever summit held in Brussels.

The South Korean president is on a two-day visit here that began Tuesday. He is currently on a Europe trip that will later take him to Italy and then to France, where he is set to attend the Group of Seven (G7) summit.

On the sidelines of the Lee-De Wever summit, South Korea and Belgium also signed a memorandum of understanding (MOU) on strengthening cooperation in the development of small and medium-sized enterprises (SMEs) and startups.

Lee and De Wever agreed, based on the MOU, to promote communication and cooperation between their countries' small businesses, while pledging to help their countries serve as footholds for each other's SMEs seeking to expand into overseas markets as a way to pursue shared prosperity, according to Kang.

They also agreed to continue exploring ways to resume direct flights between the two countries in order to further boost cooperation.

Noting that Belgium is home to the Interuniversity Microelectronics Centre (IMEC), Lee said that about 150 South Korean researchers are working at the institution and expressed hope for increased bilateral cooperation in the semiconductor field.

IMEC is an international research and development organization active in nanoelectronics and digital technologies.

Kang quoted Lee as saying he hopes the two countries will expand cooperation in research through IMEC so that they can enjoy benefits from advances in semiconductor technology together.

The Belgian leader said cooperation with South Korea, home to world-class semiconductor firms, would benefit his country, pledging to work toward promoting cooperation in the sector.

They also shared the understanding that the security of Europe and Asia is interconnected, and that peace on the Korea Peninsula contributes to the stability and prosperity of the international community, the spokesperson said.

Lee, in particular, requested Belgium's attention and support for Seoul's efforts to ensure peace on the peninsula, while De Wever pledged to contribute to peace and stability on the peninsula as a member of the United Nations.

Wednesday's bilateral summit came as Seoul and Brussels mark this year the 125th anniversary of establishing diplomatic relations.