South Korea, Italy optimal partners for business cooperation: President Lee
Quick Look
- South Korean President Lee Jae Myung stated that South Korea and Italy are ideal partners for business cooperation, envisioning a "new industrial order" through collaboration in areas like semiconductors and AI.
- The remarks were made at a business roundtable in Rome, following a summit where both nations agreed to elevate bilateral ties to a special strategic partnership.
AI-generated summary
Why It Matters
South Korea and Italy agreed to elevate bilateral ties to a special strategic partnership and explore ways to expand cooperation in semiconductors, artificial intelligence (AI) and other strategic areas.
President Lee Jae Myung said Friday that South Korea and Italy are optimal partners for business cooperation and that the countries could build a "new industrial order" by working together.
Lee made the remarks in his opening remarks at a business roundtable in Rome, held to explore ways to enhance economic cooperation between South Korea and Italy.
During his summit with Italian President Sergio Mattarella a day earlier, the two leaders agreed to elevate bilateral ties to a special strategic partnership and explore ways to expand cooperation in semiconductors, artificial intelligence (AI) and other strategic areas.
"With Italy being a powerhouse in basic science with creative engineering and design capabilities, while South Korea is a powerhouse in advanced manufacturing with innovative technological capabilities, the two countries are optimal partners," Lee said.
Amid a rapidly changing global economy driven by deepening technological competition and restructuring supply chains, the two countries could establish a new industrial order and create an innovative ecosystem if they work together, the president noted.
"I hope we will overcome global economic uncertainties together based on our mutually beneficial relations," he said.
The two countries have significant potential for economic cooperation, he also said, citing AI, semiconductors, energy, healthcare, cosmetics and other consumer goods as prospective areas for cooperation.
Business leaders from 30 companies from both countries attended the event, including Ryu Jin, chairman of the Federation of Korean Industries; Samsung Electronics Chairman Lee Jae-yong; Hyosung Group Chairman Cho Hyun-joon; Hyundai Motor Co. President Sung Kim; and Naver CEO Choi Soo-yeon.
Italian participants included Giorgio Marsiaj, vice president of the General Confederation of Italian Industry, or Confindustria, and Benedetto Vigna, CEO of luxury carmaker Ferrari.
Participating business leaders discussed ways to enhance cooperation in strategic areas, such as advanced industries, energy, infrastructure and future-oriented sectors.
What to Watch
AI outlook — possibilities, not facts
Increased bilateral investment in AI and semiconductor sectors between South Korea and Italy.
Likely · Medium term
Open Questions
- Specific details of the 'new industrial order' to be established.
- Concrete examples of joint projects in AI and semiconductors.
