S.Korea to strengthen cooperation with Portugal in renewable energy

South Korea’s the Trade, Industry and Energy Minister Lee Chang-yang participated on Wednesday in The Korean-Portuguese Business Forum at the Four Seasons Hotel in downtown Seoul. He expressed his anticipation to strengthen cooperation with Portugal, a leading country in environmentally friendly industries, in the field of renewable energy.

This forum was held during the visit of António Costa, the Prime Minister of Portugal, and was jointly organized by the Korea Chamber of Commerce and Industry, the Embassy of Portugal in South Korea and the Portuguese Agency for Investment and Foreign Trade (AICEP). Economic organizations and major companies from both countries were in attendance.

Despite having the highest energy import dependence rate of 80% among the EU member countries as recently as in 2010, Portugal produced 64% of its total electricity using renewable energy sources as of January this year. The dependence rate has dropped sharply to 30%. Companies from both countries are investing in offshore wind power, among other things.

Last year, CS Wind Corporation, the world's top wind turbine tower manufacturer, which entered Portugal in 2021, acquired 100% of the shares of ASM Industries SA, a Portuguese wind turbine tower structure manufacturer.

The minister also requested support for Busan's bid to host the 2030 Expo, citing Portugal's successful hosting of the Lisbon Expo in 1998.

According to the Ministry of Industry, Trade and Energy, trade between Korea and Portugal has increased by 49.7% in the last three years, from $790 million in 2019 to $1.19 billion last year. Investment between the two countries is also expanding in various fields such as auto parts and renewable energy.

Write to So-Hyeon Kim at alpha@hankyung.com