S. Korea expresses hope over closer ties with Portugal in renewable energy

▲ Industry Minister Lee Chang-yang speaks during the Korean-Portuguese Business Forum in Seoul on April 12, 2023, in this photo released by the Ministry of Trade, Industry and Energy. (PHOTO NOT FOR SALE) (Yonhap)

S Korea-Portugal cooperation

S. Korea expresses hope over closer ties with Portugal in renewable energy

SEOUL, April 12 (Yonhap) -- South Korea's trade minister on Wednesday expressed hope for forging closer ties with Portugal in the renewable energy sector.

Industry Minister Lee Chang-yang made the remark during a business forum attended by Portuguese Prime Minister Antonio Costa in Seoul, where officials from the two countries met to discuss ways to bolster bilateral economic ties.

During the session, Lee pointed out Portugal has made a significant recovery in its economy under Costa's leadership, with trade between the two countries sharply rising in various sectors, including auto parts and renewable energy.

The combined trade between South Korea and Portugal came to US$1.19 billion in 2022, up 49.7 percent from the $790 million posted in 2019, according to the data compiled by the Ministry of Trade, Industry and Energy.

Lee said South Korea hopes to expand cooperation in the renewable energy sector with Portugal, as the European nation is considered one of the leaders in eco-friendly industries.

Portugal produces around 64 percent of its power from renewable sources.

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