SEOUL, South Korea’s industry ministry said Tuesday it has agreed with Lithuania to seek broader economic ties in areas including trade and investment, especially in cutting-edge technologies.
Deputy Minister for Trade Yang Byeong-nae met with Egidijus Meilunas, the vice foreign minister of the European nation in Seoul, to share opinions on the envisioned economic partnership, according to the Ministry of Trade, Investment, and Energy.
During the meeting, Yang noted that trade between the two countries has been growing since Lithuania opened its diplomatic mission in South Korea in 2021.
The deputy minister also expressed hope for closer bilateral cooperation, especially in the laser and biotechnology industries, where Lithuania holds significant competitiveness.
“The two countries particularly reached a consensus on the significance of cooperation in the research and development sector. They agreed to strengthen bilateral networks of businesses, including the organization of seminars,” the ministry said
.
The combined trade between the two countries came to US$474 million in 2023, marking a sharp rise from $343 million tallied in 2021, the government data showed.
On the sidelines of the event, the Korea Institute for Advancement of Technology and Lithuania’s Innovation Agency signed a memorandum of understanding to explore ways for cooperation.
Source: Yonhap News Agency