SEOUL, Apr. 10 (Korea Bizwire) — South Korea’s vice trade minister called for strengthened cooperation in technology with Israel Sunday to cope with the technology-driven fourth industrial revolution, the ministry said.
Speaking to a forum in Tel Aviv, Jeong Marn-ki said South Korea and Israel can create synergy by combining Israel’s technological prowess and startup spirit and South Korea’s manufacturing skills and information and communication technology infrastructure.
“I hope that technology cooperation would lead to an expansion of bilateral trade and investment,” Jeong said at the conference designed to encourage bilateral technology cooperation, according to the trade ministry.
Israel is home to 3.5 percent of the world’s venture capital and is known for running a variety of support programs for technology startups. Trade volume between the two countries reached slightly over US$2 billion in 2015, according to South Korean government data.
South Korea’s main export items include autos, wireless communication equipment and synthetic resins, while it imports mainly chipmaking equipment, and applied electronics products and parts.
Jeong is set to visit Britain to attend a session on bilateral technology cooperation on Tuesday, according to the trade ministry. On Wednesday, Jeong plans to meet with John Loughhead, Chief Scientific Adviser at the Department for Business, Energy and Industrial Strategy, for talks on technology cooperation between the two countries.
During his visit to London, he is expected to make a pitch for British investment in South Korea.
New foreign direct investment pledged for South Korea came to US$21.3 billion last year, up from the previous record of $20.9 billion set in 2015, according to the government data.