Economic mission to South Korea - Day 2

The first official events in Luxembourg’s fourth economic mission to South Korea took place yesterday. It included the NewSpace Korea Forum and the Luxembourg-Korea Business Forum along with meetings held with the President of South Korea and three Korean Ministers. The day was marked by the signature of two agreements aimed at reinforcing Luxembourg-Korea economic relations.

Coincidently, this year marks the 60th anniversary of diplomatic relations between Korea and Luxembourg and provides an opportunity to strengthen the bonds between the two countries.

This is be HRH Prince Guillaume’s fourth mission to South Korea. He was just 19 years old at the time of his first mission to ‘The Land of the Morning Calm’.

Lunch with Solus Advanced Materials representatives

The Prince and the Minister Franz Fayot had lunch with representatives of Solus Advanced Materials, a Korean company specialised in manufacturing copper foil for innovative and technological applications and the parent company of Circuit Foil Luxembourg. The discussions were mostly focused on the company’s ambitions for the Wiltz-based plant in an increasingly competitive international sector.

In 2022, Circuit Foil Luxembourg has heavily invested in the development of new products for 5G technologies while pursuing its environmental strategy with strict policies on waste recycling.

The prince and the Minister are attending a bilateral meeting with the Ministry of Science and ICT
© SIP / Julien Warnand

About Circuit Foil Luxembourg

Established in 1960, Circuit Foil Luxembourg is a company specialising in copper foil production. They currently employ 357 people in Wiltz and produce around 10,000 tons of copper per year.

NewSpace Korea Forum

The NewSpace Korea Forum is celebrating its 4th edition this year with more than 200 participants and speakers from all around the world attending. The main topic is “Korea’s challenges to the space economy”. As a guest speaker, Minister Fayot laid out Luxembourg’s Space Strategy.

The Prince and the President of South Korea are shaking hands
© SIP / Julien Warnand

Prior to the forum, the Prince and the Minister met HE Yoon Suk-yeol, President of South Korea.

HRH and Mr. Fayot had a bilateral meeting with HE Jong-Ho LEE, Minister of Science and ICT. The ambition is to reinforce the cooperation between Luxembourg and Korea in space industry. This was made official with the signature of a Memorandum of Understanding, the first step in a new promising era between the two countries since initial discussions on the space industry began in 2017.

View of the space forum © SIP / Julien Warnand
The Minister Franz Fayot is delivering a speech © SIP / Julien Warnand
The Prince and the Minister are standing during Korea national anthem © SIP / Julien Warnand
The Prince attends a presentation on the space industry © SIP / Julien Warnand

Luxembourg-Korea Business Forum

The journey continued with the Luxembourg-Korea Business Forum, organised by the Luxembourg Chamber of Commerce.

During his opening speech, the Prince reminded the audience of the strong ties that Luxembourg and Korea have developed over the course of 60 years of bilateral relations, for which he foresees a bright future:

Today, Luxembourg, be it the private sector or the political level, views Korea as a country with a vast potential for close cooperation in many areas. Our delegation, with representatives from 34 Luxembourg businesses – a rather substantial number by Luxembourg standards -, bears testimony of the interest for your country, of our will to find new partners and to deepen our economic ties.
The Prince is laying his speech during the Business Forum © SIP / Julien Warnand
The Prince is attending the Business Forum next to the Korean Minister of SMEs © SIP / Julien Warnand
The Prince and the Minister are discussing during the Business Forum © SIP / Julien Warnand
View on the Business Forum while the Minister Fayot is laying his speech © SIP / Julien Warnand

In the context of the forum, a meeting was held with HE Young LEE, Minister of SMEs and Startups, to discuss the development of innovative Korean startups in Luxembourg and in Europe.

The Prince and the Minister are attending a bilatering meeting with the Ministry of SMEs
© SIP / Julien Warnand

His Royal Highness and Mr. Fayot also attended the signature of Memorandum of Understanding between Luxinnovation and Korea Advanced Institute of Science and Technology Global Commercialization Center (KAIST GCC). The agreement will reinforce the cooperation and economic relations between the Institutes with a focus on small and medium-sized enterprises and startups.

The Minister is signing the Memorandum of Understanding © SIP / Julien Warnand
Souvenir picture after the signature of the Memorandum of Understanding © SIP / Julien Warnand

About the Luxembourg-Korea Business Forum

Around 200 participants attended to the event, which addressed innovative and sustainable solutions for the cities of tomorrow (Smartcities).

Official reception

The second day ended with the traditional reception, organised by the Luxembourg Embassy and the Luxembourg Trade and Investment Board, to celebrate 60 years of excellent diplomatic relations between the two countries.

Along with political and economic considerations, the Prince highlighted the weight of history and the ravages of war, as Europe faces a surge in violence not witnessed since World War II:

Preserving peace and freedom remains of utmost importance today, as it was yesterday, a precious gift, which must be promoted and protected. Here in Korea, you are keenly aware of this. In Europe, we too are once again facing the ugly reality of military aggression. As if humankind were inapt to learn from its worst mistakes.

The Minister of Foreign Affairs, Mr Jin Park, represented the Korean Government at the reception. A bilateral meeting was conducted in the margins of the reception.

The Minister Fayot is laying his speech © SIP / Julien Warnand
The Prince is laying his speech during the official reception © SIP / Julien Warnand
The Prince and the Minister during a meeting © SIP / Julien Warnand
The Prince and the Minister in a discussion with a Korean representative © SIP / Julien Warnand