Economic mission to South Korea - Day 2

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 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.

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.

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:

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.

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 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:

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.