July 2023

The international community calls for collective action to address a myriad of urgent challenges, including war, climate change, nuclear weapons, and food and energy insecurities. President Yoon used his recent overseas trips to renew his call for the world to jointly address the challenges before it¡¯s too late.

¡®See You in Busan in 2030¡¯

In Paris, Yoon presented South Korea¡¯s vision for hosting the World Expo 2030 in Busan where world leaders, businesses, and young generations gather to find ways to tackle urgent challenges together.

Attending the 172nd general assembly of the Bureau International des Expositions (BIE), the South Korean president sought global support for the port city¡¯s bid to host the event in 2030. He mentioned that Korea is committed to providing the largest-ever assistance package for more than 110 member states that are participating.

¡°To address humanity¡¯s urgent challenges, we must act now,¡± said Yoon. ¡°The World Expo Busan will be your solutions platform addressing humanity¡¯s complex and urgent challenges. Korea¡¯s state-of-the-art digital technology will provide a fantastic stage for exchanging.¡±

Korea-France Summit

During Yoon¡¯s visit in Paris, a Korea-France summit was held to further solidify the two allies¡¯ partnerships on jointly addressing issues, including Indo-Pacific strategies, North Korea, and economic woes.

In particular, both sides shared their common goal of enhancing their technological partnerships on aerospace and other strategic industries and stable supply chains. Macron noted that the two countries have significant potential for cooperation in various fields, such as energy, batteries, semi-conductors, artificial intelligence, nuclear power, and space. Given the two sides¡¯ technological prowess in those fields, stronger technological partnerships between Seoul and Paris are expected to offer mutual benefits. ¡°As the world now faces uncertainty and complex crises, bilateral cooperation must extend to cutting-edge technology and future strategic sectors,¡± said Yoon.

Another milestone in Paris was made when six European companies, including a French industrial material supplier, pledged a combined USD 940 million worth of investment in South Korea in batteries, future cars, and other cutting-edge industries. Yoon said, ¡°Since its launch, our administration has made efforts to reform regulations and attract foreign investment based on liberalism and internationalism. Korea and European countries are partners of shared values that have built a close supply network through mutual investments. Today¡¯s investments will further strengthen our economic partnerships for tomorrow.¡±

New Chapter in Korea-Vietnam Ties

Yoon¡¯s following state visit to Vietnam highlighted economic ties between Korea and Vietnam, as he believes that cooperation with Hanoi, Korea¡¯s third-largest trading partner, is ¡°more important than ever¡± given the current severe interna-tional situation and complex global crisis.

Over the past years, the two countries have seen a massive jump in bilateral trade which surged 175 times from 1992 to USD 87.7 billion last year. During a summit, both sides agreed to achieve the target of USD 150 billion in trade volume by 2030. To this end, they pledged to strengthen collaboration in the field of mineral supply chains, liquefied natural gas power generation, hydrogen production, smart cities and climate change response.

Seoul also agreed to financial support worth over USD 4 billion in soft loans by 2030 to help Vietnam on climate change, education, and health. Specifically, the nation plans to expand and renew the support limit for the Economic Development Cooperation Fund from the current USD 1.5 billion to 2 billion and provide the Economic Development Promotion Facility worth USD 2 billion over the next seven years. ¡°I anticipate that the two countries will forge a ¡®brighter and more dynamic future¡¯ in the coming 30 years,¡± Yoon said.

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