S.Korea President, Spanish PM Sign MOU On Green Energy, Others

South Korea and Spain have upgraded their relations to a strategic partnership and have plans to enhance bilateral relations in diverse sectors.

President Moon Jae-in and Spanish Prime Minister Pedro Sanchez signed a joint statement between the two countries on Wednesday as well as MOUs for green energy, digital industry 4-point-zero, and startups.

The MOUs involve cooperating on the research and development of green energy and sharing policies and technologies to foster innovative startups and boost the transition into a digital economy.

Moon and Sanchez also signed a customs mutual assistance agreement to promote economic exchanges and strengthen practical cooperation.

They also agreed to work together in responding to global issues related to health and climate change.

During the bilateral summit, Prime Minister Sanchez also reaffirmed his support to President Moon for the Korean Peninsula peace process.

Prior to the summit, the two leaders took part in the South Korea-Spain Green and Digital Business Forum.

Business leaders from both countries were present to discuss practical ways to help economic recovery and secure green digital growth.

Spanish renewable energy company Ocean Winds announced that it would invest 100 million U.S. dollars to establish an offshore wind farm in Incheon, South Korea.

Another Spanish renewable energy company, EDPR, is to invest the same amount for an offshore wind farm in Goheung, Jeollanam-do Province.

President Moon, at the forum, suggested cooperation in the low carbon economy and digital innovation.

“We hope that Korea, which has the best electric, hydrogen and battery technology, will create a new model of success with Spain in the next generation of mobility. Korea will actively support cooperation between the companies of both countries.

Moon added that through their startup cooperation MOU, the two countries can quickly transition into the digital economy.

He hopes the two countries enter the 5G, electric vehicles and renewable energy markets and contribute to improved global economic reconstruction as well as bilateral economic development.