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| Korea-Israel Economic Forum was held at FKI Conference Center, Tuesday. From left are Daegu City Mayor Kwon Young-jin, Israeli Ambassador to Korea Chaim Choshen, FKI Chairman Huh Chang-soo, Israeli President Reuven Rivlin, Trade Minister Yoo Myung-hee and Korean Ambassador to Israel Choi Yong-hwan. / Courtesy of FKI |
By Kwak Yeon-soo
Korea and Israel held an economic forum to discuss ways to boost bilateral ties in a mutually beneficial manner, the Federation of Korean Industries said Tuesday.
During the forum, the two sides assessed increased cooperation in such areas as vehicle equipment, renewable energy, and information and communication technology, and agreed to expand the level of cooperation into innovative sectors, including biotechnology, AI and data science, and robotics.
Reuven Rivlin, president of the State of Israel, arrived Sunday on a four-day state visit, becoming the first Israeli President to visit Korea in nine years. He previously visited Seoul in 2010 as minister of communications.
Rivlin touted Israel's capacity to break new grounds in cybersecurity, fintech, AI, digital health and food tech. He also encouraged Korea's continued investment, noting Israel currently serves as a "Land of Creation."
"As we face the Fourth Industrial Revolution, it's time for us to expand business ties in areas like high-tech, natural gas and R&D," Rivlin said during his keynote speech.
"I'm confident that we can find innovative solutions together and turn complex challenges, such as integrating new technology into established industries or tackling cyber threats, into even greater opportunities."
Israel's national expenditure on research and development (R&D) to GDP ratio is the highest in the world, according to him.
Trade Minister Yoo Myung-hee, who delivered a congratulatory speech, expressed her gratitude to Israel for its support in efforts to create new business opportunities for Korean companies.
She also pledged to conclude an FTA and strengthen startup support programs for innovation.
"Korea is strong in ICT, 5G and manufacturing industry while Israel is competitive in AI, cybersecurity and smart mobility. If we cooperate, we can leap forward and create new business opportunities," Yoo said.
Topics on "Israel's innovative startup ecosystem," "Global challenges and bilateral cooperation," "5G Past, Present and Future" and "Cyber Threats" were discussed at the forum. The Israel Export Institute signed memoranda of understanding (MOUs) with Daegu City and the Korea Trade-Investment Promotion Agency.
Since Korea and Israel established their diplomatic ties in 1962, the two have maintained a friendly relationship.
Two-way trade between Korea and Israel came to $2.6 billion in 2018, up more than 20 percent from a year earlier.
