[Unofficial Translation]

Business leaders from the Republic of Korea and the United Kingdom,

It is a great pleasure to meet all of you. I am delighted to join you at this meaningful event to discuss our future economic cooperation here in the United Kingdom – the birthplace of the free-market economy and the Industrial Revolution – and what’s more in the City of London, the world’s financial hub, next to Lombard Street.

This year marks the 140th anniversary of our two countries’ diplomatic relations. As one of Korea’s oldest diplomatic partners, the United Kingdom has provided reliable support for the Republic of Korea’s industrialization.

Some 50 years ago, Korea-based Hyundai Heavy Industries had no experience in shipbuilding. The company also had difficulty securing necessary funding. At that time, Hyundai’s Chairman Chung Ju-young met with A&P Appledore’s Chairman Charles Longbottom and showed him a Korean 500 won bill that bore the image of the Geobukseon, an iron-clad warship designed by Admiral Yi Sun-sin. Chairman Longbottom saw Koreans’ potential in that banknote, surmising that if the ability to build such a ship ran in our DNA, Hyundai’s project would be viable. Hyundai secured loans from Barclays Bank on Chairman Longbottom’s recommendation and constructed the Ulsan Shipyard.

British businesses were the first to commercialize nuclear power plants, and they participated in the construction of the Kori 1 nuclear reactor, supplying key equipment and technology to the heart of Korea’s industrialization. As Korea has now emerged as a manufacturing powerhouse, its businesses are involved in complementary collaboration with the United Kingdom in a variety of industries.

During the global COVID-19 pandemic, AstraZeneca’s contract manufacturing tie-ups with SK Bioscience provided countries around the world a swift and stable supply of vaccines. In the semiconductor industry, Arm, the world’s No. 1 chip design company, has contributed significantly to strengthening semiconductor design capabilities by offering Korean fabless companies free access to its IP portfolio.

Hanwha Aerospace is a leading partner for Rolls-Royce plc in the aviation and defense sectors; they jointly develop and manufacture aircraft engines. In addition, Samsung Electronics is supplying 5G communication equipment to Vodafone, and SeAH Steel and LS Cable are supplying substructures and submarine cables to the United Kingdom’s offshore wind farms.

To boost bilateral cooperation further still, creating an environment for free trade and investment is of overarching importance. Today, Korea and the United Kingdom announced the start of negotiations to upgrade the Korea-UK FTA. The views of businesspeople from both countries will be actively reflected in the process, and new norms in such areas as digital technology, supply chains and energy will be established. By doing so, we will create a playing field where our countries’ companies can freely engage in business transactions – thus enabling them to secure leading positions in the global market together.

Moreover, we will share supply chain policies and information through relevant ministerial dialogue and the MOUs on semiconductor cooperation. By establishing a joint response system to brace for a supply chain crisis, both governments will render support to entrepreneurs, allowing them to stay focused on their business activities.

The United Kingdom is a science and technology powerhouse that has produced more than 130 Nobel Prize laureates. I am scheduled to visit the Royal Society today. Our two countries plan to discuss ways to cooperate in such cutting-edge science and technology fields as AI, digital technology, advanced biotechnology, quantum computing and space. Unprecedented technological innovations will be achieved based on the strong scientific and technological solidarity between our countries, and this will help create new opportunities for bilateral business cooperation.

To achieve the common goal of carbon neutrality, our two countries will also join forces in nuclear power, hydrogen, offshore wind power and other carbon-free energy fields. In particular, during my state visit, MOUs will be signed between the two governments as well as between companies and institutions from each country for cooperation throughout the entire ecosystem and the life cycle on nuclear power plant. A total of nine MOUs will be signed. I believe that this will serve as an important opportunity to open a new chapter in nuclear power plant cooperation between our two countries.

This September at the United Nations General Assembly, I proposed the Carbon-Free Alliance – an open platform for the expansion of carbon-free energy. It was launched officially for the first time this October in Korea. Everyone around the world has ready access to this platform. I hope businesspeople from both countries will support and participate in it.

Distinguished business leaders,

The United Kingdom and Korea share a friendship forged in blood. The United Kingdom sent over 80,000 troops to fight alongside us to defend freedom when the communist invasion of the early 1950s put us in grave peril. There is nothing we cannot do together for the future of our two countries. The governments and businesses of our two countries must work together for our future and for a free and prosperous world.