Joint Statement

of the Korea-France Business Dialogue for our Future

May 23, 2024 / Seoul, South Korea

We, The Federation of Korean Industries (FKI) and Movement of the Enterprises of France (MEDEF) agreed to launch the Korea-France Business Dialogue for our Future and jointly held the inaugural dialogue on May 23, 2024, in Seoul. During the opening ceremony of the Business Dialogue, we signed an MOU in the presence of South Korean Trade Minister, Jeong In-Kyo to further promote cooperation between our two organizations.

As a result of the Dialogue, the business communities of both countries agreed to continue dialogues and joint efforts in the future, believing that the following will help promote economic growth between the two countries.

1. Aerospace and Defense

As France is a hub for the aerospace and defense industries, and Korea possesses global competitiveness in manufacturing and commercialization technology, we believe that we can produce synergy through bilateral cooperation. Both countries believe that the aerospace industry is a future growth engine and agreed to strengthen cooperation through joint research and investment.

2. Efforts to Realize a Carbon Neutral Society: Cooperation on Clean Energy and Low-Carbon Manufacturing

In the face of the global climate crisis, the business communities of both countries expressed their concern regarding environmental change and recognized that clean energy and low-carbon manufacturing are the new growth engines of the future and agreed to develop them together. Both agreed that carbon neutrality cannot be achieved alone and requires partnerships and recommended that governments provide incentives to attract private sector investment for the energy transition over the long term.

3. Strengthening Advanced Materials Cooperation

The two business communities expressed their concern regarding the ongoing global supply chain reorganization and emphasized the importance of developing key advanced materials and industrial cooperation in response to such changes. The two countries also agreed that advanced materials are fundamental in modern industrial systems and are essential to staying ahead in terms of future technology and economic development. As companies from both countries are investing in and cooperating with each other to increase practical cooperation, the business communities of both countries call on the governments to listen to the issues facing companies when entering the other’s market.

4. Accelerating the Transition to Clean Mobility

With the emphasis on clean mobility to combat climate change, the business communities of both countries agreed that it is important to establish an ecosystem for hydrogen vehicles and a sustainable automotive industry. To this end, the two business communities seek to develop areas for cooperation in innovative clean mobility and call for government incentives and increased industry-academia collaboration.

5. Start-up Ecosystem Cooperation

The two business communities agreed that support for exceptional entrepreneurial startups is a growth engine for innovative growth. The two business communities recommended continued support at the government level to support startup exchanges including youth exchanges between the two countries and to help businesses produce innovative ideas through strategic collaboration.

6. Strengthening International Cooperation

Finally, as countries with the common values of liberal democracy and a free-market economy, the business communities of both countries called for more cooperation and strengthened international cooperation. The two business communities agreed to work together continuously on what can be achieved at the private-sector level. 

The business communities of both countries will promote ongoing dialogues and agreed to hold the next Business Dialogue for our Future in Paris, France in 2025.