Industry Minister Kim Jung-kwan arrives at Incheon International Airport, Thursday, to depart for Canada to support Korea's bid to secure Canada's high-profile submarine project. Yonhap
The Ministry of Trade, Industry and Resources held a meeting with local industry officials Thursday to discuss their response to a new industrial capacity building bill by the European Union (EU) expected to affect Korean companies, ministry officials said.
The ministry met with officials from major automobile, steel and battery companies here after the EU announced the Industrial Accelerator Act (IAA) aimed at strengthening the industrial capacity of EU countries.
The EU is pushing to give priority to low-carbon, made in EU products in the public procurement area while introducing new conditions for foreign investment in the region, including a stronger screening process for large investments in strategic sectors and mandatory employment of EU workers, under the legislative proposal.
Participants of Thursday's meeting, which included Hyundai Motor, asked the government to put in efforts to prevent the IAA from adversely affecting Korean companies and to call on the EU to relax the prioritization of EU-made products, according to the ministry.
The ministry said it will address the companies' concerns over the IAA in a working-level meeting of trade officials from the two sides set to be held in Belgium later Thursday (local time).
Source: Korea Times News
