Portugal and South Korea agree on partnerships with third countries and universities

Portugal and South Korea signed a memorandum of understanding to set up partnerships in third countries to foster sustainable development strategies, and an agreement to disseminate and teach Portuguese.

The agreement was signed in the presence of the Portuguese Prime Minister António Costa and the South Korean Prime Minister Han Duck-soo.

The agreements were signed by the Secretary of State for Foreign Affairs and Cooperation, Francisco André on behalf of the Portuguese Government.

The memorandum of understanding between the Camões Institute, the Language and Cooperation Institute, and the Korean International Cooperation Agency (KOICA) on triangular cooperation in third countries envisages setting "the principles and guidelines from which lies of work can be created to offer an effective response to the development challenges".

With this agreement the two countries propose to develop a coordinated strategy "of the respective financial, technical, and human resources, fostering economic, social, and environmental development in partner countries, and contributing to meeting the United Nations Sustainable Development Goals. The cooperation activities will touch on areas such as education, health, and digitalisation".

An agreement was also signed between the Camões Institute and the Foreign Studies University of Hankuk in Seoul, for placing a Portuguese Language and Culture lecturer.

Shared values for democracy

In a statement to the press, the Prime Ministers of Portugal and South Korea also said that both Governments share common values and a world order based in democracy, the rule of law, and free economic initiative.

António Costa noted the fact that Portugal and South Korea have a good "tradition of good standing diplomatic and political relations" and share "a common vision and common values" with regard to the international political order.

The Prime Minister also stated that "South Korea is one of the most important world economies and Portugal is one of the safest countries in the world": 

"We are the gateway for markets with 500 million people", he said, alluding the European Union and the Portuguese language countries, also highlighting the fact that Portugal is "a champion in the energy transition and the only country with fibre optics connections with all continents".

"We are in a good position to cooperate with Korean companies at a time when the world must face major challenges", he claimed.

The South Korean Prime Minister in turn noted "the good relations between both countries and that with this visit by the Portuguese Prime Minister, the relations will be strengthened and go further in the future, in economy, culture, and trade.

Han Duck-soo also stressed that "Portugal and Korea share universal values symbolised in democracy, the rule of law, the free market, and are committed to respecting human rights".

Based on these common values, the Prime Minister of South Korea went on to say, both countries are committed to solving the main problems on a world level, "setting up a world order based on international law".

"This visit will be a turning point in terms of the main bilateral cooperation indicators", he added.

11 billion under the EU state assistance scheme

Prior to this, during the opening session of the Portugal/South Korea Business Forum, in a speech for South Korean entrepreneurs, António Costa said Portugal will mobilise up to 11 billion euros under the new European assistance scheme, indicating the country ranks 15th among 214 in terms of political stability and social cohesion.

"We have the conditions and the opportunities, but the most important thing is we have the availability to support strategic investments, namely in areas such as microchips, energy, and green mobility, with highly significant incentives under the new European state assistance scheme. For this, we are available to mobilise up to 11 billion euros", he specified.

To these 11 billion euros, noted the Prime Minister, we will add another 39 billion in financial incentives under the Portugal 2030 and the Recovery and Resilience Facility. "Important tax credits to companies" are also available, "through granting tax waivers and benefits for the creation of jobs".

Investments by both countries

António Costa also indicated there are relevant investments by Portuguese companies in South Korean and by South Korean in Portugal, yet adds:

"We can do more, much more, because there are reasons that make Portugal the perfect destination for South Korean companies and investments. First of all, Portugal has highly qualified manpower. The percentage of young Portuguese with higher educaiton is above the EU average: 47% vs the 42% EU average".

The Prime Minister also stressed the fact that Portugal "is the sixth safest country in the world and 15th in 214 in terms of political stability and social cohesion" and has "an important industrial tradition and flexible and reliable corporate fabric", as well as being known "for its openness to foreign investment and foreign trade".

Renewable energies

António Costa recalled that according to the Portuguese Commission, Portugal "is the best prepared to meet the EU intermediate targets in 2030 on carbon neutrality".

"The significant weight of renewables in our energy mix allowed us to maintain electricity prices practically unchanged given the current energy crisis", he said, adding that "the Portuguese and South Korean knowledge and experience can be combined and mutually boosted".

"Combining efforts, I am certain we will be capable of not just increasing the opportunities of mutual economic benefit, but also of creating a better future for the Korean and Portuguese citizens", he added.