1. The 7th Korea-Ireland Joint Economic Committee meeting, co-chaired by Director-General for Bilateral Economic Affairs Kim Jin-dong, Ministry of Foreign Affairs of the Republic of Korea, and Director General Trade Ronnie Downes, Department of Enterprise, Trade and Employment of Ireland, was held in Seoul on October 31.

※ The Korea-Ireland Joint Economic Committee was established based on the Agreement on Economic, Industrial, Scientific, and Technological Cooperation signed in 1993. The 6th meeting was held in February 2017 in Dublin.

2. This year, as the Republic of Korea and Ireland mark the 40th anniversary of diplomatic relations, a delegation led by Ireland's Prime Minister Leo Varadkar TD is visiting Korea from October 30 to November 3. This joint committee meeting took place during this period.

3. During this meeting, the two sides discussed various aspects of cooperation in light of the rapidly changing global economic situation, including enhancing economic security, expanding trade and investment, fostering educational collaboration and cooperation in agriculture and livestock industries, promoting tourism and culture, and exploring ways for educational cooperation.

4. Director General Downes emphasized that Korea and Ireland share various similarities, including continuous investments in education, business, governance, and cultural heritage based on their long history and tradition. Stating that Ireland, as the home of prominent companies, has confidence in providing a business-friendly environment, and Korea, known for its innovation and unique technological prowess, is committed to maintaining an open economy, he suggested further strengthening economic cooperation between the two countries.

5. Director-General Kim acknowledged Ireland's reputation as one of the most open and dynamic economies within the European Union (EU), with leading companies from Europe and the Americas establishing a presence in Ireland. He also stressed that Korea, with its open economic structure and favorable conditions for business activities, is keen to expand collaboration in various sectors such as climate change, venture enterprises, and future industries such as energy storage systems, fintech, and biotechnology. In this context, he kindly requested smooth support from the Irish side for Korean companies to perform their business in Ireland.

※ As part of its Trade and Investment Strategy 2022-2026, the Irish government is currently running a project under which delegations led by the Prime Minister and composed of high-ranking officials and representatives from companies visit key countries. The delegation visited Korea as its first destination, with this year marking the 40th anniversary of diplomatic relations between the two nations.

※ This joint committee meeting was significant, as it was held in person after a gap of six years, following postponements due to the COVID-19 pandemic.

6. The Ministry of Foreign Affairs plans to proactively engage with major countries in the future to expand the scope of cooperation.