Minister Malinov: The Republic of Korea is one of our most promising partners from East Asia

“The Republic of Korea is one of our most promising East Asian partners in the areas of climate change solutions, renewable energy sources and energy efficiency, nuclear power, new energy technologies and more. Deepening this cooperation in the interest of both countries is of utmost importance for us in order to achieve the goals of carbon neutrality through new energy technologies." This was said by the Minister of Energy Vladimir Malinov during his meeting with the Minister of Trade, Industry and Energy of Republic of Korea Ahn Duk-geun. The two signed a Memorandum of Cooperation in the field of energy, the purpose of which is to create a framework for deepening bilateral relations in the sector.

The document will promote cooperation between companies from the two countries in the implementation of new investments in the production of energy from renewable sources, as well as in the construction of energy storage facilities. Exchange of knowledge and good practices between companies and institutions in the field of natural gas, cooperation in the global liquefied natural gas market and others are also envisaged. The deepening of the interconnections at the various stages of the nuclear fuel cycle, including the construction of new nuclear facilities and the management of spent nuclear fuel and radioactive waste, is also enshrined in the document.

The two ministers agreed that the signing of the memorandum marks a new step in bilateral relations, which will continue to develop on the basis of shared values, similar positions and mutual benefit. Minister Duk-geun accepted the invitation of his colleague Malinov to visit Bulgaria as soon as possible, and a business forum between companies from the two countries will also be held within the framework of the visit.

During his visit to Seoul, Minister Malinov also spoke with the country's Deputy Minister of Foreign Affairs for Multilateral and Global Affairs, Ambassador Kweon Ki-hwan. "For our country, the attraction of Korean investments and technologies, as well as the increase of Bulgarian exports to the Republic of Korea, are among the main priorities," said Minister Malinov. In the first 9 months of 2023, the total exchange of goods with the Republic of Korea was worth 344.7 million dollars, which is an increase of 27.2% compared to the same period in 2022. According to Minister Malinov, promising areas of cooperation are energy, industry, information technologies, combating climate change and others. The Minister of Energy singled out the Bulgarian choice of Hyundai Engineering and Construction for the construction of the 7th and 8th units of the Kozloduy NPP as another opportunity to activate and deepen bilateral relations.