Korea, U.K. to Double Trade and Investment

      November 07, 2013 11:50

      President Park Geun-hye and British Prime Minister David Cameron on Wednesday agreed to double bilateral trade to US$20 billion and mutual direct investment to $45 billion by 2020.

      Meeting in Downing Street in London, the two leaders agreed to form a Joint Economic and Trade Committee, or JETCO, while private companies will set up a bilateral CEO forum to spur business.

      The two leaders also pledged to increase cooperation in the areas of finance, nuclear power, energy, IT and culture.

      The two governments and businesses in both countries signed around 20 memoranda of understanding detailing exchanges in those fields.

      U.K. Prime Minister David Cameron greets President Park Geun-hye in Downing Street in central London on Wednesday. /Newsis

      The Ministry of Trade, Industry and Energy and the U.K.'s Ministry of Energy and Climate Change signed an MOU pledging joint efforts to tap into new markets for nuclear power generation.

      The two sides also agreed to cooperate in researching technologies for dismantling aging nuclear power facilities.

      A Cheong Wa Dae official said the agreements established "mid and long-term frameworks" for Korea to export nuclear power plant technology to the U.K., which is scheduled to change 15 out of its 16 nuclear reactors by 2023.

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