Hereditary Grand Duke, Minister Fayot to Undertake Economic Mission to South Korea

Luxembourg's Ministry of the Economy has announced that His Royal Highness Prince Guillaume, the Hereditary Grand Duke of Luxembourg, will preside over an economic mission to South Korea from Sunday 27 to Tuesday 29 November 2022; this will be followed by a working visit to Japan.

Leading this official mission is Luxembourg's Minister of the Economy, Franz Fayot, accompanied by the Director General of the Luxembourg Chamber of Commerce, Carlo Thelen. The trip is organised on the occasion of the 60th anniversary of diplomatic relations between Luxembourg and South Korea.

A business delegation, composed of 87 representatives of Luxembourg companies and institutions seeking partnerships with Korean players and wishing to expand their activities abroad, is also accompanying the Economy Minister.

The mission will take place in Seoul and will continue, after the departure of Prince Guillaume and Minister Fayot, to Daejon, Sejong and Busan, for the rest of the economic delegation.

The economic mission is organised by the Ministry of the Economy through its Luxembourg Trade and Investment Office (LTIO) in Seoul, in collaboration with the Luxembourg Chamber of Commerce and the Luxembourg Embassy in Tokyo, which is also accredited in South Korea.

It aims to strengthen political and economic relations between the two countries and will focus on digitalisation (smart cities and smart mobility) and space. An economic seminar and thematic activities will be organised. Economy Minister Franz Fayot will also speak at the opening of the Korea Space Forum 2022. He and Prince Guillaume will also have several political meetings with members of the government. Moreover, the trip will be an opportunity to inaugurate the new production plant of the Luxembourg company Rotarex, located near Seoul, for the production of high purity equipment for the semiconductor market. Finally, an official visit to the War Memorial will mark a symbolic moment in the celebrations of 60 years of diplomatic relations.

On Wednesday 30 November 2022, the Hereditary Grand Duke will return to Luxembourg, while the Economy Minister and the Director General of the Luxembourg Chamber of Commerce will travel to Japan, where they will stop together in Osaka for an official meeting with the Japan Association for the 2025 World Exposition in the context of Luxembourg's official participation in the next World Expo.

On Thursday 1 and Friday 2 December, Minister Fayot will then travel to Tokyo where several meetings with Japanese counterparts are scheduled, as well as a meeting with the President of JAXA, the Japanese space agency. While in Japan, the Economy Minister will also visit the facilities of Paul Wurth IHI, Paul Wurth's joint venture with IHI Corporation launched ten years ago, and ispace, inc, the parent company of Luxembourg-based ispace EU. Finally, a memorandum of understanding (MoU) will be signed between Luxinnovation, the national innovation agency, and Tsukuba Science City in order to facilitate cooperation between Luxembourg and Japan in the field of research and innovation.