"All Roads Lead to Rome": Korean and Italian business leaders discuss expanding cooperation in advanced industries

[Financial News]  

Business leaders from South Korea and Italy gathered to expand cooperation in future industries such as semiconductors, artificial intelligence, aerospace, energy infrastructure, bio and cosmetics. As exchanges between the two countries' leaders intensify, the business communities are also broadening cooperation across strategic industries, accelerating joint entry into global markets and supply chain diversification. 
The Federation of Korean Industries (FKI) said on the 13th that it co-hosted the Korea-Italy Business Roundtable with the Italian Business Federation at The Westin Excelsior, Rome, on the 12th local time. The event was organized to coincide with President Lee Jae-myung's state visit to Italy, and 42 officials from the two governments and business communities attended.
The meeting was designed to turn the economic cooperation agenda discussed during Italian Prime Minister Giorgia Meloni's visit to Seoul in January into concrete business partnerships. It was also seen as significant as the first large-scale economic cooperation event held after the two countries upgraded ties to a Special Strategic Partnership.
Italy is one of Europe's leading manufacturing powers and is seeking to strengthen its competitiveness not only in traditional industries such as automobiles, fashion and agriculture, but also in bio-pharmaceuticals, defense and aerospace. As the world's third country to launch a satellite and a major aerospace power, Italy could generate substantial synergies with South Korea if the two countries expand technological cooperation, especially in the global satellite market and advanced manufacturing.
On the Korean side, top executives attended, including Samsung Electronics Chairman Lee Jae-yong, LS Group Chairman Koo Ja-eun, Hyosung Group Chairman Cho Hyun-joon, Hyundai Motor Company President Sung Kim, LG Chem President Kim Dong-choon, NAVER CEO Choi Soo-yeon, HD Construction Equipment President Moon Jae-young, and Korea Aerospace Industries (KAI) President Kim Jong-chul. Kim Jung-soo, chairman of Samyang Foods, and Choi Byung-oh, chairman of Hyungji Global Co., Ltd., also joined to discuss expanding cooperation in K-food and fashion.
On the Italian side, attendees included Deputy Prime Minister and Minister of Foreign Affairs Antonio Tajani, Italian Business Federation Vice Chairman Giorgio Marciai, and representatives from major companies such as shipbuilder Fincantieri, aerospace company Thales Alenia Space Italy, telecom infrastructure firm Sparkle, and energy company Eni. Global sports car brand Ferrari and beauty brand KIKO Milano also took part, drawing strong interest.
In his keynote speech, FKI Chairman Ryu Jin said, "Italy, a powerhouse in core technologies, and South Korea, with its advanced manufacturing capabilities, are partners that can create strong synergies." He added, "We need to expand cooperation across future industries such as AI, renewable energy and aerospace." He continued, "Just as all roads once led to Rome, I hope the path we open together today will lead the business communities of both countries into the global market."
The meeting focused on cooperation in three areas: strategic and advanced industries, energy and infrastructure, and promising future industries.
In the strategic and advanced industries session, cooperation in semiconductors, AI, aerospace and defense was a key topic. Samsung Electronics, Hyundai Motor Company, NAVER and KAI explored possible partnerships to strengthen technological competitiveness. In particular, KAI shared plans to combine satellite technologies from South Korea and Italy through cooperation with Thales Alenia Space Italy and to jointly enter the global satellite export market. It also said it is pursuing technical cooperation to localize key components for the KAI KUH-1 Surion, South Korea's utility helicopter.
In energy and infrastructure, Europe's demand for green energy transition and power grid modernization was highlighted as a new business opportunity. LS introduced its case of winning a power grid project from Italy's state-run transmission company Terna as the first non-European company to do so, followed by a recent additional 80 million euro transmission line project. The company said it plans to strengthen its push into Europe's energy transition market through its R&D center in Italy.
There was also optimism about expanding cooperation in construction equipment. HD Construction Equipment positively assessed the Italian government's removal of the domestic production restriction clause from its super depreciation scheme and pointed to the potential for greater market entry by Korean smart construction equipment.
In bio and cosmetics, the participants discussed building production bases, technical cooperation and joint commercialization. The biotech startup Cureverse introduced its $360 million technology export deal with Italian pharmaceutical company Angelini Pharma and suggested the possibility of cooperation in developing treatments for intractable brain diseases. Cosmax said it plans to use its local production base secured through the acquisition of Italian ODM company Keminova to expand K-beauty in the European market.

padet80@fnnews.com Park Shin-young Reporter