President Lee to Germany's Merz: “South Korea should receive equal treatment with EU member states under the Industrial Accelerator Act”

[Financial News] President Lee Jae Myung held a summit with German Chancellor Friedrich Merz on the 29th and asked for his cooperation to ensure South Korea receives equal treatment with EU member states in connection with the European Union’s (EU) proposed Industrial Accelerator Act (IAA). The two countries agreed to expand cooperation in advanced industries, including semiconductors, artificial intelligence (AI) and batteries, as well as in defense and the defense industry. They also agreed to establish an “enhanced strategic partnership” and strengthen strategic coordination between the two countries.
After holding a summit with Chancellor Merz at Cheong Wa Dae that day, President Lee said in a joint press statement, “Regarding the EU’s proposed Industrial Accelerator Act, I asked Germany to pay special attention and cooperate to ensure South Korea receives equal treatment with EU member states.”
President Lee said, “Germany is South Korea’s largest trading partner in Europe and a ‘key cooperation partner’ with which we share universal values such as freedom, democracy and the rule of law.” He added, “Chancellor Merz and I have agreed to establish an ‘enhanced strategic partnership’ between our two countries.”
He explained, “The Economic and High-Tech Partnership Framework that we will sign this time will expand bilateral cooperation, which has centered on trade and investment, into industry and advanced technology.” He added, “By further strengthening cooperation on critical minerals and energy security, we have laid the groundwork to address supply chain uncertainty.”
He also stressed, “We will expand cooperation in areas where both countries have strengths, including automobiles, batteries and semiconductors, and strengthen cooperation on joint research and technological innovation in science and technology fields such as artificial intelligence, quantum technology, biotechnology and space.”

On energy, President Lee said, “We agreed to expand policy and technology exchanges in renewable energy and power grids, and to pursue practical cooperation for the energy transition and a stable supply of clean energy through joint research between companies and research institutions.”
On defense and the defense industry, he said, “The two countries will strengthen strategic communication between their defense authorities and swiftly pursue the conclusion of the Agreement on the Protection of Classified Military Information to strengthen the institutional foundation for defense and security cooperation.” He added, “We will actively seek opportunities for mutually beneficial cooperation between defense companies.”
He also explained, “To further promote exchanges between the people and businesses of our two countries, I asked Chancellor Merz to give special attention to shortening the time required to issue visas and residence permits.”
On the Korean Peninsula, he said, “The two countries share the understanding that security in Northeast Asia and Europe is closely interconnected, and have agreed to work together for peace and stability in both regions.” He added, “Given Germany’s experience of the pain of division, it has continued to express deep empathy for South Korea’s efforts to resume dialogue and establish a ‘peace regime on the Korean Peninsula.’”
President Lee stressed, “Today’s summit will be recorded as an important milestone in opening a new future for Korea-Germany relations.” He added, “I will do my utmost, communicating more closely with Chancellor Merz, to faithfully implement the agreements reached by our two countries today and deliver tangible results for the people of both countries.”
[email protected] Choi Jong-geun Reporter