1. The 4^th Korea- Finland Bilateral Economic Consultations (hereinafter referred to as the “Bilateral Economic Consultations”) were held virtually on Thursday, April 29 with Deputy Minister for Economic Affairs Lee Seong-ho of the Ministry of Foreign Affairs of Korea and Under-Secretary of State for External Economic Relations Nina Vaskunlahti of the Ministry for Foreign Affairs of Finland as respective heads of delegation. During the Consultations, topics such as ways to strengthen substantive cooperation, responses to digital transformation and low-carbon economy, supply chain and climate change issues were discussed in depth.

※ Korea-Finland Bilateral Economic Consultations: a consultative body between the two foreign ministries to discuss areas of economic cooperation, first held in Helsinki, Finland on June 29, 2015 (3^rd Consultations: September 26, 2019; Helsinki, Finland).

※ Korea-Finland Trade Volume (Unit: 1 BL USD): (’16) 1.25 → (’17) 1.27 → (’18) 1.68 → (’19) 1.43 → (’20) 1.13
- Korea’s Key Export Items to Finland: passenger vehicles, weaponry, electric vehicles, synthetic resins, tires, etc.
- Korea’s Key Import Items from Finland: precision chemical materials, nickel, generators, pulp, plywood, etc.

2. The two sides recognized that the outcomes of the Korea-Finland Summit held in June 2019, involving ventures, start-ups, responses to the 4^th Industrial Revolution, and gender equality, are being effectively implemented despite the COVID-19 pandemic, contributing towards development of the bilateral relations.

o In particular, the two sides welcomed the launching of Korea Start-up Center (KSC)* program in Finland, and expressed hope that from the KSC program, the start-up network between the two countries is strengthened, and the culture of innovation continues to spread.

* Korea Start-up Center (KSC): operates programs supporting communication and collaboration between Korean start-ups and Finnish agencies (start-ups, accelerators, venture capitals), with a goal to nurture Korean-born unicorn companies

o In addition, the two sides affirmed continuation of cooperation in gender equality, citing the “Women in Tech” bilateral webinar held on April 28 as an example.

3. The Korean delegation introduced the Korean New Deal, represented by digital transformation, low-carbon economy, and creation of social safety net.

o The Finnish side explained the Finnish government’s announcement of the “Strategic Programme for Circular Economy” towards the goal of carbon neutrality by 2035, and also showed interest in the implementation strategies of Korea’s smart city projects.

o The Korean side reemphasized the Korean government’s commitment to climate change response, noting that the government announced its plan to additionally update the 2030 Nationally Determined Contribution (NDC) target at the Leaders Summit on Climate on April 22. The two sides recognized the need for continued collaboration in successful hosting of the P4G Summit from May 30 to 31.

o Furthermore, as part of the global process of digital transformation, the two sides agreed to continue cooperating in areas related to the 4^th Industrial Revolution such as 5G, 6G, AI, smart mobility and digital healthcare, where the two countries have competitive advantages.

4. In addition, the two sides discussed ways to work together to increase the resilience of global supply chain, which exposed its vulnerability due to COVID-19.

o In regards to the supply chains of key products including semiconductor and battery, of which Korean companies take up significant shares of global supply chains, the two sides agreed to encourage expanded cooperation among relevant companies of the two countries.

5. Meanwhile, regarding the Japanese government’s decision on April 13 to discharge contaminated water from the Fukushima Daiichi Nuclear Power Plant into the ocean, the Korean delegation delivered concerns of the people and the government of Korea to the Finnish side as well.