Irish PM to visit Korea, deepen economic cooperation

Ireland’s Prime Minister Leo Varadkar

Ireland’s Prime Minister Leo Varadkar will visit South Korea this week and hold talks with President Yoon Suk Yeol on bilateral issues, Yoon’s office and the Irish government said Sunday.

Varadkar’s two-day working visit from Thursday is the first solo visit by an Irish leader to Korea in the 40 years since the two countries established diplomatic relations in 1983.

No previous Korean president has ever visited Ireland, a small powerhouse in Europe.

“I will be leading a trade delegation to find opportunities that benefit both countries not only in trade and investment but also in education and research,” Varadkar said in an interview with Maeil Business Newspaper on October 26 ahead of his visit. He also expressed his intention to deepen economic cooperation in the Asia-Pacific region, which is an engine of global economic growth.

Varadkar will be accompanied by three economic ministers - Minister for Enterprise, Trade and Employment Simon Coveney, Minister for Agriculture, Food and the Marine Charlie McConalogue, and Minister for Further and Higher Education, Research, Innovation and Science Simon Harris – with chief executive officers of more than 20 Irish companies also joining the delegation.

During his visit, the prime minister will also have separate meetings with Korean business leaders, where he intends to encourage investment in Ireland and support business agreements between Irish and Korean companies. Ireland is currently experiencing steep economic growth, with double-digit gross domestic product (GDP) growth rates for two years starting in 2021 and a per capita GDP of $104,237 in 2022, making it the third highest in the world, but bilateral trade with Korea is worth only $228 billion as of 2021.

Korean companies have recently focused on areas such as biotechnology, life sciences, and aviation as new growth engines, and Ireland, which is strong in these fields, is emerging as an optimal partner. “During my visit, I will meet with Yoon to discuss ways to strengthen our partnership,” Varadkar said. “We will discuss various global challenges such as climate change, unstable global security situations, and threats to democracy and the rule of law, which both countries can jointly address.”

“Ireland has been supportive of South Korea‘s efforts to denuclearize North Korea and I look forward to hearing Yoon’s views on the situation on the Korean Peninsula,” Varadkar added.

It was also reported that arrangements are being made for the prime minister to visit the Demilitarized Zone (DMZ) during his visit.