Hong Nam-ki (L), the minister of economy and finance, shakes hands with his Slovak counterpart Peter Kazimir ahead of their meeting at the government complex building in central Seoul on Jan. 29, 2019, in this photo provided by the Ministry of Economy and Finance. (Yonhap)

 

Hong asked Kazimir to provide support to South Korean firms operating in Slovakia as he expressed hope for deepening economic cooperation between the two partners.

"The two sides deeply share the view of expanding economic cooperation in various areas," the ministry said of the meeting.

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About 100 South Korean companies operate in Slovakia, including Kia Motors Corp., South Korea's second-biggest car maker by sales, Samsung Display Co. and LG Display Co.

In 2018, South Korea exported US$2.7 billion worth of goods to Slovakia while importing goods worth $186 million from the central European country, according to the ministry.

Earlier this month, South Korea said it will increase the number of hydrogen fuel cell electric vehicles to about 80,000 units by 2022 as part of a broader effort to give a boost to the "hydrogen economy."

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South Korea views the hydrogen economy as a new growth engine for its economy, which has relied heavily on semiconductors for decades.

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Global car makers have been racing to go eco-friendly amid tightened regulations on emissions of greenhouse gases, which scientists say are to blame for global warming.

A hydrogen fuel cell electric car emits only water vapor as it converts stored hydrogen into electricity to turn the drive motor.

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