Latvia's precision and telemedicine development, combined with its solid pharmaceuticals sector, offers a promising opportunity for collaboration with South Korea, the country's economy minister said.

"Latvia's specialization in precision medicine, telemedicine development and a robust pharmaceutical sector aligns well with South Korea's expertise in genomics and digital health," said Latvian Minister of Economics Ilze Indriksone.

"Korea has a large domestic market, which Latvia sees as a benefit," said Indriksone.

According to Indriksone, collaboration in pharmaceuticals is needed to spur key advancements in drug development, medical technologies, and personalized health care solutions that ultimately benefit patients.

Indriksone was in Seoul, Korea, to attend the Bioplus Interphex exhibition of the life science sector, leading a business delegation.

She also met South Korea's Minister of Science and ICT Lee Jong-ho in Seoul, to discuss how to foster knowledge exchange and collaboration between the two countries in the fields in biotechnology, telecommunications and quantum technology.

Under the Quantum Science and Technology Strategy, South Korea aims to become the global hub for the quantum economy in 2035, while the Latvian Quantum Initiative aims to support knowledge, skills, technologies and ideas related to practical applications of quantum physics. The initiative is part of a European effort to develop and apply a range of technologies based on quantum phenomena that will bring revolutionary changes in computing, communications and sensor technologies.

Negotiations are also underway for Korea’s accession to the European Union’s Horizon Europe program and the organization of the Korea-European Union Digital Partnership Council, according to the Science and ICT Ministry.

"Interactions allowed Latvia to gain a deeper understanding of the policy initiatives and strategic priorities of South Korea," noted Indriksone.

"Latvia also has a strategic location within the European Union, which provides an opportunity for Korea to expand its presence and access European markets more effectively," said Indriksone.

She also met First Vice Industry Minister Jang Young-jin, Gyeonggi Province Gov. Kim Dong-yeon and Incheon Mayor Yoo Jung-bok.

During her visit, she attended a memorandum of understanding ceremony held between Latvia and the government of Gyeonggi Province to work together to support mutual entry into the new market and expand exchange networks on sustainable innovation such as water treatment and eco-friendly technologies, smart mobility, digital transformation and sustainable development solutions.