Deputy PM Étienne Schneider flanked by Mario Grotz (Luxinnovation) and Kwanghyon Kim (KISED) following the MoU signing
Contec will become the first Korean space company to set up in the grand duchy, Luxembourg’s economy ministry announced on Wednesday.
Established in 2015, the Korea Aerospace Research Institute (KARI) spinoff company had participated in the last two editions of the ICT Spring Europe trade fair.
The announcement was made on the second day of the economic mission taking place through 18 July, led by deputy prime minister Étienne Schneider. The day also resulted in the signing of a memorandum of understanding between Luxinnovation and its Korean counterpart, the Korean Institute for Startup & Entrepreneurial Development (Kised), designed to develop the startup ecosystem of the two countries through increased collaboration.
As part of the mission to the Asian country, Schneider also gave a keynote address at the 2019 Korea Space Forum on 18 July during which he highlighted recent achievements in the grand duchy's space sector and talked about legislation surrounding space resources.
According to the ministry there are about a dozen Luxembourg companies operating in Korea including Cargolux and Paul Wurth.
Updated on 18 July with information about the 2019 Korea Space Forum.