On October 20, a meeting took place at the Ministry of Economics (ME) with representatives of the South Korean company Eugene Group and Eugene Investment & Securities Co., Ltd., during which a Memorandum of Understanding (MoU) on strategic cooperation in large-scale investment projects was signed.
During the meeting, Minister of Economics Viktors Valainis and Kyung-Sun Yu, Chairman of Eugene Group, discussed achievements to date and next steps for strengthening cooperation between the two countries. The signed memorandum aims to jointly identify, evaluate, and develop strategic industrial and defense infrastructure projects in Latvia.
“The signing of this memorandum marks the beginning of our cooperation, which will allow us to expand our partnership in large-scale investments. Eugene Group can serve as a bridge to other South Korean companies seeking investment opportunities in Europe. Our goal is to move from previous research collaboration to large-scale industrial projects,” emphasized Minister of Economics Viktors Valainis.
During the discussions, both parties committed to promoting public-private sector collaboration to attract strategic investments, advance technological development, and strengthen economic security.
The Chairman of Eugene Group explained that this memorandum is just the beginning of a long-term partnership that will enable both countries to become strong partners in the future.
During the visit, the South Korean representatives also visited Latvian medical institutions and defense industry companies with potential for expanded cooperation.
Eugene Group is the parent company of Eugene Investment & Securities Co., Ltd., which is currently collaborating with Latvia in clinical research, developing new pharmaceuticals, and cooperating in the defense sector.
The parent company, Eugene Group, was originally founded in 1954 as a confectionery manufacturer but later expanded and transformed into a diversified conglomerate operating in construction, finance, media, logistics, and real estate. Over the course of its long history, Eugene Group, in collaboration with several South Korean companies, has established a stable and extensive business network, becoming a significant partner in these companies’ global expansion efforts.