The ‘Supercar Alliance’ and the pragmatism of summit diplomacy that emerged in Rome: A major transformation in Korea-Italy economic cooperation > News

The highlight of this economic diplomacy was the deep trust that developed between Samsung Electronics Chairman Lee Jae-yong and Ferrari executives. The meeting between Chairman Lee, who previously served as an outside director of Ferrari, and John Elkann, Chairman of Ferrari, who has been friends for 27 years, went beyond a simple personal friendship and developed into a practical 'battlefield alliance' in which Samsung's cutting-edge OLED display was exclusively installed in Ferrari's electric vehicle 'Luce'. Ferrari CEO Benedetto Vigna also referred to Korea as not just a market, but a 'source of inspiration' and 'a country like home', and declared that he would actively engage in joint research and development with Korean companies for electrification and digital transformation beyond traditional luxury car manufacturing. This strong solidarity at the private level demonstrates the strong will of companies from both countries to lead the market beyond survival in the changing global mobility market.

The government's quick and bold regulatory reform was a decisive factor in maximizing the results of this economic tour. In particular, the process of improving Italy's 'super depreciation system' is talked about as the best example among businesspeople, and it is the result of President Lee Jae-myung directly proposing it as an agenda item at the summit with Prime Minister Meloni last January. Not only did they change the system so that Korean companies could enjoy tax benefits that were previously applied only to EU-made facilities, but they also showed exceptional administrative power by opening the application platform early even before the law took effect. Jaeyoung Moon, CEO of HD Hyundai Construction Equipment, who experienced this, expressed his deep gratitude by comparing the Italian government's speed in problem solving to 'Ferrari', implying that how quickly the government can resolve a company's difficulties is directly related to national competitiveness.

As seen in the unique proposal of joint research on ramen and pasta, this event continued with discussions on multifaceted cooperation that went beyond the high-tech industry to consumer goods and lifestyle. Samyang Foods Chairman Kim Jeong-soo expanded the scope of economic exchange by proposing joint research to improve the taste and quality of the two countries' representative noodle dishes, and LS Chairman Koo Ja-eun defined Italy as a 'Mediterranean hub' connecting Europe and North Africa and pledged to create practical results in the power infrastructure field. In addition, Hyosung Chairman Cho Hyun-joon expanded the horizon of collaboration by promoting cooperation through eco-friendly materials and energy infrastructure, and Italian defense and shipbuilding companies such as Fincantieri pointed out Korean companies as competitors and partners sharing innovation. This all-round cooperation initiative demonstrates the strong will to build a solid partnership ranging from future strategic industries to everyday consumer goods based on the cultural affinity between the two countries.

President Lee Jae-myung's 'post-event meeting', which concluded the event, once again confirmed the field-centered communication philosophy. President Lee asked businessmen to contact the Presidential Policy Office directly if they have policy suggestions that cannot be resolved at the ministry level, reaffirming the government's promise to be a strong supporter of businesses. This, coupled with the case of the 'Blue House-Indian Prime Minister's Office Direct Hotline' established after the last visit to India, shows how flexible and practical the Korean government has a diplomatic system to create practical business results. In addition, as the local hotel prepared a cake to celebrate Korea's World Cup victory, we were able to confirm that the activities of Korean companies in Rome are going beyond simple economic benefits and are leading to warm emotional communication between the two countries.