70 years of division - 25 years of reunification
Germany Trade & Invest Investor Conference in South Korea on May 13th
May 12, 2015
Berlin, Seoul (gtai) - 25 years after the reunification of Germany, Germany Trade & Invest (GTAI) is holding an investor conference in the South Korean capital Seoul. Together with Parliamentary State Secretary and Federal Government Commissioner for the New Federal States Iris Gleicke and representatives of the federal states of Saxony and Thuringia, GTAI experts will be promoting Germany as an investment location, with a focus on the eastern federal states.
“The conference will flank talks between the South Korean Ministry of Reunification and a German delegation led by Parliamentary State Secretary Iris Gleicke who will open the investor conference,” explains Peter Alltschekow of Germany Trade & Invest. Germany’s successful reunification makes it of particular interest to South Korea. The process of modernizing the economic structure can be used as an example for Korea to find its own path. “The countries are already closely tied economically,” Alltschekow continues, "which is why we are promoting the fantastic opportunities for Korean companies to invest in eastern Germany.”
South Korea is Germany’s fourth most important non-European trading partner after the US, China, and Japan. Exports to South Korea in 2014 totaled EUR 15.6 billion, while imports totaled EUR 8 billion. The countries are competitors in many branches such as the automotive industry, but can benefit from each other as suppliers or achieve success in each other’s markets with their own top-quality products, which is why it pays to invest.
Approximately 160 companies from South Korea, including Samsung, Hyundai, and LG, currently employ around 6350 employees in Germany. Considering the economic strength of Korea, Alltschekow is convinced that Korean businesses are not utilizing the full potential: “Both countries face the challenge of a constantly changing society. Korean companies can collaborate closely to meet these challenges in Germany and develop products for the global market. Public research institutions such as those in the eastern federal states are ready to cooperate with foreign companies in high-tech countries, for example in the area of Industrie 4.0 – a major future topic.”
This event is supported by KGCCI DEinternational Ltd.
Location: The Shilla Seoul | Seoul Seoul 202, Jangchung-dong 2-ga, Jung-gu | South Korea
Read more about Powerhouse Eastern Germany here.