"Industrial Digital Transformation, Korea and Germany Can Lead... Need for Cooperation"

KCCI, DIHK, and KOGIC Hold 2022 Korea-Germany Economic Cooperation Committee Meeting

[Asia Economy Reporter Choi Dae-yeol] It is anticipated that if South Korea and Germany establish a smooth cooperation system, they can lead the digital transformation of the industrial sector.

At the Korea-Germany Economic Cooperation Committee held jointly by the Korea Chamber of Commerce and Industry, the Association of German Chambers of Commerce and Industry, and the Korea-Germany Chamber of Commerce and Industry on the 13th, Kim Hyun-jung, CEO of IBM Consulting, stated, "Whether digital transformation utilizing multiple technologies effectively is promoted is directly linked to corporate performance," adding, "Successfully evolving into a ‘Virtual Enterprise’ through digital transformation will be a key trend after the pandemic."

She continued, "South Korea and Germany have high levels of national and corporate investment in digital transformation, positioning themselves as leading countries in evolving into a ‘Virtual Industry’," and suggested the need to establish collaboration systems between similar and different industries or jointly develop technologies such as artificial intelligence, augmented reality, virtual reality, and 5G.

Bae Jin-seok, Director of the Electrical and Electronic Standards Division at the National Institute of Technology, said, "Data exchange within and between companies is essential for operating and managing assets necessary for business activities, but if different systems are used, enormous new resources must be invested, leading to inefficiency," adding, "A pilot project jointly developed and implemented by industry, academia, and research institutes for data exchange standards can minimize time and labor costs related to repetitive tasks or system integration."

The event was held for the first time after the three organizations signed a memorandum of understanding in 2018 to expand cooperation between the economic sectors of the two countries, with the meeting delayed due to COVID-19. The meeting was conducted via online video conference and attended by Woo Tae-hee, Vice Chairman of the Korea Chamber of Commerce and Industry; Volker Trier, External Representative of the Association of German Chambers of Commerce and Industry; Park Hyun-nam, Chairman of the Korea-Germany Chamber of Commerce and Industry (CEO of Deutsche Bank); and Martin Henkelmann, CEO of the Korea-Germany Chamber of Commerce and Industry.

Ambassador Cho Hyun-ok to Germany and Ambassador Michael Reiffenstuhl to Korea attended as government representatives from both countries. Also present were Samsung Electronics Executive Director Cheon Sang-pil, BASF Korea CEO Lim Yoon-soon, Hyundai Construction Equipment Executive Director Kim Pan-young, Sambo Motors Executive Director Lee Tae-yeon, Korea Digital Innovation Association Chairman Han Soon-heung, ElringKlinger Korea CEO Stefan Sproi, T?V S?D Vice President Detlef Richter, and Thomas Schmidt, Head of Digital Business at Siemens Korea.

Vice Chairman Woo Tae-hee said, "Germany is an important economic cooperation partner for South Korea, and both countries share the common focus of promoting digitalization and carbon neutrality as national policies," adding, "Starting with this digital transformation, we plan to sequentially discuss topics such as the hydrogen industry, bioindustry, and expansion of trade cooperation."

Ambassador Cho Hyun-ok said, "I ask the three organizations representing the economic sectors of both countries to strive for solidarity and cooperation through the Economic Cooperation Committee in areas such as carbon-neutral transition cooperation, industrial digital transformation, and strengthening the resilience of global supply chains."

Kang Seok-gu, Head of the International Trade Division at the Korea Chamber of Commerce and Industry, said, "South Korea and Germany have many similarities due to their manufacturing-based economic structures, making them countries where great synergy effects can be expected through cooperation," adding, "We will establish a foundation for communication channels that can produce more tangible results through today’s meeting."

This content was produced with the assistance of AI translation services.