Korea-Germany Unite in Voice to "Strengthen Cooperation on Climate Change Crisis and Supply Chains"

Hosts Business Meeting with German Ambassador to Korea

[Asia Economy Reporter Jin-ho Kim] Expectations are growing that South Korea and Germany will strengthen mutual cooperation in the Indo-Pacific region, including responding to the climate change crisis and enhancing supply chain collaboration.

The Federation of Korean Industries (hereinafter FKI) held a 'Business Leaders' Breakfast Meeting with the Ambassador of Germany to Korea' on the 27th. The private meeting was attended by about 24 people, including Michael Reiffenstuel, Ambassador of Germany to Korea, Peter Bingler, Deputy Ambassador, and representatives from 18 major Korean and German companies operating in Germany.

The main agenda items of the meeting were ▲Policy directions of the new German government ▲Climate change, environment, and energy policies ▲Response to the Russia-Ukraine situation ▲Supply chain cooperation, among others.

According to the FKI, South Korea and Germany have maintained strong economic cooperation despite the COVID-19 situation. The trade volume between the two countries reached $33.1 billion as of 2021. The sectors in which Korean companies have entered the German market are also expanding from automobiles and parts, chemicals to information and communication, finance, and others.

In his greeting, Kwon Tae-shin, Vice Chairman of the FKI, said, “For Korean companies, the EU Carbon Border Adjustment Mechanism (CBAM) is a concern as another trade barrier but also a good opportunity to learn advanced technologies, policies, and know-how,” adding, “South Korea will be a good partner in responding to the climate crisis, which is a key focus of the new German government.”

Referring to the increased risk of global supply chain disruption due to Russia's recent invasion of Ukraine and the growing importance of stable supply chain cooperation, Vice Chairman Kwon said, “We hope that when the 'Indo-Pacific Policy Guidelines' announced by the German government are concretized under the new government, South Korea and Germany will become stable supply chain cooperation partners in this region.”

Michael Reiffenstuel, Ambassador of Germany to Korea, who attended the meeting, delivered a keynote speech on Korea-Germany cooperation under the theme of 'A Time of Challenging Tasks, Korea and Germany as Close Partners.'

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