Korea-Germany Business Leaders Discuss Economic Cooperation Focused on Decarbonization and ESG

Steinmeier, German President, Invites
'Korea-Germany Business Roundtable' Held
Lee In-yong, Samsung Electronics President, Appointed Chairman of Korea-Germany Economic Cooperation Committee

Exterior view of Sangui Hall, Jung-gu, Seoul. Photo by Korea Chamber of Commerce and Industry

[Asia Economy Reporter Choi Seoyoon] On the occasion of the German President's visit to Korea, key government officials and business leaders from Korea and Germany gathered in one place to explore mid- to long-term cooperation plans between the two countries.

The Korea Chamber of Commerce and Industry (KCCI) jointly hosted the 'Korea-Germany Business Roundtable' invited by German President Frank-Walter Steinmeier on the 4th at the Grand Hyatt Hotel in Seoul, together with the Korean-German Chamber of Commerce and Industry (KGCCI).

From the Korean side, 13 key government and business figures attended, including Prime Minister Han Duck-soo, Ahn Duk-geun, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, Kim Hong-gyun, Ambassador to Germany, Lee In-yong, Chairman of the Korea-Germany Economic Cooperation Committee (President of Samsung Electronics), Gong Young-woon, President of Hyundai Motor Company, Na Seok-kwon, Director of SK Social Value Research Institute, Kim Hee, Executive Director of POSCO, Kim Cheol-jin, Head of Management Support at SK Chemicals, Cho Jeong-hoon, Head of ESG at Shinhan Financial Group, Baek Jin-gi, CEO of Korea-Germany Chamber of Commerce, Mathelak, Executive Director of Sungil Hightech, Lim Jin, Director of SGI at the Korea Chamber of Commerce, and Woo Tae-hee, Executive Vice Chairman of the Korea Chamber of Commerce and Industry.

From the German side, 16 representatives attended, including Federal President Frank-Walter Steinmeier, Sabine Hepfler, Head of SME Policy at the Federal Ministry for Economic Affairs and Climate Action, Theodate Dinger, Chief of the Presidential Office, Michael Reifenschulte, Ambassador to Korea, Janka Oertel, Senior Policy Director at the European External Action Service, Park Hyun-nam, Chairman of the Korea-Germany Chamber of Commerce (CEO of Deutsche Bank), Holger Gehrmann, Chairman of the Korea-Germany Chamber of Commerce (CEO of Porsche Korea), Martin Henkelmann, Representative of the Korea-Germany Chamber of Commerce, R?diger Ackermann, CEO of Struktul, Thomas Armerding, CEO of Hansaflex, and Gerhard Wisch, CEO of Mesler Bank.

At this Korea-Germany Business Roundtable, in addition to exploring mid- to long-term cooperation plans centered on the decarbonized economy and ESG adoption, in-depth discussions were held on ways to further expand economic cooperation in celebration of the 140th anniversary of Korea-Germany diplomatic relations next year.

Lee In-yong, Chairman of the Korea-Germany Economic Cooperation Committee, said in his opening remarks, "Germany is Korea's largest trading partner in Europe, and despite the prolonged pandemic, the trade volume between the two countries reached an all-time high last year," adding, "Korea and Germany share many commonalities as they actively promote a decarbonized economy and ESG adoption based on similar manufacturing-based economic structures, so economic cooperation between the two countries can generate even greater synergy in the future."

The Korea Chamber of Commerce and Industry and the German Chamber of Commerce and Industry (DIHK) signed a 'Korea-Germany Economic Cooperation Expansion Memorandum of Understanding' in June 2018. Due to the pandemic, the first meeting was held via video conference in January this year, and on the occasion of the German President's visit, Samsung Electronics President Lee In-yong was appointed as the new Chairman of the Korea-Germany Economic Cooperation Committee.

Holger Gehrmann, Chairman of the Korea-Germany Chamber of Commerce, said, "Currently, companies face tremendous challenges, but efforts to reduce carbon emissions and comply with ESG standards must not be abandoned," adding, "Korean and German companies can achieve great results together based on innovation and experience."

Woo Tae-hee, Executive Vice Chairman of the Korea Chamber of Commerce and Industry, said, "Until now, economic cooperation between the two countries has been centered on manufacturing, but now it must expand to carbon neutrality and ESG, which are the trends of the times," adding, "Germany is maintaining a leading position in this field, so it is expected to be a great example for Korean companies."

Vice Chairman Woo added, "I hope today's event will serve as an opportunity to open the door to a new level of economic cooperation between the two countries," and said, "The Korea Chamber of Commerce and Industry also plans to fully play its role as a communication channel for the leap forward of economic cooperation between the two countries."

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