Korea-Germany Chamber of Commerce Changes Name to 'German Chamber of Commerce in Korea'... "Expecting Strengthened Economic Cooperation"

Enhancing the Image of Germany's Economic Promotion Agency

The Korean-German Chamber of Commerce and Industry (KGCCI) is changing its name to the German Chamber of Commerce and Industry in Korea to promote economic cooperation between Korea and Germany.

Employees of the German Chamber of Commerce in Korea are taking a commemorative photo for the expansion and relocation of the new office building.
[Photo by German Chamber of Commerce in Korea]

KGCCI announced on the 12th that it will change its name to the German Chamber of Commerce and Industry in Korea. This change is part of a plan to clearly communicate that it is an economic promotion organization supported by the German Federal Ministry for Economic Affairs and Climate Action and to enhance economic cooperation between the two countries. At the KGCCI general meeting held on June 25, a proposal to amend the articles of association for the name change was approved.

Founded in 1981, KGCCI has been working to activate economic exchanges between the two countries. It is the second largest foreign economic organization in Korea. It has about 500 member companies.

KGCCI provides services such as market research, business partner discovery, support for participation in trade fairs, investment attraction, and industrial inspection programs. It supports government-led bilateral cooperation projects such as the Korea-Germany Energy Partnership. It operates programs like the German-style work-study dual training program "Ausbildung" and the "WIR Mentorship" to promote female leadership.

KGCCI is part of the network of German Chambers of Commerce Abroad (AHK), which spans 150 locations in 93 countries. Its parent organization, the Association of German Chambers of Commerce and Industry (DIHK), has 79 regional chambers in Germany and about 3.6 million member companies.

Hyun-Nam Park, Chairman of KGCCI Korea, said, "Last year marked the 140th anniversary of diplomatic relations between Korea and Germany, strengthening economic ties between the two countries. Through the name change, we aim to more clearly convey our identity as a German-affiliated institution and create opportunities to strengthen economic cooperation, cultural understanding, and bonds between the two countries."

In April, KGCCI expanded and relocated its office to Jongno-gu. The new building is five stories tall and is located in the heart of Seoul, where many domestic and international member companies are concentrated.

Last year, the trade volume between the two countries reached $33.9 billion (approximately 45.2 trillion KRW), the highest ever. Germany accounts for about 22% of Korea's trade with the European Union (EU), the largest share among EU member countries.

According to the Ministry of Trade, Industry and Energy, Germany holds the record for the highest cumulative number of foreign investment notifications in Korea (2,385 cases). According to the Export-Import Bank of Korea, Germany is the European country with the most newly established Korean corporate entities (887 companies).

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