Minister Kim Jungkwan: "Establishing a Globally Competitive Investment Environment Through Systematic Incentives and Regulatory Improvements"

Keynote Speech at the German and French Chambers of Commerce Meeting in Korea
"Germany and France Are Close Economic Partners
Creating Challenges and Opportunities in Automobiles, AI, and Carbon Neutrality"

Kim Jungkwan, Minister of Trade, Industry and Energy, stated at a special meeting jointly hosted by the German Chamber of Commerce in Korea and the French Chamber of Commerce in Korea at Banyan Tree Club & Spa Seoul on the 29th, "In order to create a business-friendly environment for foreign companies as well, we will systematize incentive programs such as cash grants, site support, and research and development, and continuously improve regulations to establish a globally competitive investment environment."

Kim Jungkwan, Minister of Trade, Industry and Energy, delivered the keynote speech at a special meeting jointly hosted by the German Chamber of Commerce in Korea and the French Chamber of Commerce in Korea at Banyan Tree Club & Spa Seoul on the 29th. Photo by German Chamber of Commerce in Korea

Minister Kim, who attended the event on behalf of Prime Minister Kim Minseok, delivered the keynote speech and made these remarks. He introduced Germany and France as economic cooperation partners with close ties to Korea, and evaluated that the two countries are creating opportunities and tackling challenges together in future industries such as automobiles, artificial intelligence (AI), and carbon neutrality. He further emphasized that the current administration is actively working to create a business-friendly environment so that foreign companies can grow as partners in Korea's economic development.

This special meeting was organized to allow German, French, and other European companies in Korea to discuss economic policy, foreign investment, and ways to improve the Korean business environment. More than 200 representatives from companies affiliated with the German and French chambers attended, demonstrating significant interest. On behalf of the Korean government, Minister Kim was joined by Yoo Beommin, Director General for Investment Policy at the Ministry of Trade, Industry and Energy, and Seo Myungseok, Director of the Labor Relations and Legislation Division at the Ministry of Employment and Labor.

Before the main discussion, Park Hyunnam, President of the German Chamber of Commerce in Korea, and David-Pierre Jalicon, President of the French Chamber of Commerce in Korea, delivered opening remarks. Following this, Georg Wilfried Schmidt, German Ambassador to Korea; Philippe Bertoux, French Ambassador to Korea; and Hugo Astuto, Ambassador-designate of the European Union Delegation to Korea, delivered welcome speeches emphasizing the importance of economic cooperation between Korea and Europe.

President Park stated, "Last year, Germany's cumulative direct investment in Korea reached 18.3 billion dollars, and bilateral trade volume amounted to 31.3 billion dollars, further strengthening the strategic economic cooperation between the two countries. More than 560 German companies are creating over 100,000 jobs in Korea, and we look forward to continued close cooperation for innovation and sustainable growth. We also hope that Korea's new government will create an environment that is favorable for doing business, investing, and working, enabling foreign-invested companies to grow alongside Korea."

President Jalicon remarked, "French companies have confidence in Korea's resilience and welcome the Korean government's message emphasizing openness, dialogue, and economic modernization. Bilateral trade between the two countries has reached 16 billion euros, and France's foreign direct investment in Korea has reached 5 billion euros, with our partnership continuing to grow stronger."

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