By Diplomacy Journal Lee Kap-soo

The Korean-German Chamber of Commerce and Industry (KGCCI, President & CEO Martin Henkelmann), in cooperation with the Gyeonggi Free Economic Zone Authority (GGFEZ), held the KGCCI Half-Year Economic Outlook 2024 on August 29 at Four Seasons Hotel in Seoul.

The event, organized to provide exclusive insights into the developments of Korean-German business relations in these challenging times, drew the participation of more than 100 key officials and experts from Korean and German companies and institutions. Speakers included German Ambassador to Korea Georg Schmidt, Juliana Lee, Asia Chief Economist at Deutsche Bank, and Katharina Viklenko Director and Correspondent Korea at Germany Trade & Invest (GTAI).

Hyun-Nam Park, Korean Chairperson of KGCCI, and Managing Director and Branch Manager of Deutsche Bank AG Seoul Branch, opened the event by saying, “In August, the Bank of Korea projected a 2.4% growth rate for the Korean economy. We expect that the German – Korean economic relations will continue to deepen, for example in the fields of technology, e-mobility and renewable energies. We, as the Korean-German Chamber of Commerce and Industry, see a continuous high demand for our services to support German companies to explore the Korean market and to find partners. This is a promising signal.”

Ambassador Schmidt, who spoke about wider perspectives in German-Korean bilateral relations, said, “Korea is high on the German agenda: Recently, Vice Chancellor and Minister for Economic Affairs and Climate Action, Robert Habeck, as well as Minister of Defense, Boris Pistorius, visited Seoul for important talks on further strengthening our relationship in a wide array of fields, including economy, climate action and security policy.”

He added, “Germany also showed its commitment to peace and stability on the Korean Peninsula by joining UNC as a full member. I want to build on this high degree of like-mindedness and trust for even closer cooperation between our two countries.”

Juliana Lee, Asia Chief Economist at Deutsche Bank, kicked off her global economic outlook presentation, reiterating that “A quiet summer is not to be had this year – not least due to the ever-shifting expectation on US rates and the global election cycle. The dramatic events that have unfolded in recent weeks suggest that nothing can be taken for granted.”

Meanwhile, Katharina Viklenko, Director and Correspondent Korea of GTAI, who presented on ‘Economic Outlook for Korea’, said “The GDP growth in South Korea in 2024 will be higher than last year and is estimated to reach around 2.4 %. Stronger foreign demand will result in a new record in overall exports, led by rising shipments of semiconductors and ships. While the car industry is expected to remain at high production levels, the battery value chain is highly affected by the global downturn in demand.”