By Diplomacy Journal Lee Kap-soo

The Korean-German Chamber of Commerce and Industry (KGCCI, President & CEO Martin Henkelmann), in cooperation with Busan Metropolitan City, held the KGCCI Economic Outlook 2024 on March 7 at Park Hyatt Hotel Busan. 

The event was followed by a special reception of KGCCI and the German Embassy with more 100 business leaders, governmental officials, industry experts and the German community.

The event was organized to provide exclusive insights into the developments of Korean-German business relations in these challenging times. Distinguished speakers including H.E. Georg Schmidt, German Ambassador to South Korea, Charlie Lay, Senior Economist, Commerzbank AG and Katharina Viklenko, Director and Correspondent Korea at Germany Trade & Invest (GTAI).

Stefan Spreu, German Vice Chairperson of KGCCI and General Manager/Representative Director of ElringKlinger Korea opened the event emphasizing the important of continued collaboration. 

He stated, “I am pleased to acknowledge the enduring strength of economic ties between South Korea and Germany amidst global headwinds. Our recent KGCCI business survey shows both resilience and continuous commitment of German companies to collaborating with and investing in Korea. Our Economic Outlook in Busan will shed light on the opportunities that the bilateral economic cooperation offers.”

H.E. Georg Schmidt, the German Ambassador to South Korea shared insights on the current political landscape and the state of Korean-German bilateral relations. Acknowledging the complexities of the year ahead, he noted, “2024 will be a challenging year with the ongoing Russian invasion of Ukraine, the war in Gaza and its ramifications, and the threats from North Korea to name but a few.” 

Emphasizing the importance of collaboration, he stated, “However, we should not lose sight of the larger trends such as the green transformation towards a carbon-free economy, aging populations, and the role of artificial intelligence. Closer cooperation between Germany and Korea will help us to address these issues.”

Charlie Lay, Senior Economist, Commerzbank AG delivered a keynote speech on the global economic outlook while Katharina Viklenko, Director and Correspondent Korea at GTAI offered a specific focus on the Korea-German trade developments.

A panel discussion moderated by Dr. Martin Henkelmann, President & CEO of KGCCI, featured insights from industry leaders: Jong Chan Seo, CEO of GTF Korea, Daniel Jun, Managing Director of Wilo Pump and Christoph Nowak, Managing Director of Dachser Korea Inc., Speakers Charlie Lay and Katharina Viklenko joined as well. The discussions delved into the perspectives of their respective industry sectors, underscoring the increasing importance of the Korean business for global companies.

The event was followed with a special reception where KGCCI, its member companies and the German Club presented a donation of 6 million won to Soyang Rainbow Hills (formerly known as Soyang Orphanage), a devoted institution dedicated to providing support and care for underprivileged children, with special focus on offering music classes as part of its program. 

The donation will be used to acquire a vehicle for transporting the children, enhancing accessibility to educational opportunities. The event was further enriched by a performance of the Soyang Chamber Orchestra, comprising talented teens from Soyang Rainbow Hills.

“Our collective efforts by KGCCI, the German Club and German businesses reflect our commitment to giving back to the community and making a positive impact on the lives” stated Dr. Martin Henkelmann. “This donation underscores our unwavering willingness to supporting initiatives that empower future generations.”