 |
| These screenshots show the hosts and speakers of the Korean-German Chamber of Commerce and Industry (KGCCI)'s Economic Outlook 2021 event held online, Aug. 26. In the top row center is KGCCI President & CEO Martin Henkelmann and right, Gyeonggi Free Economic Zone Authority Deputy Commissioner Kim Gyu-sik. In the middle row is the charge d'affaires at the German Embassy in Seoul, Peter Winkler, left, and Germany Trade and Invest Director and Correspondent for Korea, Frank Robaschik. In the bottom row right is the Sustainable Management Research Group head & Korea University Professor Rhee Jay-hyuk / Courtesy of KGCCI |
By Kim Bo-eun
Korea and Germany's trade volume reached a record high in the first half of this year, a seminar hosted by the bilateral chamber of commerce and the Gyeonggi Free Economic Zone Authority noted on Aug. 26.
This record is an achievement in addition to Korea becoming Germany's second-largest export market in Asia, after China, in 2020. The growth in exports was backed by solid demand for German vehicles, as Korea's consumer sentiment was relatively less affected than neighboring countries by the COVID-19 pandemic last year.
"The longstanding, traditional German-Korean friendship has become ever more crucial as we are 'building back better' for the post-COVID world," Charge d'affaires at the German Embassy in Seoul, Peter Winkler, said at the Korea-German Chamber of Commerce and Industry (KGCCI) Economic Outlook 2021 event held online.
He stressed that Germany and Korea should stand together in tackling global challenges such as fighting climate change, transforming to sustainable energy, safeguarding supply chains in core technologies and upholding the rules-based international order, as strategic partners with shared values.
Germany Trade and Invest, Germany's investment promotion agency, noted that it has recently observed more travel from representatives of Korean companies to Germany for greenfield investment projects.
"The forecast for the Korean economy ― currently the 10th-largest worldwide ― continues to be good, especially in manufacturing. However, stronger social distancing will slow down the recovery of the service sector," GTAI's Director and Correspondent for Korea Frank Robaschik said.
The seminar also addressed boosting ESG management practices in businesses here. "ESG management is a global phenomenon, but the ESG disclosure system and related regulations are still in the process of being established in Korea," Head of Sustainable Management Research Group Rhee Jay-hyuk said.
"For ESG management to serve as a means of enhancing corporate sustainability, procedural justice and social legitimacy must be secured," the Korea University professor added.
The KGCCI Economic Outlook is a bi-annual event hosted by the bilateral chamber of commerce. This year, the event was held online to comply with social distancing policies amid the COVID-19 pandemic, with attendees in both Korea and Germany.
The KGCCI has served as the official representative of German business in Korea since its founding in 1981. The organization is the second-largest foreign chamber of commerce in Korea, with a growing network of around 500 members.
![[INTERVIEW] Ecolab helps Korean partners profit from ESG management](https://img.koreatimes.co.kr/upload/thumbnailV2/7a924189dbb7426ab12275ba98702309.jpg/dims/resize/178/optimize)
![[INTERVIEW] 'Lifeline for migrant workers in Korea' - Rev. Kim fights for foreign employees' rights](https://img.koreatimes.co.kr/upload/thumbnailV2/8fb4b5d381da49df90276394550f2889.jpg/dims/resize/178/optimize)
![[INTERVIEW] Korea to work with US, Japan to fight climate change](https://img.koreatimes.co.kr/upload/thumbnailV2/800d9054a14b4a0f9cc576366cc1b914.jpg/dims/resize/178/optimize)
![[INTERVIEW] Hip-hop group Uptown returns after 13 years with new lineup](https://img.koreatimes.co.kr/upload/thumbnailV2/0eae35da5e9c40c38cf439e550a2eb3e.jpg/dims/resize/178/optimize)
![[INTERVIEW] ASTRO members aim to shine in musical theater](https://img.koreatimes.co.kr/upload/thumbnailV2/df16760dc50f469d93434f66a069465c.jpg/dims/resize/178/optimize)
