Seoul, August 12, 2024 - The Korean-German Chamber of Commerce and Industry (KGCCI, President & CEO Martin Henkelmann) announced on August 12 that it will change its name to ‘주한독일상공회의소’.
This change aims to more clearly convey its role as an economic promotion agency supported by the German Federal Ministry for Economic Affairs and Climate Action and is part of a broader plan to enhance economic cooperation between Korea and Germany. Accordingly, at the KGCCI General Assembly held on June 25, the amendment to the articles of association for the name change was approved.
Established in 1981, KGCCI has been dedicated to promoting economic exchanges between Korea and Germany. It is the second-largest foreign economic organization in Korea, with around 500 member companies. KGCCI provides specialized services such as market research, business partner discovery, exhibition participation support, investment attraction, and industrial inspection programs, and supports government-led bilateral cooperation projects such as the Korea-Germany Energy Partnership. It also contributes to Korean society through various initiatives, including the German dual vocational training program Ausbildung and the Women in Korea (WIR) mentorship program aimed at promoting female leadership.
KGCCI is part of the global network of German Chambers of Commerce Abroad (AHK), which operates in 150 locations across 93 countries. Its parent organization, the Association of German Chambers of Commerce and Industry (DIHK), encompasses 79 regional chambers within Germany and has approximately 3.6 million member companies.
Park Hyun-nam, Chairman of KGCCI Korea, stated, “As we celebrated the 140th anniversary of Korea-Germany diplomatic relations last year, economic ties between Korea and Germany have become stronger. This name change will not only more clearly convey the identity of a German-affiliated organization but also serve as an opportunity to enhance cultural understanding and ties beyond economic cooperation between the two countries.”
In April, KGCCI expanded and relocated its office to Jongno-gu due to its growing size and the hiring of new staff. The new office is a five-story building located in Jongno-gu, in the heart of Seoul, where domestic and international member companies are concentrated.
Meanwhile, last year, the trade volume between Korea and Germany reached a record high of $33.9 billion (approximately 45.2 trillion won) in celebration of the 140th anniversary of Korea-Germany diplomatic relations. Germany accounts for about 22% of Korea-EU trade volume, the largest among EU countries. Germany has the highest cumulative number of foreign investment reports (2,385 cases, Ministry of Trade, Industry and Energy) in Korea, and it is also the country where Korean companies have established the most new subsidiaries (887, Export-Import Bank of Korea) as a bridgehead for entering the European market.