KGCCI, FKCCI Co-hosts Special Reception with Prime Minister: Investors Reassured Amid Economic Challenges
The Korean-German Chamber of Commerce and Industry (KGCCI, President & CEO Martin Henkelmann) and the French-Korean Chamber of Commerce and Industry (FKCCI) co-hosted a special reception with Korean Prime Minister Han Duck-soo on December 11 at Banyan Tree Club and Spa Hotel in Seoul, South Korea.
This special reception was organized to assess recent developments in economic policy, foreign investment, and overall status of business environment for German, French and other European companies in Korea. This gathering comes on the heels of last week’s brief martial law imposition, underscoring the urgency of dialogue and collaboration in navigating Korea’s evolving business landscape. The event attracted more than 190 representatives of European companies from KGCCI and FKCCI, their board members, and the French Ambassador to Korea, H.E. Mr. Phillipe Bertoux, and German Ambassador to Korea, H.E. Mr. Georg Wilfried Schmidt, following last week’s brief martial law imposition. From the Korean government side, Minister for Trade Dr. Cheong Inkyo attended the reception.
During his speech, Prime Minister Han reassured investors of the Korean government’s stability and commitment to fostering a robust business environment, stating, “Amid recent changes in the domestic political landscape, Korea has maintained a solid and resilient economic system. Government ministries, including the Ministry of Trade, Industry and Energy, in close collaboration with financial institutions, are making concerted efforts to ensure a stable environment for foreign investment and economic activities within the country.” He emphasized, “We respectfully encourage you to pursue proactive business operations, underpinned by trust and confidence in the strong fundamentals of the Korean economy.”
The reception featured a dynamic panel discussion with industry leaders, including HaJoong Chung, KGCCI Vice Chairperson and Siemens Korea CEO, David Jones, Country Manager of RWE Renewables Korea, Stephane Deblaise, Renault Korea CEO, and Roberto Mauro, Pasqal Asia Pacific CEO and Pasqal Korea General Manager. Panelists delved into the challenges encountered by German and French companies operating in the Korean market. The event was concluded by Dr. Martin Henkelmann, President & CEO of KGCCI and Sonia Chaieb, CEO of FKCCI.
KGCCI Chairperson Hyun-Nam Park remarked, “With accumulated German FDI in Korea surpassing €17 billion and trade volume of € 34 billion in 2023, the economic relations between South Korea and Germany are evident. We sincerely value the Korean government’s support for foreign companies. KGCCI and German companies look forward to deepening collaboration with Korea to foster innovation and sustainable growth.”
FKCCI Chairman David-Pierre Jalicon stated, “FKCCI is confident that Korea will successfully navigate the current political situation and effectively manage any economic impacts that may arise. Following our meeting with Vice Prime Minister and Minister of Finance and Economy, Dr. Choi Sang-Mok, along with MOTIE Minister Dr. Ahn Duk-Geun last Friday, we reassured our business community, particularly abroad, that professional and business activities in Korea remain fully operational. This assurance is particularly significant as the relationship between Korea and France continues to strengthen, with bilateral trade reaching a record € 16 billion last year, double the volume of a decade ago. French companies in Korea have played a pivotal role, contributing € 5 billion in Foreign Direct Investment, achieving a cumulative turnover of € 14.6 billion and creating 25,000 jobs.”
The reception underscored the strong commitment of German, French and European companies to Korea’s economic development while setting the stage for deeper cooperation and mutual growth.