KGCCI Economic Outlook 2024
Charting Resilient Paths for Korean-German Prosperity
(Seoul, February 1, 2024) The Korean-German Chamber of Commerce and Industry (KGCCI, President & CEO Martin Henkelmann), in cooperation with Ansan City, held the KGCCI Economic Outlook 2024 on January 31 at Conrad Hotel Seoul. The event was followed by a New Year’s Reception with more than 100 business leaders, governmental officials, and industry experts.
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, Dr. Dongchul Cho, President of Korea Development Institute (KDI), and Frank Robaschik, Director and Correspondent of Germany Trade & Invest (GTAI), shared their perspective.
Hyun-Nam Park, Korean Chairperson of KGCCI welcomed the participants, stating, “It is noteworthy that the economic relations between South Korea and Germany have developed robustly despite all the global headwinds. However, we see a slight downturn documented in our KGCCI business survey last fall”.
H.E. Georg Schmidt, German Ambassador to South Korea, addressed the political outlook and Korean-German bilateral relations. Emphasizing that Korea and Germany are key economic partners to one another, he highlighted, “Mutual trade and investment are flourishing. This year presents important opportunities to deepen our already profound and trustful bilateral collaboration.” He also added, “As countries sharing the same values, we need to work together even closer to tackle the challenges of our time such as digitization, green transition or supply chain issues. Together, we can shape a future characterized by resilience, innovation, and shared economic prosperity.”
Dr. Cho, Dongchul, President of KDI, delivered a keynote speech on “Korean Economic Outlook and Challenges.” He cautioned, “The Korean economy will continuously experience a decline in growth rate due to economic maturation, an aging population, and accumulated inefficiencies.” Dr. Cho stressed the urgency of reforms, “Reforms in labor, education, and pension sectors are vital now to enhance productivity. Specifically, there is a pressing need for more flexibility in improving rigid wage structures and employment systems.”
Meanwhile, Frank Robaschik, Director/Correspondent of Germany Trade & Invest offered a positive note while providing a comprehensive economic update on South Korea and its major industries. “The Korean economy is expected to grow faster in 2024. It should be benefitting from a recovery in semiconductor industry,” remarked Robaschik in his presentation.
A panel discussion moderated by Dr. Martin Henkelmann, President & CEO of KGCCI, featured insights from industry leaders: Giuseppe Berardi, General Manager of La Prairie/Beiersdorf Korea, Holger Gerrmann, CEO of Porsche Korea, Dr. Woo-Kyu Kim, Managing Director of Merck Korea, Dr. Cho, Dongchul, President of KDI, and Frank Robaschik, Director of Germany Trade & Invest. The discussions delved into the perspectives of their respective industry sectors, underscoring the increasing importance of the Korean business for global companies.