KGCCI and Busan City co-host KGCCI Economic Outlook 2023 in Busan

o Participants discuss business relations between Korea and Germany and economic prospects for major Korean industries

o New Year's dinner co-hosted by the German Embassy in Korea provides corporate cooperation networks

(February 17, 2023) KGCCI (President & CEO Dr. Martin Henkelmann) and Busan City (Mayor Park Hyung-joon) announced that they held the KGCCI Economic Outlook Busan at the Ananti Hilton Hotel in Busan on February 16.

The "KGCCI Economic Outlook 2023 Busan" is designed to discuss the economic prospects of major Korean industries, including the development of business relations between Korea and Germany.

After the presentation for the investment attraction by Busan City, Peter Winkler, Chargé d’affaires of the German Embassy in Seoul, who spoke about political prospects, stressed the importance of economic security and stable supply chains, paying attention to the close partnership between the two countries.

"German exports to Korea topped 20 billion Euro for the first time in 2022. GDP growth in Korea in 2023 will be smaller, but we expect export and production growth in Korea, for example, in segments related to electric mobility and shipbuilding," said Frank Robaschik, Director/Correspondent Korea of Germany Trade & Invest, during his presentation on the economic status of Korea and major industries.

Charlie Lay, an economist at Commerzbank, spoked about Asia's economic outlook and discussed global growth holding up, strong U.S. expansion, inflation, central banks' tightening, China's reopening, and other financial risks.

KGCCI expressed its support for Busan City to host the 2030 World Expo in Busan, and delivered a letter of support, signed by KGCCI Vice Chairman HaJoong Chung and President & CEO Dr. Martin Henkelmann, to Mayor Park Hyung-joon.

The New Year's dinner, held after the main economic outlook event, was attended by more than 100 participants, including German Ambassador to South Korea Michael Reiffenstuel and representatives of German companies in Korea.

HaJoong Chung, Vice-Chairperson of KGCCI and President and CEO of Siemens Korea, emphasized, “The year 2023 marks its 140th anniversary. Korea and Germany have had a long-standing partnership through trade, cultural exchange, and many more. Our ties are based on trust and equality and have proved mutually beneficial for both sides. In 2023, KGCCI is committed to strengthening the foundations of this relationship through more robust economic and business relations between both countries.”

Dr. Martin Henkelmann, President & CEO of KGCCI, added, “Busan Metropolitan City, as an international business hub and port city, has a proven track-record of hosting major international events. KGCCI supports Busan’s bid to host the World EXPO 2030 and welcomes the chosen theme ‘Transforming Our World, Navigating Toward a Better Future’.”

Busan Mayor Park Hyung-joon said, "I hope the KGCCI Economic Outlook 2023 Busan, co-hosted by Busan City and KGCCI, was a great opportunity to build a strong network for the Korean and German economies. "KGCCI's support for hosting the 2030 World Expo in Busan will be a great help for Busan, especially when Busan is set to prepare for the BIE's due diligence in April," he added.