KGCCI holds KGCCI Economic Outlook 2023

(Seoul, January 20, 2023) The Korean-German Chamber of Commerce and Industry (KGCCI, President & CEO Martin Henkelmann), in cooperation with the Gwangyang Bay Area Free Economic Zone Authority (GFEZ), held the KGCCI Economic Outlook 2023 on January 19 at Four Seasons Hotel Seoul. The event was followed by a New Year’s Reception with Minister Bang Moon-Kyu at Office for Government Policy Coordination in attendance.

The event was organized to provide exclusive insights into the developments of Korean-German business relations in these challenging times. Speakers include Peter Winkler, Chargé d´affaires of the German Embassy in Seoul, Juliana Lee, Head of APAC Economic Research at Deutsche Bank, and Frank Robaschik, Director and Correspondent Korea at Germany Trade & Invest (GTAI).

Holger Gerrmann, German Chairperson of KGCCI, said, “Despite the challenging past three years globally and the downtrends in many economies, the Korean-German business relations were very strong in 2021 and again in 2022,” in his opening remarks, welcoming speakers and attendees at the KGCCI Economic Outlook 2023.

Peter Winkler, Chargé d’affaires of the German Embassy in Seoul, who spoke about the political outlook and German-Korean bilateral relations, stated, "In an era of geo-economics, strengthening our cooperation with partners who share our values will be decisive. We welcome South Korea's recently released Indo-Pacific strategy. Korea and Germany are both committed to the rules-based international order, and to peace and security in the region. We are very much looking forward to further strengthening our cooperation on this basis – from security policy to climate action and energy transformation.”

Frank Robaschik, Director/Correspondent Korea of Germany Trade & Invest, gave a presentation on the Economic Update on Korea and its major industries. “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 growth, for example, in segments related to electric mobility and shipbuilding,” said Frank Robaschik in his presentation.

Juliana Lee, Head of APAC Economic Research at Deutsche Bank, delivered a virtual presentation on ‘Asia’s turning point,’ discussing potential effects of China’s reopening, a G2 recession, and the Bank of Japan’s policy normalization on South Korea – and, the latter’s policy priorities.

Gwangyang Bay Area Free Economic Zone Authority presented its steel and chemical hub for foreign business. It introduced reasons why the GFEZ is optimized for sectors such as steel & nonsteel materials manufacturing industries, fine chemical and new materials industries, and secondary battery-related industries.

Martin Kueppers, CEO of Continental Korea, Young-Mi Kim, President of Henkel Korea, and Tomas Lekic, Managing Director of Festo Korea, discussed perspectives of their respective industry sectors and the increasing importance of the Korean business for global companies during a panel discussion moderated by Dr. Martin Henkelmann, President & CEO of KGCCI.

KGCCI’s New Year’s Reception was held after the economic outlook event. The Reception was attended by distinguished guests, including Minister Bang Moon-Kyu at the Office for Government Policy Coordination, Michael Reiffenstuel, German Ambassador to South Korea, Maria Castillo Fernandez, EU Ambassador to South Korea, and Dr. Sung Jin Kim, Foreign Investment Ombudsman of Korea.

At the Reception, Hyun-Nam Park, Korean Chairperson of KGCCI, emphasized, “Korea and Germany are tied through a long-standing partnership. As a matter of fact, this year, we celebrate 140 years of German-Korea friendship and 60 years of EU-Korea relationship. Our bond is built on trust and equality and has proved beneficial for both sides. KGCCI is committed to strengthening the foundations of this partnership in 2023. Together, we will make it a positive and memorable year 2023.”