According to Yonhap News,

South Korea wishes to expand industrial ties with Germany, including bolstering supply chains between the two countries, amid the growing global economic uncertainties, a trade ministry official said Friday.

Yoon Chang-hyun, the director-general of trade policy, plans to meet a German delegation, including officials from its economic affairs ministry and seven businesses, later in the day, according to the Ministry of Trade, Industry, and Energy.

The delegation was visiting Seoul to discuss bilateral economic ties with South Korea, in line with German President Frank-Walter Steinmeier's official visit here.

"Amid global inflation and rising uncertainties in the supply chain following the Russia-Ukraine war, we hope that the two countries will expand ties in the sectors including the supply chain and carbon neutrality," the ministry official said in a release.

Yoon also called for Germany to pay attention to the Raw Materials Act of the European Union so that it does not discriminate against foreign businesses. The act centers on building a supply chain of critical materials within the bloc.

The combined amount of trade between South Korea and Germany, meanwhile, came to US$33.1 billion in 2021, up 9.2 percent from a year earlier, the ministry data showed. The amount came to $17 billion over the first half of 2022.

South Korea mainly shipped batteries, pharmaceutical goods and chips to Germany. Major imports included automobiles.


colin@yna.co.kr

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Source: Yonhap News (Nov. 4, 2022)