Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
'Value' and 'valued' partners: new chapter of innovation and prosperity
By Park Jae-hyuk
By Martin Henkelmann
As South Korea and Germany celebrate the 140th anniversary of their bilateral relations, German Chancellor Olaf Scholz is visiting South Korea on May 21 for a summit with President Yoon Suk Yeol. This is a historic visit as Scholz will be the first German leader to come to Seoul in 13 years since former Chancellor Angela Merkel's trip in 2010 to attend a G20 summit.
This surely reflects the strength and importance of the partnership between the two nations. His visit is expected to open new avenues for economic and many other cooperations between the two countries.
Especially during his visit here, Chancellor Scholz has chosen to witness the Korean Peninsula's division firsthand at the Demilitarized Zone (DMZ). This holds great symbolic value. Having experienced its own division and reunification, Germany is open to sharing its valuable insights and experiences with South Korea.
Both countries and their businesses underwent strong transformation processes after World War II and the Korean War, respectively. Koreans speak respectfully about Germany's “miracle of the Rhine” while Germany highly recognizes South Korea's “miracle on the Han River” and its global triumph of the K-wave.
Now facing common challenges such as de-carbonizing the industry production, e-mobility, diversification of supply chains and digitalization, German and Korean companies are competing and collaborating to find the best solutions.
The summit between Chancellor Scholz and President Yoon is expected to foster deeper economic cooperation between the two countries. A remarkable total of $14.6 billion German investments in South Korea between 1962 and 2020 showcases the strong history of foreign direct investment and numerous joint business projects between Korean and German companies demonstrate the collaboration on equal footing, between esteemed and valued partners.
President Yoon Suk Yeol shakes hands with German Chancellor Olaf Scholz during their summit in New York in this September 2022 file photo. Newsis
Against the backdrop of the current geopolitical situation, both South Korea and Germany share the common interest in seeking cooperation on economy and security. Especially, Russia's war against Ukraine has caused ripple effects of inflation and soaring energy prices.
By leveraging this partnership, South Korea and Germany can not only go through but also “grow through” these challenges. Germany, a strong player in the European Union, has been an active partner in Korea's economic development and is now the co-organizer of the Korean-German Energy Partnership. Since Germany's renewable energy ratio ranks second among OECD countries, it has valuable expertise to offer.
The 5th Korean-German Energy Day, which will be held on May 26 in Busan, serves as a testament to the countries' joint efforts in promoting sustainable energy solutions. This partnership not only contributes to the transition to a greener future but also strengthens the overall cooperation between the two nations.
Chancellor Olaf Scholz's visit to South Korea is an important step towards deepening Germany's engagement with the region, also economically, and highlights the long-standing friendship and collaboration between the two countries.
“South Korea is an important partner for Germany and an important like-minded voice in the international community,” the German Foreign Office stated in an interview with DW in announcing the chancellor's visit to South Korea.
Common values and interests as well as the knowledge of each other's strengths are the unremovable foundations to jointly tackle the economic challenges ahead.
We have seen great bilateral success stories in the past decades. I am convinced that when the Korean president and the German chancellor meet on the 150th anniversary of bilateral relations in 2033, they will look back on even greater joint achievements of the two valued partners.
We can all look forward to the remarkable evolution of this collaboration of both “value” and “valued” partners.
The writer is the president and CEO of the Korean-German Chamber of Commerce and Industry (KGCCI).