Yoon's sudden state visit delay perplexes Korean, German firms
President Yoon Suk Yeol drinks water as German Chancellor Olaf Scholz speaks during a press conference after their summit at the presidential office in Seoul in this May 2023 file photo. Joint Press Corps
Companies in Korea, Germany, and Denmark were left perplexed as President Yoon Suk Yeol abruptly postponed his planned trips to the two European countries indefinitely, just days before his scheduled departure without elaborating on the specific reason, industry sources said Thursday.
Some of the companies complained that they wasted their time and money to prepare for business meetings and activities with their German and Danish counterparts. Despite rumors circulating earlier in the week about a possible delay in Yoon's trip, businesspeople indicated that they were informed of the postponement just a few hours before the presidential office made an official announcement on Wednesday afternoon. The office cited "various factors" in deciding on the delay, providing no further details.
Following the confidential notification from the presidential office in early January regarding Yoon's trips from Feb. 18 to 24, companies in the three countries had been preparing for business forums and partnership signing ceremonies to take place during his state visit to Germany and official visit to Denmark.
“The delay of Yoon's visit to Germany was particularly unpredictable, given that a state visit represents the highest level of international visit,” said an official at one of the Korean companies whose senior executives planned to join the business delegation accompanying the president.
The Korea Chamber of Commerce and Industry (KCCI), which recruited members of the business delegation to Germany, even sent its employees to the European country in advance and issued a press release on Wednesday morning regarding bilateral economic cooperation.
The Federation of Korean Industries, which looked for members of the business delegation to Denmark, cancelled plans to send its staff to the European country later this week.
German companies operating here also expressed frustration, stating that they had invested time writing reports and preparing presentations for the indefinitely delayed business meetings with their Korean partners. They had been collaborating with the German Embassy in Seoul to welcome the Korean delegation.
“We regret that President Yoon’s visit to Germany has been postponed,” the Korean-German Chamber of Commerce and Industry wrote on a social media posting on Yoon’s meeting with foreign business leaders in Korea on Wednesday.
“As we’ve been eager to strengthen economic ties between South Korea and Germany, we look forward to the rescheduling of the visit,” the chamber added.
President Yoon Suk Yeol shakes hands with SK Group and Korea Chamber of Commerce and Industry Chairman Chey Tae-won during a New Year's greeting meeting at Yeongbingwan guesthouse in Seoul in this Jan. 3 file photo. Joint Press Corps
Some members of the Korean business delegation are encountering significant cancellation fees for their flights and accommodations. However, industry officials noted that it would be unimaginable for companies to request compensation from the government.
Top executives of major Korean companies, who had prepared for their journeys despite hectic schedules, were also forced to rearrange their plans for this weekend and next week.
Including SK Group Chairman Chey Tae-won, who planned to visit Germany as the KCCI chairman, GS Group Chairman Huh Tae-soo, HD Hyundai Vice Chairman Chung Ki-sun, Samsung SDI CEO Choi Yoon-ho, Hyundai Motor President Chang Jae-hoon and LG Chem CEO Shin Hak-cheol were reportedly on the list of the business delegation consisting of around 60 to 70 businesspeople.
Most of them will stay in Korea next week, but some of them decided to fly to Germany and Denmark as planned to meet their business partners there.