InterviewKGCCI to help bolster Korea-Germany ties through APK 2026

Korean-German Chamber of Commerce and Industry (KGCCI) Chairman Antonio Randazzo speaks during an interview with The Korea Times at Star Truck Korea's headquarters in Seoul, March 25. Courtesy of KGCCI

Antonio Randazzo has seen firsthand the strong business ties between Korea and Germany as a company executive. Now, he is devoting himself to further strengthen the relations between the two countries.

With his appointment last December to co-chair the Korean-German Chamber of Commerce and Industry (KGCCI) alongside Deutsche Bank Seoul Chief Country Officer Park Hyun-nam, the Star Truck Korea CEO is preparing to boost Korea-Germany economic cooperation through the Asia-Pacific Conference of German Business (APK) 2026, which will take place in Seoul from Oct. 29 to 31.

"APK 2026 will be more than a conference," he said during a recent interview with The Korea Times.

"It will be a milestone moment for Korean-German economic relations, demonstrating how our two innovation-driven economies can work together to address global challenges and shape the industries of the future."

Since 1986, the conference has been held biennially in major Asia-Pacific cities, gathering business leaders and policymakers from across the region.

The 2024 event in India brought together over 800 delegates, including then German Chancellor Olaf Scholz and Indian Prime Minister Narendra Modi, for high-level discussions on market trends, geopolitical developments and emerging strategies.

"For the 2026 edition in Seoul, high-level participation from the German government, including the Federal Minister for Economic Affairs (and Energy) and potentially the German chancellor, is anticipated," Randazzo said.

Siemens CEO Roland Busch, who leads the Asia-Pacific Committee of German Business, has already confirmed his participation as one of the event's co-chairs alongside the minister.

"Bringing this conference to Korea reflects the growing strategic importance of the Korean-German partnership and recognizes Korea's role as a dynamic hub for technology, industry and global supply chains in the region," Randazzo said.

KGCCI seeks to take advantage of the event to strengthen Korea's position as a key strategic partner for German companies in Asia.

The second-largest foreign chamber of commerce in Korea also aims to encourage new partnerships, investment projects and technology collaborations between German and Korean companies, particularly in future-oriented industries.

Korean-German Chamber of Commerce and Industry (KGCCI) Chairman Antonio Randazzo, front row third from left, applauds with President Lee Jae Myung and other foreign business leaders in Korea at Cheong Wa Dae in Seoul, Jan. 28. Courtesy of Cheong Wa Dae

Korea's investment environment

In January, the KGCCI chairman joined other foreign business leaders in a meeting with President Lee Jae Myung to discuss the investment environment and policy landscape in Korea.

"During the discussion, I emphasized that German companies view Korea as a long-term strategic partner, and that policy predictability, regulatory stability and alignment with international standards are important factors that support future reinvestment and expansion decisions," Randazzo said.

With regard to the recent implementation of amendments to the Trade Union and Labor Relations Adjustment Act, better known as the "yellow envelope law," he did not frame Korea's labor laws as a simple deterrent to investment.

Rather, the German businessman emphasized the necessity of predictability, consistency and open dialogue when regulatory changes are introduced.

Still, he expressed concerns about Korea's rapidly aging population and one of the world’s lowest birth rates.

"These trends contribute to rising labor costs and a tightening talent market, which can affect long-term investment planning for foreign companies," he said.

"A thoughtful and well-communicated immigration strategy could help mitigate demographic pressures and support Korea's status as a leading production and innovation hub."

Outlook for commercial vehicle market

Randazzo introduced his company as a strong example of how Korean and German companies can successfully combine their respective strengths to create value in the market.

Star Truck Korea was launched in 2025 as a joint venture between Daimler Truck and FMK, a Hyosung Group subsidiary that sells Ferrari and Maserati cars in Korea. Having served as the CEO of Daimler Trucks Korea since 2022, Randazzo became a co-CEO of Star Truck Korea after its launch.

"The example of Star Truck Korea illustrates how the combination of German industrial expertise and Korean dynamism can create lasting success," he said.

As chairperson of the European Chamber of Commerce in Korea's Heavy Duty Commercial Vehicle Committee, however, Randazzo pointed out difficulties facing imported brands due to the weakening Korean won against the euro, which has made European trucks much more expensive than vehicles from domestic manufacturers such as Hyundai Motor and Tata Daewoo Mobility.

"This contributed to a nearly 20 percent decline in imported heavy duty trucks compared with 2024," he said.

Regarding the government's subsidies for eco-friendly commercial vehicles, he claimed discrimination against electric trucks in favor of hydrogen-powered models, which are the main focus of Hyundai.

"Subsidies for battery electric trucks in heavy duty vehicles reach less than 15 percent of those available for hydrogen," he said.

"This creates a clear imbalance: while hydrogen benefits from strong policy support, electric vehicles face a cost disadvantage that slows down adoption, particularly among individual owner drivers operating on tight margins."

Randazzo advised that a more balanced subsidy structure would create fairer conditions for all technologies and allow the market to determine the best solutions for each application.

"Aligning incentives between hydrogen and electric vehicles will be essential for Korea to reach its carbon emission targets while maintaining innovation and competitiveness in all parts of the industry," he said.