Park Young-sun "Korea and Germany: Optimal Partners"… Technology and Exchange MOU

Park Young-sun, Minister of SMEs and Startups, is delivering the keynote speech at the "Korea-Germany Business Technology Exchange and Cooperation Enhancement Agreement Ceremony" held on the 16th at the Millennium Seoul Hilton in Jung-gu, Seoul.

[Asia Economy Reporter Kim Daeseop] "Since the implementation of Japan's export restrictions last year, Germany has rapidly emerged as the optimal partner country in the materials, parts, and equipment sector."

Park Young-sun, Minister of SMEs and Startups, stated this on the 16th at the 'Korea-Germany Business Technology and Exchange Cooperation Enhancement Agreement Ceremony' held at the Millennium Seoul Hilton in Jung-gu, Seoul. She added, "This business cooperation agreement is very meaningful in that it has established a cooperative foundation where SMEs and startups from both countries can produce practical and concrete results."

The agreement ceremony was promoted from the perspective of the necessity for cooperation between companies in Germany, a leader in responding to the 4th Industrial Revolution, and Korea, a leading country in data and networks. The Ministry of SMEs and Startups, the Small and Medium Business Technology Information Promotion Agency, the Korea Startup Promotion Agency, the Korea Association of Small and Medium Business Technology Innovation, and the Korea-Germany Chamber of Commerce and Industry participated.

Minister Park explained, "Germany has risen to become the world's strongest manufacturing country through close collaboration among various economic actors and has established itself as a leader with a swift response to the 4th Industrial Revolution. Korea possesses 5G infrastructure, is one of the top five producers of digital data, and ranks sixth globally in unicorn companies." She continued, "I am confident that if the two countries, each with these strengths, cooperate, the future of both nations will be even brighter."

The main content of the agreement is to expand cooperation between SMEs and startups of both countries in three areas: smart manufacturing, materials/parts/equipment industry, and startups. They plan to jointly promote research and development, dissemination, and expansion related to smart manufacturing. They agreed to collaborate on supporting business cooperation with smart manufacturing specialized institutions in both countries and exchanging information.

In the materials, parts, and equipment sector, companies from both countries will share technological information, identify technology demands, and jointly carry out collaborative projects based on this. In the startup sector, various events such as investment briefings will be regularized to build relationships. The startups of both countries will mutually support each other through information exchange to enter the European and Asian markets, including the partner country.

To continuously promote and monitor these cooperative matters, related organizations from both countries will establish the 'Korea-Germany Business Support Council,' which will be responsible for discovering, implementing, and reviewing cooperation matters.

This agreement ceremony was held in line with the annual event hosted by the Korea-Germany Chamber of Commerce and Industry for German companies in Korea. Minister Park introduced the Ministry of SMEs and Startups' major policy directions for this year to about 100 German company representatives in Korea at the event.

Minister Park emphasized, "Korea and Germany have long promoted technology development cooperation through joint funding and have become excellent partners."

She also proposed, "Let's hold the 'Korea-Germany Strong SMEs Roundtable Event' this April, where strong SMEs in materials, parts, and equipment from Korea and Germany can meet," and added, "Let's expand opportunities for collaboration by increasing events where large companies and startups from both countries participate, like the German Companies Open Innovation Day held last October."