KR-EU Industries "Strengthening Cooperation in Future Cars, Bio & Healthcare"

[Asia Economy Reporter Changhwan Lee] The Korea Chamber of Commerce and Industry (KCCI) announced that it jointly held the ‘Korea-EU Business Conference’ online on the 2nd with the European Chamber of Commerce in Korea and Business Europe.

This event was held mainly by major economic organizations and private companies from Korea and Europe to discuss changes in the business environment in Korea and Europe due to the COVID-19 crisis, following the Korea-EU summit held via video conference on the 30th of last month, and to share insights for preparing for the ‘next normal’ era.

On the Korean side, business leaders including Woo Tae-hee, Executive Vice Chairman of KCCI, Kim Se-hoon, Executive Director of Hyundai Motor Company, Kim Sung-yeol, Managing Director of Seegene, and Hwang Sang-jun, Managing Director of Macrogen, participated as panelists, and Yoon Soon-gu, Ambassador of Korea to the EU, joined online.

From the EU side, Dirk Lukat, Chairman of the European Chamber of Commerce in Korea, Markus Beyrer, Secretary General of Business Europe, Eckart Von Klaeden, Vice President of Mercedes-Benz, Alexis Brouhns, Head of Policy Cooperation at Solvay, and Elisabeth Staudinger, Head of Siemens Healthineers Asia Pacific, participated, along with Michael Reiterer, Ambassador of the EU to Korea.

Additionally, Lee Ho-seok, Director of the European Center for International Political Economy (ECIPE), and Ali Izadi-Najafabadi, Head of Research for Asia Pacific at BloombergNEF, participated as moderators.

Ursula von der Leyen, President of the European Commission, highly evaluated the outcomes of the Korea-EU summit through a prepared video message, stating that business cooperation between Korea and the EU in the post-COVID era will become more important and diverse.

Vice Chairman Woo Tae-hee emphasized, “In a situation where the business environment is rapidly changing due to the shock of COVID-19, we must focus on new opportunities,” adding, “Korea and the EU will inevitably become closer due to the growth of new growth industries such as future automobiles, secondary batteries, and bio-healthcare, and business cooperation opportunities will also increase.”

Following this, Dirk Lukat, Chairman of the European Chamber of Commerce in Korea, proposed in his welcoming remarks, “The COVID-19 pandemic has damaged global supply chains and reduced production and trade volumes, requiring significant changes in business methods,” and suggested, “On the occasion of the 10th anniversary of the establishment of the Korea-EU strategic partnership, let us share innovation experiences and strengthen partnerships to overcome the current difficulties.”

Kim Se-hoon, Executive Director of Hyundai Motor Company, said, “The future will see the energy leadership shift from oil-producing countries to renewable energy powerhouses,” and forecasted, “In particular, hydrogen can be used diversely in future mobility environments such as automobiles, ships, trains, and urban air mobility (UAM), making the hydrogen economy a new possibility replacing the carbon society and a future growth engine for Korea and the EU.”

Next, Eckart Von Klaeden, Vice President of Mercedes-Benz, emphasized, “Post-pandemic, the global value chain (GVC) is shaken and tendencies toward isolation such as islandization are strengthening, but this is not the solution,” adding, “Korea and the EU must also strengthen cooperation based on free trade agreements in various fields including the automobile industry.”

Hwang Sang-jun, Managing Director of Macrogen, predicted, “The possibility of our daily lives returning to pre-COVID-19 times is low,” and expected, “An ‘untact’ medical system minimizing contact between medical staff and patients or among patients, such as telemedicine, will become a core new normal in the bio-healthcare field.” He also emphasized the importance of collecting and analyzing medical data for accurate diagnosis in non-face-to-face medical care.

Following this, Kim Sung-yeol, Managing Director of Seegene, said, “Technology sharing and interconnectivity will emerge as even more important values in the future bio-healthcare field,” and stated, “As demonstrated in the COVID-19 crisis, preparation for the post-COVID era is only possible through transnational cooperation in product research and development, production, and supply.”

A KCCI official said, “With the Korean government’s promotion of the Digital and Green New Deals, the speed of Korea’s digital economy and renewable energy development will accelerate,” and expressed expectations that “As future cooperation was emphasized at the Korea-EU summit, Korea-EU business cooperation will expand further and become a momentum to overcome the economic crisis caused by COVID-19.”