Han, Cooperation with Germany Starts as an Advanced Base for Materials, Parts, and Equipment

Korea-Germany Materials, Parts, and Equipment Technology Cooperation Center Holds '1st Support Agency Council'
Comprehensive Corporate Support Including International Joint Research, Overseas Expansion, M&A, and Intellectual Property

The German state of NRW (North Rhine-Westphalia) and the Aachen region where the Korea-Germany Materials, Parts, and Equipment Technology Cooperation Center was established. Green represents the state of NRW, and orange represents the Aachen region. (Source: Ministry of Trade, Industry and Energy)

[Asia Economy Reporter Moon Chaeseok] South Korea is officially starting technological cooperation with Germany, a powerhouse in materials, parts, and equipment. This comes two months after establishing a materials, parts, and equipment technology cooperation center in Germany despite the impact of the COVID-19 pandemic in June and holding its opening ceremony.

The Ministry of Trade, Industry and Energy will hold the first "Support Institutions Council" related to the center at 3 p.m. on the 14th at EL Tower in Yangjae, Seoul.

The council was formed to systematically support the discovery of technology cooperation partners, joint research and development, and overseas market development for Korean companies residing in the center. It consists of relevant domestic and international organizations and private experts related to Germany.

Ten companies will reside in the center, including KoYoung Technology, Susan Heavy Industries, Otech Otis Parking System, Daemo Engineering (all machinery), Korea Terminal Industry, Shinyoung, Taeyang Metal Industry, Konek (all automotive), Fabernine (electrical and electronics), and Meta Biomed (bio).

The Ministry of Trade, Industry and Energy will promote various supports such as discovering technology cooperation partners for entry into the German market and providing local technical information to these companies.

At this council meeting, in the difficult situation where companies find it hard to enter the local German center due to COVID-19, ways to prioritize support for companies through domestic related organizations will be sought, and companies’ suggestions will be heard.

Relevant organizations in various fields such as international joint research, overseas expansion, and mergers and acquisitions (M&A), including the Korea Institute for Advancement of Technology (KIAT), which operates the center, will gather to present concrete support plans to help resident companies achieve results.

Experts from overseas public institutions and research institutes will also introduce leading German research institutions such as Fraunhofer and present cooperation fields and cooperation plans.

Participants in the council include KIAT’s Belgium office, Frankfurt Trade Office, Korean-German Scientists and Engineers Association, Fraunhofer Institute, and J?lich Research Center.

The Ministry of Trade, Industry and Energy plans to make every effort to operate the center efficiently and increase the satisfaction of resident companies through future council meetings.

Cheon Young-gil, Director of the Mid-sized Enterprise Policy Bureau, said, "Starting with this council, we will hold support institution councils regularly to closely support the 10 resident companies striving to enter Germany under difficult conditions."

The ministry has been working to strengthen cooperation with Germany, a global technology powerhouse, in response to Japan’s export restrictions.

As part of these efforts, a center for technology cooperation between domestic materials, parts, and equipment companies and Germany was opened on June 18 in the German state of NRW (North Rhine-Westphalia).

List of companies residing in the German SoBuJang Technology Cooperation Center. (Source: Ministry of Trade, Industry and Energy)