The Korea International Trade Association on Tuesday held a seminar on technological cooperation between Germany and Korea to explore ways to improve the competitiveness of the materials, parts and equipment industries, in response to growing uncertainty in the global trade market.

Over 150 participants from Korean and German companies and research organizations joined the event to seek breakthroughs through supply chain diversification and technology exchanges amid an uncertain trade market due to Japan’s export controls and the US-China trade dispute, according to the trade association. 

The seminar is co-hosted by the Industry Ministry and the Korean German Chamber of Commerce and Industry.

“(South Korea) should explore new survival strategies by establishing a value chain of technological cooperation with new strategic nations,” said KITA Chairman Kim Young-ju in an opening speech.

“Germany is an ideal partner for diversifying suppliers and collaborating on high-tech development, as the nation is a manufacturing powerhouse in the fields of machinery, chemicals and pharmaceuticals,” he added.

Industry Minister Sung Yun-mo said in a congratulatory message, “The future industry trigged by the ‘fourth industrial revolution’ cannot be realized without the support of new materials and parts.”

“Korea and Germany should concentrate bilateral cooperation on materials and components as they are the best partners to lead the global market,” he added.

BMW Korea and KGCCI Chairman Kim Hyo-joon said as a special speaker the two nations should “actively cooperate in innovating advanced industrial structures and creating future jobs” based on long-term trust and sincerity.

On Tuesday, KITA and the KGCCI signed a memorandum of understanding to strengthen cooperation on materials, parts and equipment, and to build a platform for startup innovation.

The two organizations will continue to find key materials, components and equipment suppliers, and support future technological competitiveness by matching German high-tech research institutes and companies with Korean companies, KITA said. 

By Shin Ji-hye (shinjh@heraldcorp.com)