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S. Korea, Germany discuss expanding investment, economic cooperation

All News 17:38 January 10, 2017

SEOUL, Jan. 10 (Yonhap) -- South Korea and Germany held their 30th joint economy committee meeting on Tuesday to discuss ways to increase mutual investment and economic collaboration, the foreign ministry here said.

The two sides concurred that the manufacturing industry, small and medium-size enterprises, information and communications technology (ICT), and vocational education were potential fields for increased collaboration, according to the Ministry of Foreign Affairs.

Seoul was represented by Deputy Foreign Minister for Economic Affairs Lee Tae-ho, with Eckhard Franz, director-general for Extended Economic Policy at the Federal Ministry for Economic Affairs and Energy, reflecting Berlin's interests.

The officials also agreed to tighten collaboration in manufacturing sectors such as automobile technology and ICT, the ministry said. Automobile and automobile components account for the majority of the two countries' trade.

South Korea also pledged to help Germany successfully host its G20 Hamburg summit set for July.

"Both sides voiced concerns over the growing protectionism around the world and agreed to work closely together to maintain and develop the free trade regime through the G20 framework as well as other international organizations," the ministry added.

Seoul and Berlin also resolved to maintain close cooperation on imposing sanctions and implementing United Nations resolutions against North Korea over the communist country's nuclear weapons ambition.

The joint economic committee was launched in Seoul in 1965 as a body to consult bilateral economic issues.

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