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S. Korea to expand technology ties with Germany

Industry 11:00 October 08, 2019

SEOUL, Oct. 8 (Yonhap) -- South Korea's industry ministry said Tuesday it plans to expand cooperation with Germany to bolster its competitiveness in the industrial areas vulnerable to Japan's export curbs.

The ministry hosted a seminar in Seoul earlier in the day, where the Korea International Trade Association signed a memorandum of understanding with the Korean-German Chamber of Commerce and Industry to bolster cooperation in the parts, materials and equipment sectors.

The three segments were widely seen as major victims of Japan's economic retaliation against South Korea, which began in July.

Japan earlier implemented a new trade policy that centers on regulating shipments of three industrial materials to South Korea, which emerged as major hurdles for major local tech firms such as Samsung Electronics Co.

Since, the country has been making efforts to reduce its heavy dependence on Japan for materials, parts and equipment by reaching out to new partners and stepping up efforts for the localization of materials and equipment.

Under the plan, South Korea and Germany will open a joint support center on technology cooperation next year and expand cooperation on seeking industrial standardization.

Major German businesses, including BASF, a leading chemical firm, and SAP, an information technology company, also expressed plans to build deeper ties with South Korean companies and research institutions, according to the ministry.

In line with such efforts, the ministry also plans to hold similar events with the United States, France and Israel later this month.

S. Korea to expand technology ties with Germany - 1

colin@yna.co.kr
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