South Korea and Germany have agreed to enhance cooperation in the critical mineral supply chain and advanced industries. The two countries signed a joint declaration of intent to establish an economic and high-tech partnership, strengthening collaboration in strategic industries such as manufacturing artificial intelligence (AI), semiconductors, and batteries.
The Ministry of Trade, Industry and Energy announced that Minister Kim Jeong-kwan would discuss ways to expand Korea-Germany economic cooperation at the 19th Asia-Pacific German Business Conference (APK) held in Seoul on October 30. The APK is a prominent event for economic cooperation in the Asia-Pacific region, held biennially since 1986, and is taking place in Korea for the first time in 19 years since 2007.
On the same day, Minister Kim participated in a panel discussion on the topic of 'The Impact of Changes in the Global Economic Order on Economic Relations between Germany and the Indo-Pacific Region.' The discussion included participation from Stefan Loihenhoff, State Secretary of the German Federal Ministry for Economic Affairs and Energy, and Roland Busch, CEO of Siemens.
Minister Kim assessed that the deepening strategic competition between the U.S. and China, the rise of protectionism, and the strategic assetization of critical minerals have increased uncertainty in global supply chains. He emphasized the need for cooperation between Korea and Germany, both of which have high dependence on manufacturing and exports, to stabilize supply chains and enhance economic security.
He specifically proposed expanding joint research and technological cooperation in manufacturing AI, semiconductors, and critical minerals by combining Korea's semiconductor and battery manufacturing capabilities with Germany's precision machinery and industrial automation technologies.
Additionally, the two countries signed a 'Joint Declaration of Intent on the Korea-Germany Economic and High-Tech Partnership Framework.' This declaration includes cooperation on sharing information about critical mineral supply chains, establishing early warning systems, refining and recycling, joint development in third countries, and protecting core technologies. They also plan to strengthen cooperation in advanced industries such as semiconductors, mobility, batteries, and industrial AI, and to identify specific cooperation tasks through a high-level consultative body.
Korean and German companies and institutions will also expand their cooperation base by signing memorandums of understanding (MOUs) in areas such as power and energy, biohealth, and startups and advanced technologies. During a Korea-Germany summit held in June in conjunction with the G7 leaders' meeting, both countries discussed ways to strengthen economic cooperation, including expanding trade and investment. The APK is expected to serve as an opportunity to extend these discussions to the industrial and corporate levels.
Minister Kim stated, "Based on this economic and high-tech partnership, we will develop the cooperation between the two countries into a strategic relationship that encompasses economic security and advanced industries, moving beyond the existing trade and investment focus."
Meanwhile, that evening, a 'Korea Night' event will be held, attended by Park Jeong-seong, head of the Trade Negotiation Headquarters. Approximately 600 participants, including business leaders from Korea, Germany, and the Asia-Pacific region, are expected to discuss ways to enhance economic cooperation and investment.
* This article has been translated by AI.
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