Berlin (ots) - The photovoltaic (PV) industry is a pillar of the strong German-Korean economic partnership, one that is expected to strengthen as the Korean PV market expands. The strong cooperation between the two nations will be a focus of this year's Green Energy Expo 2009, the largest PV conference in Korea.
Germany is currently the global PV leader in terms of market, capacity, and production, while Korea's market is reaping the benefits of political support, increased trade, and heavy R&D. Korea recently witnessed the opening of the world's largest PV power plant in Shinan. At the same time, the Korean Government has committed USD 210 million to R&D of renewable energies.
This comes as welcome news, as the renewable energies sector is expected to grow despite the global recession. Both countries have shown a clear dedication to the further development of this industry. David Wortmann, Director of Renewable Energies and Resources at Germany Trade & Invest stresses, "The PV industry continues to be quite resilient in the present economic climate. Germany and Korea can both benefit from further cooperation in this sector, as the current market is showing optimal conditions for investment in the future."
The German government hopes to cut 270 million tons of CO2 emissions by 2030, a goal that has led to over EUR 10 billion (USD 1.37 billion) in direct investments in the industry and EUR 15 billion (USD 20.6 billion) in R&D. In 2007 the industry generated over EUR 24.6 billion (USD 33.7 billion) in revenues and EUR 6 billion (USD 8.2 billion) in exports.
Korea's commitment to increase its supply of renewable energies to nine percent in the same timeframe as Germany caused a dramatic increase in the export revenues of solar modules and solar cell components in 2008. Exports figures to Germany of solar modules alone grew from USD 1 million to USD 59 million in less than one year.
Germany is Korea's most important European trading partner. Roughly 35 percent of all EU-Korean trade is conducted with Germany. Current economic conditions and the state of the PV market make Korea an interesting market for German investment.
Progress is currently being made to further strengthen economic ties between the two nations. Ongoing negotiations between the European Union and Korea have come close to establishing a free trade zone, which would pave the way for stronger ties in the PV industry.
Germany Trade & Invest will be at this year's Green Energy Expo 2009 in Daegu, Korea to inform companies of the investment potential that the German PV market holds, as well as to advise German companies that are interested in the Korean PV industry.
Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises and supports foreign companies seeking to expand into the German market and assists companies established in Germany looking to enter foreign markets. All inquiries are treated confidentially.
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