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SIMTOS: Korean Demand Bolsters German Machinery and Equipment Industry
Seoul (ots) - The Republic of Korea is the second largest Asian investor in Germany and one of Germany's most important trade partners in the machinery and equipment industry. Germany Trade & Invest will have representatives at this year's Seoul International Machine Tool Show (SIMTOS) from April 13 - 18 in the South Korean capital to highlight opportunities for Korean companies in Germany.
Korea is one of the key importers of "Made in Germany" goods and the source of direct investments totaling over EUR 4.4 billion, making it the second largest Asian investor in Germany. Korean companies are major producers in Germany, utilizing the location as a gateway to European markets and as a high-tech production site.
According to a recently published IBM study examining foreign investments worldwide in 2008, the machinery and equipment industry in Germany outperformed expectations. While most countries saw a decline in investments for the year, Germany showed an upswing, creating 40 percent more jobs than the previous year. Although 2009 investment figures are not yet available, total investment projects in Germany increased slightly for the year, if at lower investment volumes due to financing bottlenecks.
The performance of this industry is a testament to Germany's highly skilled workforce. The "Made in Germany" label has a long-standing reputation. The tradition of high quality products and efficient processes in the machinery and equipment industry is the cornerstone of Germany's industrial base. This industry makes Germany an attractive production location for sectors such as the automotive, shipbuilding and semiconductor industries.
SIMTOS 2010 provides a unique chance to highlight opportunities for growing Korean-German partnerships. Korea and the European Union are in negotiations for a free trade agreement that would reduce hurdles for this industry. For most machinery, tariffs would be eliminated as soon as the agreement is passed. Recent studies estimate that the volume of trade between Korea and the EU could increase by as much as 40 percent. Germany is Korea's number one trade partner within the EU. At SIMTOS 2010 Germany Trade & Invest will have representatives at the German Pavilion located at booth C3211 in Hall 3 to highlight business opportunities in Germany.
Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities to the German market. It provides information on foreign trade to German companies that seek to enter foreign markets.
Germany Trade & Invest
T: +49(0)30 200099-173
F: +49(0)30 200099-111