This article is by Kim Ju-yeon and read by an artificial voice.



Germany and France's business chambers in Korea co-hosted a joint reception Monday, where executives and government officials, including Korea's trade minister, discussed shifts in economic policy, foreign investment and the outlook for European firms operating in the country.

Around 200 representatives of European businesses gathered at the event in central Seoul along with key government and industry stakeholders, according to the Korean German Chamber of Commerce and Industry (KGCCI).

Attendees included Kim Jung-kwan, Korea's trade, industry and energy minister; Ryu Peob-min, director general of investment policy at the Trade Ministry; and Seo Myoung-seok, director of labor relations and legislation at the Ministry of Employment and Labor.

They were joined by H.E. Georg Wilfried Schmidt, German ambassador to Korea; H.E. Philippe Bertoux, French ambassador to Korea; and H.E. Ugo Astuto, ambassador-designate of the delegation of the European Union to Korea.

In his keynote speech, Trade Minister Kim highlighted Germany and France's close economic relationship with Korea, especially in industries including automobiles, AI and carbon neutrality.

He reaffirmed the Korean government's commitment to fostering a business-friendly environment for foreign firms by systematizing incentive programs - including cash grants, site support and research and development benefits - while continuing to review and streamline regulations, according to the KGCCI.

"We look forward to even closer cooperation between our two countries in driving innovation and sustainable growth," KGCCI Chair Park Hyun-nam said in his opening remarks, while emphasizing Germany's direct investment and job creation in Korea.

"French companies are confident in Korea's resilience and welcome the government's message of openness, dialogue and economic modernization. With 16 billion euros [$19 billion] in bilateral trade and 5 billion euros in French FDI, our partnership continues to grow stronger," said David-Pierre Jalicon, chair of French Korean Chamber of Commerce and Industry.