Economic relations between Saarland and South Korea have received another boost: Minister of Economic Affairs Jürgen Barke and Governor of Gangwon State Jin Tae Kim signed a friendship and cooperation agreement in Saarbrücken on Thursday 26 June.
This agreement serves as the prelude to increased collaboration in the fields of business, trade, innovation and technology. As well as regular discussions between the two region’s competent authorities, various joint activities are also being planned to develop the two locations.
Minister of Economic Affairs Jürgen Barke emphasised: ‘This cooperation with Gangwon is opening up new opportunities for investment and relocations in Saarland. Our aim is to work with our Korean partners to launch future-oriented projects in fields such as medical technology, digitalisation and industrial transformation.’
Saarland have been hosting a Korean business delegation since 22 June as part of the InSaar relocation programme run by the Saarland Economic Promotion Corporation (gwSaar). The aim of this trip is to forge contacts with companies and research institutions, as well as to explore potential cooperations and relocations.
Governor Jin Tae Kim explained: ‘This trip is a vital first step in building a cooperation network with Europe and realising Gangwon’s vision of becoming a “global city for future industry”. Saarland and Gangwon share the common experience of having undergone a transition from coal-based industry to high-tech sectors such as biotechnology, IT and mobility. As Saarland has already trodden this path ahead of us, we are convinced that a partnership with them will provide us with valuable momentum for our future direction. In addition, collaborations between universities, research institutions and companies in the two regions will lay the foundations for mutual development and growth.’
gwSaar’s CEO Thomas Schuck added: ‘Close collaboration with Korea is not new territory for Saarland or gwSaar. We have already managed to gain numerous Korean companies in Saarland as part of the InSaar programme. Structured exchange with Gangwon-do continues this same approach. This will focus on cooperation and investment in the fields of medical technology and digitalisation.’
Today’s signing is the result of a delegation visit to Korea in March, led by Minister Barke. The visit to Gangwon State was the high point of the trip, which was jointly organised by gwSaar.
Background information:
Gangwon State
Gangwon-do is in northeast South Korea and borders Gyeonggi-do, the most economically strong region in the country. With around 1.5 million inhabitants and a strong focus on health technologies, energy and digitalisation, the region is one of the country’s most dynamic growth centres. Its economic structure is similar to Saarland in many ways, providing a wide range of connecting points for collaboration.
‘InSaar’ programme
This programme, whose full title is ‘InSaar EU-Hub’, seeks to enable and expedite Korean companies’ relocations to Saarland via in-depth collaborations and by developing supporting infrastructure. The programme is developed and implemented by gwSaar, gwSaar’s Korean partner KIST Europe, iPartners, and the Martin Bernhardt law office in conjunction with other Saarland stakeholders. The Industrial Bank of Korea (IBK) serves as a powerful supporter and promoter of Korean start-ups: Korea’s largest bank opted to begin close collaborations with Saarland in 2023.
