After the change of government in the Republic of Korea in May 2017, the new president Moon Jae-In announced an economic reorientation of the government’s policies. In the centre of the new economic policies (“J-nomics”) are the promotion of the medium sized enterprises (“MSE”), reforms of the labour market and more transparency in the relations between politics and the big conglomerates (Chaebols) that dominate the Korean economy.
The promotion of innovation and internationalization of the MSE that have so far been strongly dependent on the Chaebol are expected to reduce the dependence of the Korean economy on a few large companies. Thereby, the service sector should be clearly strengthened compared to the industrial sector.
The sector “Industry 4.0” will be supported with investments amounting close to 400 million Euro. Furthermore, the new government strives to back out of the nuclear energy program in the long-term and to increase the share of renewable energy from currently 5 to 20 % until 2020.
The Business Day Korea was organized by the Chamber of Commerce in Hamburg, the German Asia-Pacific Business Association, the German Chambers of Commerce Abroad, the Korea Trade-Investment Promotion Agency (KONTRA) as well as the Consulate General of the Republic of Korea in Hamburg with support of the Deutsch-Koreanische Gesellschaft Hamburg (German-Korean Association Hamburg) and Hamburg Invest. It took place on the September 28th, 2017 at the Chamber of Commerce in Hamburg. The participation was free of charge but required a prior registration. The Business Day Korea focused on the chances and business opportunities that arose from the economic policy reorientation and offered the participants the opportunity to discuss their questions on the Korea business with experts and representatives of Korean companies and institutions.
Please find the program of the Business Day Korea in German using the following link.